Ayman Zaid/iStock Editorial via Getty Images Alibaba (NYSE:BABA) released over 100 open-source artificial intelligence models, as its Cloud unit's annual flagship event, Apsara kicked off on Thursday. The Chinese tech giant also unveiled a new text-to-video tool based on its AI models. The open-source models are based on the company's large language model, or LLM, Qwen 2.5, and are designed for use in areas including, automobiles, gaming and science research. The LLMs also have more advanced capabilities in math and coding, according to a report from CNBC. China's cloud services market has seen a price war with players such as Baidu (BIDU) Alibaba, ByteDance (BDNCE), Tencent (OTCPK:TCEHY) (OTCPK:TCTZF) and iFlytek cutting prices of their large language models, or LLMs, which power AI chatbots. \"In the past year, the price of Tongyi large model API on Alibaba Cloud’s ModelScope has dropped by 97%. The lowest cost for deploying a million Tokens is now just RMB 0.50. The cost of inference is a critical factor for application proliferation, and Alibaba Cloud will continue to further reduce user costs,\" said Eddie Wu, Chairman and CEO of Alibaba Cloud Intelligence, in his keynote speech, according to Alizila, Alibaba's news portal. Wu noted that the company has seen that over 50% of new computing power demand stems from AI, and AI computing needs are at the forefront of demand. He expects this trend is set to grow exponentially. Wu added that despite Alibaba Cloud's investments in AI computing capacity over the past year, it still falls short of meeting its customers' \"voracious demand.\" The new AI models are between 0.5B and 72B parameters and support for over 29 languages, as per a report from Reuters.