Ant's profit fell 91% on AI spending

Ant Group Co.'s quarterly profit experienced a dramatic 91% decline, primarily attributed to increased spending on artificial intelligence and healthcare initiatives. The Chinese digital payments firm significantly ramped up its investments in these areas to enhance its competitive position. Additionally, a decrease in the fair value of certain investments further impacted the company's financial results. This substantial profit drop underscores the high costs associated with developing and deploying advanced AI technologies, as well as the volatility inherent in investment portfolios.