Alibaba to Launch AI Chatbot Similar to OpenAI’s ChatGPT with Improved Capabilities in Understanding Chinese Language Input
Chinese e-commerce giant Alibaba Group Holding Ltd (BABA) has been making headlines for its promising stock performance and plans to launch an artificial intelligence (AI) chatbot similar to OpenAI's ChatGPT. On April 10, BABA showed a median target price forecast of $143.54 from 51 analysts, representing a 39.69% increase from the last price of $102.75. The high estimate of $220.04 and low estimate of $73.53 show a wide range of predictions, but the median estimate is a positive indication of the company's future growth potential.
BABA has been working on its own AI chatbot since February, and according to Chinese news source Pandaily, the service should go live by the end of April. Alibaba's version of ChatGPT was already found in the Tmall Genie smart speaker app, suggesting that all it needed was a formal activation to kick in. Baidu (NASDAQ:BIDU) and JD.com (NASDAQ:JD) have also announced or released their own versions of chatbots with AI backing.
Using deep learning, ChatGPT is an AI model that creates responses to text input that closely resemble those of a human. Alibaba's version of ChatGPT is anticipated to have improved capabilities in understanding and responding to Chinese language input. The development of conversational AI could have far-reaching implications for both China and the rest of the world with the release of this technology.
Reports suggest that BABA plans to launch its large-scale model of the chatbot during the 2023 Cloud Summit in Beijing on April 11. Alibaba's research institute, DAMO Academy, is reportedly working to incorporate the large-scale model into its Tmall Genie smart speaker, which is home to intelligent personal assistant AliGenie.
Alibaba's move to introduce a ChatGPT-like product would further increase the buzz around AI chatbot technology in China, following search giant Baidu's release of chatbot service ERNIEBot and an enterprise-facing large model platform last month. Since 2009, Alibaba has been investing in cloud computing infrastructure and possesses a diverse array of businesses that can leverage AI technology.
Huawei Technologies Co, Ltd is also planning to release its AI model PanGu soon. Chinese tech giants such as Alibaba, Baidu, and NetEase have revealed their plans to introduce products that follow the format of ChatGPT. This AI-generated content sector has been on the rise since ChatGPT went viral earlier this year, and China's tech giants and Beijing – the city – rush to build AI chatbots.
Shares of Alibaba Group Holding Ltd (BABA) traded roughly 4.3% higher in the final hour of trading on April 12 after reports came out that the company is preparing to launch a ChatGPT-inspired technology. Alibaba recently announced that it is planning to break the company into six different parts, with many of those new divisions planning to eventually conduct an initial public offering.
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