The Chinese e-commerce leader’s Qwen is among the faster risers, particularly in China
[HONG KONG] Alibaba Group Holding’s Qwen app drew more than 10 million downloads in the week after its relaunch, boding well for a longer-term effort to build a rival to OpenAI’s ChatGPT.
The Chinese e-commerce leader’s shares climbed more than 5 per cent on Monday (Nov 24) in Hong Kong after Alibaba disclosed the number in a WeChat blog post. That rapid ramp follows the move this month to rename and freshen up Alibaba’s pre-existing apps on iOS and Android, unifying the services under the Qwen banner.
Qwen’s debut underscores how artificial intelligence (AI) apps have set new highs for rapid adoption in recent times, starting with OpenAI’s ChatGPT being the fastest to 100 million users three years ago. Setting aside Meta Platforms’ Threads, which got the benefit of its parent company’s vast social networks, Alibaba’s Qwen is among the faster risers, particularly in China, where ChatGPT is unavailable.
“Whether or not they can leverage the Qwen app to drive their to-consumer business will be an important factor influencing the company’s future valuation,” said Kenny Ng, a strategist at China Everbright Securities International. “The market also views this move as a crucial step for benchmarking it against the valuation of OpenAI.”
The early user figures for Qwen followed a similar statement over the weekend from Alibaba fintech affiliate Ant Group, which introduced its own multimodal AI assistant LingGuang last week. LingGuang has been downloaded more than a million times in the four days since its launch.
Alibaba will gradually add agentic AI features to support online shopping – spanning platforms including its marquee Taobao marketplace – in the coming months, en route to making Qwen a fully functioning AI agent. Under chief executive officer Eddie Wu, the company has rebranded itself as an AI-first business, a strategy that will be freshly assessed when Alibaba fields questions from investors after it discloses quarterly results on Tuesday.
“Alibaba plans to deeply integrate core lifestyle and productivity services, including digital maps, food delivery, travel booking, office tools, e-commerce, education, and health guidance, directly into the Qwen App,” the company said. BLOOMBERG
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