Citigroup analysts said Apple has selected Alibaba’s Tongyi Qianwen (Qwen) model to support Apple intelligence in China, which they view as a strong endorsement of Alibaba’s AI capabilities. They expect the collaboration could drive incremental cloud demand and reinforces Qwen’s leadership in China’s foundational-model market. Citigroup maintained a buy rating and PT $193 on Alibaba.

2026-11-02

Citigroup analysts said Apple has selected Alibaba’s Tongyi Qianwen (Qwen) model to support Apple intelligence in China, which they view as a strong endorsement of Alibaba’s AI capabilities. They expect the collaboration could drive incremental cloud demand and reinforces Qwen’s leadership in China’s foundational-model market. Citigroup maintained a buy rating and PT $193 on Alibaba.