Alibaba Group Holding Limited (NYSE:BABA) stock traded lower Wednesday in line with broader indexes iShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB).

Alibaba shared plans to offer the public access to its artificial intelligence model Tongyi Qianwen, implying winning Chinese regulatory approval.

The Alibaba Cloud Intelligence Division said organizations, including OPPO, Taobao, DingTalk, and Zhejiang University, had reached deals to train their large language models or develop language model applications based on Tongyi Qianwen.

Shortly, an open-source version of the large language model would become available for unrestricted commercial use "by the whole society, " Reuters reports.

Alibaba shared plans to part with Daniel Zhang as the Chair and CEO of its cloud business this week. Alibaba tapped CEO Eddie Wu as the Chair and CEO of the cloud business on an interim basis. 

Wu prioritized an AI-first approach as it battled competition from emerging rivals and domestic economic challenges. 

Price Action: BABA shares traded lower by 0.57% at $87.80 premarket on the last check Wednesday.