Alibaba's AI-Powered Cancer Detection Tool Receives FDA Breakthrough Device Designation

Alibaba's AI-Powered Cancer Detection Tool Wins FDA Breakthrough Status - Alibaba Gr Hldgs (NYSE:BABA)

Alibaba Group Holding BABA research arm, Damo Academy, has won a key endorsement from the U.S. Food and Drug Administration (FDA) for an artificial intelligence (AI)-powered cancer detection tool. The FDA granted the "breakthrough device" designation to the research group's Damo Panda model, SCMP cited Alibaba last Thursday. Alibaba revealed that Damo Panda would identify pancreatic cancer in November 2023 in a paper published in Nature Medicine. Read Next: US-Listed Chinese Stocks Struggle as Trade War Escalates and Tariffs Rise Alibaba has already deployed Damo Panda in trials across China. It has screened 40,000 people at a hospital in Ningbo city. Alibaba established Damo Academy in 2017, focusing on AI and the open-source chip architecture RISC-V. Damo Academy will promote the AI model by partnering with firms such as Ankon Medical Technologies. Former Alphabet Inc GOOG GOOGL chief executive Eric Schmidt highlighted that Beijing's sudden surge in AI spending (building on the success of DeepSeek) could help it outperform the U.S. unless Washington redoubles its efforts. Former Meta Platforms Inc META Facebook exec and famous investor Chamath Palihapitiya accused Nvidia of undermining the U.S.' best interests by allegedly bypassing export controls. His views coincided with reports claiming Chinese tech giants Tencent Holdings TCEHY, Alibaba, and ByteDance are ramping up their orders for Nvidia's H20 AI chips driven by the popularity of DeepSeek's affordable AI models. Prior reports indicated Alibaba's Quark AI app surpassed ByteDance's Doubao, reaching 150 million monthly users in March. Price Action: BABA stock is up 0.25% at $109.14 premarket at the last check on Monday. Read Next: Nvidia's China Sales Face Setback As H20 Chip Restrictions Catch Key Buyers Off Guard Photo via Shutterstock BABAAlibaba Group Holding Ltd$109.050.17%Stock Score Locked: Want to See it? Benzinga Rankings give you vital metrics on any stock - anytime. Reveal Full ScoreEdge RankingsMomentum92.55Growth73.10Quality49.87Value82.34Price TrendShortMediumLongOverviewGOOGAlphabet Inc$151.50-1.21%GOOGLAlphabet Inc$149.24-1.27%METAMeta Platforms Inc$493.00-1.69%TCEHYTencent Holdings Ltd$58.751.29%Got Questions? AskWhich healthcare companies will leverage AI breakthroughs?How will Alibaba's Damo Panda impact cancer detection?Which medical device firms are at risk of losing market share?Could AI diagnostics transform the healthcare sector?What investments in AI technology look promising now?Which biotech companies might partner with Alibaba?How will Alibaba's AI tool influence competition in healthcare?What opportunities arise from FDA approvals in AI healthcare?Which Chinese stocks could benefit from AI advancements?Will US tech firms respond to Alibaba's new tool?Powered ByMarket News and Data brought to you by Benzinga APIs

Alibaba's AI cancer tool receives FDA Fast-Track Designation - SCMP By Investing.com

Investing.com -- Alibaba (NYSE:BABA) Group's research division Damo Academy has received a "breakthrough device" designation from the U.S. Food and Drug Administration (FDA) for its pancreatic cancer-detecting AI tool, according to the South China Morning Post. The designation allows for an expedited path toward regulatory approval in the United States. The AI model, called Damo Panda, was designed to detect early-stage pancreatic cancer using deep learning and abdominal CT scans. According to researchers, the model demonstrated significantly higher sensitivity than human radiologists in initial tests. Damo Panda was first introduced in November 2023 in a study published in Nature Medicine. The paper outlined that the tool was trained on data from over 3,200 patients and achieved 34.1% higher sensitivity in detecting pancreatic malignancies. Pancreatic cancer is notoriously difficult to detect early, and early diagnosis can significantly improve patient survival rates. Alibaba's tool aims to scan asymptomatic patients for early signs of the disease, potentially improving medical outcomes through earlier intervention. Alibaba has already conducted clinical trials with the model in China, SCMP reported, citing a company statement released Thursday. The company said the breakthrough designation in the U.S. could accelerate efforts to bring Damo Panda to global healthcare markets. The FDA's program is intended to speed up review processes for devices that offer more effective treatment or diagnosis for life-threatening conditions. The designation does not equate to commercial approval but can reduce regulatory hurdles for emerging technologies. The move also underscores China's expanding role in AI-driven medical innovation. Firms like Alibaba are increasingly investing in life sciences and digital health as part of broader diversification strategies. Today, Alibaba shares are down 1% after market open, falling on a U.S.-China tariff war that seems poised to escalate further.