Alibaba Group Holding Ltd’s Qwen app has recorded more than ten million downloads in the week following its relaunch, signalling strong momentum in the company’s long term plan to build a rival to OpenAI’s ChatGPT.
Shares of the Chinese ecommerce leader rose more than five per cent on Monday in Hong Kong after the company revealed the download figures in a blog post on a common social platform. The rapid growth comes after Alibaba renamed and refreshed its earlier apps on iOS and Android, bringing them together under the unified Qwen brand.
The launch highlights the pace at which artificial intelligence apps continue to gain widespread adoption. OpenAI’s ChatGPT set a historic record three years ago as the fastest to reach one hundred million users. Apart from Meta’s Threads, which benefited from its parent company’s large social platforms, Alibaba’s Qwen is emerging as one of the fastest growing AI apps, especially in China, where ChatGPT is not available.
“Whether or not they can leverage the Qwen app to drive their to consumer business will be an important factor influencing the company’s future valuation,” said Kenny Ng, a strategist at China Everbright Securities International Co. “The market also views this move as a crucial step for benchmarking it against the valuation of OpenAI.”
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