Alibaba Group Holding Ltd.
(NYSE:BABA) stock climbed nearly 4% in Wednesday's premarket session after China approved Apple Intelligence for use on domestic iPhones, marking a key regulatory milestone for Apple's AI rollout in the country.
The broader market also offered modest support, with Nasdaq futures up 0.31% and S&P 500 futures gaining 0.09%.
Apple Intelligence Approval Boosts Sentiment According to Reuters, Chinese regulators approved Apple Inc.'s (NASDAQ:AAPL) Apple Intelligence, clearing an important regulatory hurdle for launching the AI service on iPhones in China.
Reuters reported that Alibaba's Qwen AI model will power Apple Intelligence across iPhone, iPad, Mac and Vision Pro devices in China.
