Chinese e-commerce firm Alibaba Group Holding posted its fastest revenue growth in more than a year, beating analyst expectations as it capitalizes on the artificial intelligence boom in China. Alibaba said Thursday that its revenue for the quarter ended December grew 8% to 280.

Apple will finally be able to launch Apple Intelligence in China, but the cost is allowing Alibaba to manipulate AI output to be acceptable to the Chinese government.

The e-commerce giant posted better-than-expected earnings in its fiscal third quarter as it worked to put growth back on track amid fierce domestic competition and a slowing Chinese economy.

Chief executive Eddie Wu said AI was "the kind of opportunity for industry transformation that only comes around only once every few decades."

China's Alibaba Group Holding on Thursday topped Wall Street expectations for third-quarter revenue, on strong year-end shopping sales and the success of its strategy to attract cost-conscious consumers.

Powered by AI, Alibaba delivered a double beat for Q3 earlier this morning triggering a double-digit bounce in its stock. Learn more about BABA stock here.

The e-commerce company said last week that it would partner with Apple in China to support iPhone AI services.