The rumored collaboration between Apple and Alibaba to get Apple Intelligence in China has now been confirmed, sending Alibaba shares rising to a new high.

Apple will work with Chinese tech giant Alibaba to roll out AI services in the world’s biggest market for mobile phones, in a move that removes months of uncertainty for the Cupertino-based firm.

Alibaba will partner with Apple to support iPhones' AI services offering in China, its chairman said on Thursday, a move likely to help the U.S. company ease falling smartphone sales in its key market.