Chinese e-commerce giant Alibaba (NYSE: BABA) was on an upswing in pre-market trading at the time of writing on Friday after the company unveiled an artificial intelligence (AI) image generator, Tongyi Wanxiang that will be initially available to enterprise customers in beta form. Tongyi Wanxiang will compete with OpenAI’s DALL-E and Midjourney.
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Alibaba’s cloud business, Alibaba Cloud also released a ChatGPT-like text generator, Tongyi Qianwen, back in April. Baidu (BIDU) has also released an AI image generator, even as generative AI services have yet to receive regulatory approval in China.
Analysts are bullish about BABA stock with a Strong Buy consensus rating based on 14 Buys and one Hold.