Alibaba (BABA) may release Qwen 3, an updated version of its flagship AI model, as soon as this month to compete with rivals DeepSeek and OpenAI, Bloomberg reported Tuesday, citing a person familiar with the matter.

The exact timing for the release of the new product isn't clear, the report said.

A week ago, Alibaba offered a new model in its Qwen 2.5 series that can process text, pictures, audio and video, and last month, the company introduced a new version of its AI assistant Quark app, Bloomberg reported.

Alibaba didn't immediately respond to a request for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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