Ant Profit Drops 79% As AI Spending Accelerates
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Ant Group's profit dropped 79% to 375 million yuan ($55 million) as it invests heavily in AI across various sectors. This follows a 91% decline in the previous quarter, raising concerns among Alibaba investors. Ant is diversifying beyond fintech, investing in digital health care and robotics, while facing regulatory challenges. Its international arm generated $3 billion in revenue in 2024, hinting at potential IPO prospects. However, Ant's valuation has significantly decreased to $79 billion, far below its previous $280 billion valuation during its IPO attempts.
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