Alibaba Group Holding Limited (BABA  ) is all set to intensify its rivalry with ChatGPT parent OpenAI with its latest artificial intelligence products.

Microsoft Corp (MSFT  )-backed OpenAI's AI large language model (LLM) GPT-4 Turbo will likely widen the gap with Chinese rivals, SCMP reports.

OpenAI CEO Sam Altman announced enhancements to GPT-4 Turbo, featuring an expanded memory capable of recalling up to 300 pages of dialogue in one prompt, reduced costs for developers, and an updated knowledge base extending to April 2023.

Alibaba and Baidu, Inc (BIDU  ) look to showcase their latest capabilities in the generative AI space at 2023's World Internet Conference, also known as the Wuzhen Summit.

Alibaba CEO Eddie Wu recently voiced Alibaba's transformation into an "open technology platform," focusing on AI to revolutionize thousands of industries.

Meanwhile, AI kingpin Nvidia Corp (NVDA  ) looks to release three new chips for China following the U.S. latest embargo on AI technology in China as the country China represented 20% - 25% of Nvidia's data center revenues, Reuters reports.

Price Action: BABA shares traded lower by 0.40% at $84.43 premarket on the last check Thursday.