On November 2, Citi analysts noted in a report that Alibaba stands to benefit from its partnership with Apple. According to the analysts, Apple's decision to adopt Alibaba's Qwen model to power Apple Intelligence in the Chinese market serves as a strong endorsement of Alibaba's AI capabilities and is expected to generate additional cloud computing demand, further underscoring Qwen's leading position in China's foundation model sector. Citi maintains a "Buy" rating on Alibaba with a target price of $193.