Alibaba Group, the giant in the world of e-commerce, has announced a mega investment of $53 billion in artificial intelligence (AI) and cloud computing over the next three years.
This is not only their largest investment to date, but also more than what they have spent in the last 10 years!
The aggressive move comes after a meeting between Chinese President Xi Jinping and Alibaba founder Jack Ma, which raised hopes that Beijing is moving towards a more friendly country for technology companies.
Alibaba CEO Eddie Wu said that AI is now the mainstay of the company, with the potential to replace human labor and transform global industries.
Alibaba shares fell 2% Monday morning, but the company remains optimistic.
With cloud computing revenue growth back to double digits (13%) and AI product revenue surging threefold for the sixth consecutive quarter, Alibaba seems committed to its mission to become the ‘king’ of the world of e-commerce and technology!
