Jack Ma-Backed Ant’s Profit Grew 10% After AI, Global Expansion

Ant Group Co.’s quarterly profit grew 10% after the Chinese digital payments giant bolstered its artificial intelligence capacity via AI models, humanoid robots and health care.

The Hangzhou-based company contributed 2.7 billion yuan ($381 million) of profit to Alibaba Group Holding Ltd., which owns a third of Ant. That translates to an estimated 8.3 billion yuan in profit for the three months ended June 30, according to Bloomberg calculations based on Alibaba’s earnings report.