Alibaba Group Holding Ltd. will significantly raise its investment in artificial intelligence as it seeks to establish a full AI ecosystem capable of competing with American tech giants, Bloomberg reported.
Speaking at a conference in Hangzhou on Wednesday, CEO Eddie Wu said the company aims to become a “full-stack AI service provider,” reaffirming its previously announced commitment to spend more than 380 billion yuan ($53 billion) on AI development over the next three years.
“We are actively proceeding with the 380 billion investment in AI infrastructure, and plan to add more investment,” Wu said, without specifying the additional amount. Following his remarks, Alibaba’s shares climbed as much as 4.1% in Hong Kong.
The Chinese tech giant declared earlier this year that artificial general intelligence (AGI) has become its primary strategic goal. The shift is already showing results. In its latest quarter, Alibaba reported triple-digit growth in AI-related products, while its cloud division, AliCloud, posted a 26% surge in sales — exceeding market expectations and making it the fastest-growing business unit within the group.
