Ant Group’s Profit Plunges 91% as AI Spending Keeps Surging

Jack Ma-Backed Ant’s Profit Flattened After AI, Expansion Costs

Ant Group Co. barely grew quarterly profit after the company increased investment in artificial intelligence technology for its healthcare, large language model and payment services.

Ant Group’s profit plunges 91% as AI spending keeps surging

Ant Group’s latest financial results tell a story that will sound familiar to anyone watching the global AI race: spend first, profit later - if at all. The Alibaba-affiliated fintech giant behind Alipay has seen its bottom line collapse even as it pours billions into artificial intelligence, and...