Chinese tech giant Alibaba has announced plans to invest at least 380 billion yuan ($52.44 billion) in artificial intelligence (AI) and cloud computing infrastructure over the next three years. The company disclosed this in a statement on Monday, according to Reuters.
While Alibaba hinted at investment plans in these sectors during the release of its financial results last Friday, it had not specified the exact amount until now.
In the final quarter of the current fiscal year, Alibaba’s revenue reached 280.15 billion yuan, slightly surpassing analysts’ forecasts.
The company highlighted that this new investment surpasses its total spending on AI and cloud computing over the past decade.
Starting in 2025, Alibaba is expected to strengthen its position in China’s competitive AI market. Thanks to strategic business deals and growing investor confidence, the company’s share price has surged 68% so far this year.
Meanwhile, other Chinese firms are also making significant investments in AI. ByteDance, the parent company of TikTok, has allocated over 150 billion yuan for capital expenditures this year, with a substantial portion earmarked for AI development, according to a Reuters report.
