- Alibaba AI-related net costs: 8.2 billion yuan.
- Tencent AI-related net costs: 10.5 billion yuan.
Alibaba disclosed AI-related net costs of 8.2 billion yuan versus Tencent's 10.5 billion yuan. Its cloud arm generated 5.6 billion yuan in adjusted EBITDA at nearly a 12% margin. This suggests a structural advantage: profitable cloud funding AI losses.
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