Alibaba And Zhejiang Province Unite Towards AI and Digital Economy

Alibaba Group Holding Limited BABA looks to work with its home province to develop artificial intelligence and the digital economy.

Zhejiang, a province on China's eastern seaboard, collaborated with Alibaba to create a better business environment for platform-economy firms and to encourage innovations in areas including artificial intelligence, Bloomberg reports.

A national regulator backed Zhejiang in taking the lead in trials for platform-economy innovation. The State Administration for Market Regulation and Zhejiang inked the deal.

Also Read: Alibaba Cloud and Fudan University Team Up for AI-Powered Computing Platform

Alibaba is dedicated to building Zhejiang into a world-class digital economy cluster, leveraging its technology platform, CEO Daniel Zhang said.

Alibaba is integrating its large language model across its various business lines to improve user experience under competitive pressure in the wake of OpenAI Inc's advances with ChatGPT. 

Zhejiang also said it supports qualified tech companies' share listings in China and overseas. 

Nvidia Corp NVDA and Microsoft Corp MSFT trumpeted the upsides of generative AI during an Alibaba summit in June. They urged the need to combine the industry based on generative AI.

Alibaba Cloud's large language model (LLM), dubbed Tongyi Qianwen, now open to the public, is powering interactions with a new version of the assistant, Tongyi Tingwu.

Price Action: BABA shares traded lower by 0.36% at $84.00 premarket on the last check Thursday.

Photo by  Rico Shen via Wikimedia Commons