Alibaba plans to invest at least 380 billion yuan ($53 billion) over the next three years to advance its cloud computing and AI infrastructure. Photo / Getty Images
- Alibaba will invest $53 billion in AI and cloud computing over the next three years.
- The investment aims to advance Alibaba’s cloud computing and AI infrastructure and drive AI-driven growth.
- Alibaba’s shares have soared following robust sales growth and Jack Ma’s meeting with Xi Jinping.
Chinese tech giant Alibaba said Monday it will spend more than $50 billion on artificial intelligence and cloud computing over the next three years, a week after co-founder Jack Ma was seen meeting with President Xi Jinping.
Alibaba plans to “invest at least 380 billion yuan (US$53 billion) over the next three years to advance its cloud computing and AI infrastructure”, a company statement said.
Investors have piled into Chinese technology stocks since the start of the year, with Alibaba – which runs some of the country’s biggest online shopping platforms – seeing its shares soar to three-year highs.
The gains have been boosted since the Hangzhou-based firm announced robust sales growth last week and after Ma was pictured with Xi following years out of the public eye.