China’s Alibaba to invest $50 bn in AI, cloud computing

AFP/APP

Beijing: Chinese tech giant Alibaba announced that it will invest more than $50 billion in artificial intelligence (AI) and cloud computing over the next three years.

The announcement came just a week after co-founder Jack Ma was seen meeting with President Xi Jinping. According to the company’s statement, Alibaba plans to invest at least 380 billion yuan (approximately $53 billion) in advancing its cloud computing and AI infrastructure.

Alibaba’s stock has surged this year, reaching its highest point in three years, largely due to strong sales growth and the high-profile return of Jack Ma to the public eye after several years out of the spotlight.

The company emphasized that this investment strategy was meant to reinforce its commitment to long-term technological innovation, with a particular focus on AI-driven growth.

While the statement did not specify how the funds will be allocated or which projects will be funded, it did note that the planned investment will exceed the total amount the company has spent on AI and cloud computing over the past decade.