Alibaba's AI spending lifts capex 75% as quarterly profit falls 76%
Alibaba's June-quarter capex jumped 75% to RMB67.68 billion on AI infrastructure; revenue rose 9% to RMB268.95 billion while net income fell 76% to RMB10.54 billion. AI cloud services revenue grew 45% to RMB48.44 billion, with AI product revenue at RMB12.38 billion growing triple-digits for a 12th straight quarter.
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