Chinese tech veteran Alibaba said on Monday that he would spend more than $ 50 billion on Artificial Intelligence and Cloud Computing in the next three years, a week later co-founder Jack Ma was seen meeting President Xi Jinping.
Along with Alibaba, investors have piled into Chinese technology shares since the beginning of the year-some of the country’s largest online shopping platforms-its shares growing up to a three-year high.
The Hangzo-based firm has promoted profit since the announcement of an increase in strong sales last week, adding that the region has been returning from the years of glome provoked by a government cracked.
A company statement said that Alibaba has planned to invest at least 380 billion yuan ($ 53 billion) in the next three years to pursue its cloud computing and AI infrastructure.
The firm stated that its strategy aims to “strengthen Alibaba’s commitment for long-term technological innovation … (and) underlines the company’s attention on AI-operated development”.
The statement did not expand how the company would allocate funds or which specific projects would be supported.
It said that investment will be more than its total AI and cloud expenses in the last decade.
Alibaba gave an eight percent collision in revenue for three months through December last week, estimating that estimates to reach 280 billion yuan – and triggered a 14 percent increase in their Hong Kong shares on Friday.
CEO Eddie Wu said last week that quarterly results demonstrated adequate progress in “(of Alibaba) ‘user-first, AI-propelled’ strategies and re-unacceptable development of our main businesses”.
The company and its industry colleagues ended the years of investors after starting an aggressive regulatory orbit on the tech sector in 2020.
But they have been riding more in recent months, the Chinese Startup has been provoked by a chatbot launch by Deepsek that has picked up the AI industry.
The turnaround comes as the world’s second largest economy continues to fight dull consumption and frequent crises in the property sector.
In a rare meeting with business luminaries last week, Xi appreciated the private sector and said the current economic problems were “Sarmountable” – a step was widely explained as a display of support for Big Tech.
The MA now remains an influential person and is in the headlines despite Alibaba not being an executive as the authorities brought down the IPO of the concerned ant group in 2020.
The meeting indicated in the possible public rehabilitation of billionaire Magnets after his inclusion with his inclusion regulators.
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