Alibaba (BABA) Stock Climbs as AI App Qwen Records 10 Million Downloads in Seven Days

TLDR

• Alibaba’s Qwen AI app recorded 10 million downloads in its first week after relaunch
• Stock rose over 5% in Hong Kong trading on Monday following the announcement
• Ant Group’s LingGuang AI assistant hit 1 million downloads in four days
• Alibaba plans to add e-commerce features to Qwen across Taobao and other platforms
• Company will discuss AI strategy during quarterly earnings call on Tuesday

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Alibaba shares gained more than 5% in Hong Kong on Monday after the company announced its Qwen AI app reached 10 million downloads. The milestone occurred within seven days of the app’s relaunch.

Alibaba Group Holding Limited, BABA

The e-commerce giant shared the download data through a WeChat blog post. The figures mark a strong opening for Alibaba’s effort to build a competitor to OpenAI’s ChatGPT.

Alibaba refreshed its existing mobile apps on iOS and Android earlier this month. The company consolidated these services under the unified Qwen brand.

The download rate places Qwen among the fastest-growing AI applications in China. OpenAI’s ChatGPT is not available in the Chinese market.

Market Response and Valuation Impact

Kenny Ng from China Everbright Securities International weighed in on the launch. He stated that Qwen’s ability to drive consumer business will influence Alibaba’s future valuation.

The market views this development as a critical step in comparing Alibaba to OpenAI’s valuation. Investors are watching to see if the app can translate downloads into active users.

Ant Group Adds to Momentum

Alibaba’s fintech affiliate Ant Group launched its own AI assistant over the weekend. The multimodal tool called LingGuang surpassed 1 million downloads in its first four days.

Both launches demonstrate Alibaba’s commitment to AI-driven services. CEO Eddie Wu has repositioned the company as an AI-first organization.

Shopping Integration on the Horizon

Alibaba will roll out agentic AI features for online shopping in the coming months. The features will work across Taobao and other company platforms.

The company aims to transform Qwen into a complete AI agent. Alibaba outlined its vision in an official statement.

The app will integrate digital maps, food delivery, travel booking, office tools, e-commerce, education, and health guidance. These services will be built directly into the Qwen platform.

Alibaba reports quarterly earnings on Tuesday. Investors will have the opportunity to ask questions about the company’s AI strategy during the earnings call.

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