Alibaba Group Holdings’ (NYSE:BABA) newly revamped Qwen app is off to a blistering begin, crossing 10 million downloads in its first week.
Qwen’s Breakout Launch Sends Alibaba Shares Larger
On Monday, Alibaba Group’s social media deal with of X, previously Twitter, shared that its Qwen app surpassed 10 million downloads inside seven days of its public beta launch.
After the corporate disclosed the milestone, its Hong Kong–listed shares climbed greater than 5%.
The surge follows Alibaba’s choice to unify and rebrand its earlier AI choices — together with the Tongyi app and AI options in its Quark browser — below the Qwen title.
The refresh seems to have delivered what earlier efforts couldn’t: fast mainstream traction.
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Analysts See Potential AI ‘Tremendous-App’ For China
Throughout its second day of beta testing, Qwen shortly climbed into the highest 5 free apps on Apple Inc.’s (NASDAQ:AAPL) App Retailer in mainland China and Hong Kong.
Analysts beforehand mentioned that the momentum positions Alibaba to construct what some are calling China’s WeChat for the AI period, echoing Tencent Holdings’ (OTC:TCEHY) dominance within the cellular period.
Aggressive Pressures Stay Excessive
Regardless of the robust begin, Alibaba faces stiff competitors from low-cost challengers like DeepSeek, whose aggressive pricing has triggered an industrywide value battle.
Nonetheless, Alibaba’s broader AI push — contributing to an 87% year-to-date inventory acquire in Hong Kong — has injected renewed confidence amongst traders betting on its long-term technique.
Benzinga’s Edge Inventory Rankings point out that whereas Alibaba’s short-term worth pattern has eased, the corporate nonetheless reveals stable progress prospects over the medium and long run. Click on right here to see the way it compares with its friends.
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