A week after co-founder Jack Ma was spotted meeting with President Xi Jinping, the Chinese tech behemoth Alibaba announced Monday that it will invest over $50 billion in cloud computing and artificial intelligence over the next three years.
According to a corporate statement, Alibaba intends to “invest at least 380 billion yuan ($53 billion) over the next three years to advance its cloud computing and AI infrastructure.”
Since the beginning of the year, investors have poured money into Chinese technology equities, with Alibaba’s shares, which operate some of the largest online shopping platforms in the nation, rising to three-year highs.
Since the Hangzhou-based company reported strong sales growth last week and after Ma was seen with Xi after years of being out of the spotlight, the gains have increased.
Alibaba stated on Monday that its approach “underlines the company’s focus on AI-driven growth and reinforces (Alibaba’s) commitment to long-term technological innovation.”
The announcement omitted information about the precise projects that would get support or how the business would distribute the monies.
It did, however, note that the investment would surpass its entire expenditure on cloud and AI over the previous ten years.
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