Alibaba Cloud, the cloud computing division of Chinese tech giant Alibaba (BABA:NYE), has released a new artificial intelligence (AI) model dubbed Tongyi Qianwen, which is comparable to the OpenAI ChatGPT model. The new model, which was introduced at the 2023 Alibaba Cloud Summit, is capable of operating in both Chinese and English. The model will initially be implemented on the DingTalk and Tmall Genie platforms of Alibaba.
Tongyi Qianwen is anticipated to improve workplace communication on DingTalk by summarising meeting notes, composing emails, and performing other functions, whereas the Tmall Genie version will provide travel advice, healthy diet suggestions, and even bedtime stories for children.
The Tongyi Qianwen artificial intelligence (AI) model is now available for beta testing to enterprise customers in China, with the intention of integrating it across multiple Alibaba businesses to enhance the user experience. Tongyi Qianwen can be accessed via the cloud by Alibaba Cloud customers in order to create customized large language models (LLMs) for specific business requirements.
The release of Tongyi Qianwen follows the triumph of Microsoft-backed OpenAI’s ChatGPT, which piqued the interest of numerous technology titans. Other companies, including Baidu and SenseTime, have already released their own chatbots powered by generative AI.
Alibaba’s CEO, Daniel Zhang, stated, “We are at a technological inflection point driven by generative AI and cloud computing, and businesses have begun to embrace intelligence transformation to stay ahead of the competition.”
BABA Stock Forecast:
Analysts on Wall Street currently recommend purchasing Alibaba shares, with a consensus rating of Strong Buy and 18 unambiguous Buy recommendations. The average price target for the stock is $138, indicating a potential gain of 48.1% from current levels. Since the beginning of the year, BABA stock has increased by over 15%.
