Alibaba’s shares [HKG:9988] were trading down 1.1% as of 10.15 a.m. today, as Alibaba’s net profit shrank 53% to CNY20.6 billion (USD2.9 billion) in the September quarter from a year earlier, mainly due to heavy investment in AI, the firm said yesterday. Its revenue rose 5% to CNY247.8 billion (USD34.8 billion), beating expectations.