Alibaba's net profit fell 76% to 10.54 billion yuan, or $1.57 billion, in its fiscal first quarter as the Chinese e-commerce titan continued investing heavily in artificial intelligence. Revenue rose about 8.6% year over year to 268.95 billion yuan. Alibaba, whose shares identified by ticker 9988 rose 1.61%, is racing to preserve its lead in the AI sector, the company said Thursday.