Alibaba Group is trading 4.6% up at $117.49 following reports that Apple has selected the company to power its AI features for iPhones in the Chinese market.
- China’s cyberspace regulator has reportedly registered Apple Intelligence for local use, with Apple partnering with Alibaba to comply with domestic data and AI regulations.
- Broader technology shares are also seeing gains as cooling inflation data provides investors with relief regarding the outlook for interest rate hikes.