Alibaba Qwen to power Apple Intelligence in China

$BABA rose 4.78% after confirming that its Qwen AI model will power Apple Intelligence in China.
Alibaba said regulators approved Qwen for use on iPhones in the Chinese market.
That is a major AI distribution win for Alibaba and a key China strategy update for $AAPL.
Apple also jumped about 4% to a record close of $327.50 as traders positioned for stronger earnings.
For $BABA, the deal validates Qwen as a major domestic AI platform.
For $AAPL, it helps solve one of the biggest questions around bringing Apple Intelligence to China.