Alibaba announced plans to invest billions in AI infrastructure. Founder Jack Ma recently met with Chinese President Xi Jinping. Since the meeting, Alibaba's stock has

According to Chinese economic media sources like Chailianshe on the 24th, Daniel Zhang, chief executive officer (CEO) of Alibaba Group, revealed this plan. This not only exceeds the total amount Alibaba has invested in the sector over the past decade but also marks the largest AI investment among private corporations in China.

Alibaba has branched out from its original B2B e-commerce roots, developing thriving logistics arms and financial spin-offs such as Ant Group. Its cloud division, Alibaba Cloud, already hosts significant R&D operations worldwide and recently launched its own AI offering, QWen, available to iPhone users in China via a dedicated app.

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.

Chinese tech giant Alibaba announced on Monday its plan to invest over $52.4 billion in artificial intelligence (AI) infrastructure and cloud computing over the next three years, according to Chinese state media.

The Chinese technology giant first mentioned the plan last week when it reported results but didn’t provide a specific figure.