Recently AlibabaGroup Holding Ltd announced its investment of 10 million yuan ($1.4 billion) for a smart speaker, which is a smart integration between Artificial Intelligence (AI) and Internet of Things (IoT).
Alibaba’s Genie speaker will be the focus of the fresh investment made by the Chinese e-commerce company. That speaker was first launched in 2017 close to Amazon Inc’s Echo range. This time the investment will add more features to the Tmall Genie; this time, the entire focus is on the development of proprietary technology.
According to the market report, in 2019, Alibaba shipped around 16.8 million smart speakers throughout the world, their major competitor being Baidu, a Chinese that shipped more than 17.2 million speakers in the same year.
Some of the major features of Alibaba’s speaker are:
Alibaba shares traded 0.25% higher that approached $217.75 during the after-hour session on the shares that had closed its regular session 0.89% which is higher as $217.20; it is expected to increase in the coming years irrespective of multiple hurdles.
According to a recent report, it has been discovered that more people are relying on their smart speakers due to their effectiveness. People can easily carry it anywhere from the office to party to picnic you just name it. From listening to songs to getting weather reports and operating multiple appliances, this speaker is all in one that is why Alibaba is optimistic about their smart speaker and its shares in the global market.
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