ALBAWABA – Alibaba Group, the Chinese multinational technology company specializing in e-commerce, retail, internet, and technology, has announced a massive $53 billion investment plan for artificial intelligence (AI) projects.
Alibaba invests in AI
The renowned Chinese e-commerce giant Alibaba revealed its ambitious investment plan in artificial intelligence (AI), aiming to transform into a solely AI-focused company.
Over the next three years, Alibaba will allocate approximately $53 billion (380 billion yuan) to build AI infrastructure, including data centers.
Notably, Jack Ma, co-founder of Alibaba Group, highlighted the company’s strong interest in investing in artificial intelligence (AI) and cloud computing.
Alibaba recorded a revenue growth of nearly 8% for the past three months. (Shutterstock)
The announcement followed Jack Ma’s meeting with Chinese President Xi Jinping, where they discussed the collaboration between China’s tech sector and regulatory authorities.
“Alibaba plans to invest at least 380 billion yuan ($53 billion) over the next three years to advance its cloud computing and AI infrastructure", the company said in an official statement.
No further details have been provided on how Alibaba will allocate the funds, but the company aims to strengthen its technological innovation base and drive artificial intelligence (AI) growth.
It is worth mentioning that Alibaba recorded a revenue growth of nearly 8% for the past three months.
