Apple sales have been struggling in China–iPhone revenue slumped 25% there in the fourth quarter–as the trade wars between the two biggest economies heated up.

Once the most high-profile name in Chinese tech, Alibaba had several difficult years in the stock market — but the e-commerce giant could be headed for a turnaround. On Wednesday, Alibaba shares in Hong Kong climbed over 8% after The Information reported that it's working with Apple to roll out AI features for iPhones in China.

Alibaba 's ( BABA 7.54%) stock closed at a record high of $306.16 on Oct. 27, 2020. At the time, investors were impressed by the Chinese e-commerce and cloud leader's wide moat, rapid growth rates, and its expansion into adjacent markets.