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Citigroup analysts said in a report that Alibaba is expected to benefit from its partnership with Apple. "We believe that Apple's choice of Alibaba's Qwen model to power Apple Intelligence in the Chinese market is a strong endorsement of Alibaba's artificial intelligence technology," the analysts said. They said the partnership is expected to bring additional cloud computing demand to Alibaba. The analysts also noted that this further proves Qwen's leading position in China's foundation model sector. Citigroup maintained its "Buy" rating on Alibaba with a target price of $193.