Alibaba shares fall as revenue declines and AI spending weighs on profits
What happened: Shares of Alibaba (BABA) fell 3% premarket on Wednesday before paring losses to less than 1%. What’s behind the measure: The Chinese e-commerce and cloud giant on Wednesday reported a 3% rise in fourth-quarter revenue, missing analyst expectations. Alibaba’s profits were weighed down by increased spending on artificial intelligence initiatives, expanding cloud infrastructure…