According to Alibaba's financial report, the company invested a total of approximately $800 million in artificial intelligence startup Moonshot AI in the 2024 fiscal year, purchasing approximately 36% equity in Moonshot AI as a preferred stock investment. Alibaba Group Chairman Cai Chongxin and CEO Wu Yongming wrote in shareholder letters that the company "sees AI as the most powerful variable to change and accelerate business growth.".