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Artificial intelligence is developing rapidly, and risks are emerging, according to Alibaba (9988) chairman Joseph Tsai Chung-Hsin.

Speaking at a summit hosted by HSBC (0005), Tsai noted that while various institutions are eager to increase their investments into AI, some funds are being allocated redundantly.

Additionally, he pointed out that certain companies are raising capital through special purpose acquisition companies to establish databases without securing usage agreements with major corporations.

This trend, he warned, is leading to the formation of a bubble in the industry.

Tsai also noted that Alibaba's workforce has been shrinking for multiple consecutive quarters but believes the downsizing has now stabilized.

Looking ahead, he expressed optimism about China's general domestic demand for the rest of the year.

STAFF REPORTER

Joseph Tsai. Reuters

1f:T468,Hong Kong stocks saw their biggest gain in over two weeks on Wednesday, lifted by dovish comments from US Federal Reserve Chair Jerome Powell and hints of support from Chinese state media. The benchmark Hang Seng Index closed up 469 points, or 1.84 percent, at 25,910. The Hang Seng China Enterprises Index rose 171 points, or 1.89 percent, to 9,250, while the Hang Seng Tech Index advanced 2.57 percent to 6,075. Market turnover totaled HK$315.8 billion, down 20.8 percent from the previous day, the lowest in a week. Southbound trading from mainland investors also fell 20 percent to a three-week low, reversing two consecutive days of i

Alibaba warns of emerging AI risks