Alibaba to invest more than $52 billion in AI over next 3 years

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Alibaba said on Monday it plans to invest at least 380 billion yuan ($52.44 billion) in its cloud computing and artificial intelligence infrastructure over the next three years.

The Chinese ecommerce giant had said it had plans to invest in the sector while announcing its results on Friday, but did not provide an exact figure at the time.

The company had reported revenue of 280.15 billion yuan for the three months ended December 31, marginally ahead of analysts’ estimates.

Alibaba said the total investment amount exceeds the company’s spending in AI



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Alibaba to invest more than $52 billion in AI over next 3 years


Alibaba said on Monday it plans to invest at least 380 billion yuan ($52.44 billion) in its cloud computing and artificial intelligence infrastructure over the next three years.

The Chinese ecommerce giant had said it had plans to invest in the sector while announcing its results on Friday, but did not provide an exact figure at the time.

The company had reported revenue of 280.15 billion yuan for the three months ended December 31, marginally ahead of analysts’ estimates.

Alibaba said the total investment amount exceeds the company’s spending in AI



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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