Alibaba wins prized role powering AI on Apple’s iPhone in China

Apple Inc.’s iPhones will use Alibaba Group Holding Ltd.’s AI technology, the Chinese firm’s chairman said, affirming reports the e-commerce pioneer had scored a coveted role in helping power the iPhone in the world’s top mobile arena.

Joseph Tsai’s comments came after his company’s shares rose to a 2022 high in Hong Kong following a report about the partnership between the two leading tech firms. The stock, which had risen as much as 9.2% on Thursday, pared much of its gains after Tsai’s comments.

A local partner could help revive iPhone…