Alibaba invests 50 billion euros in artificial intelligence and cloud technology

Alibaba will use the investment to develop its own AI and cloud infrastructure, but has not yet provided details on which projects will benefit from the funds. AI and cloud technology are playing an increasingly important role in global competition, and the Chinese company aims to further strengthen its position in this fast-growing field.

Alibaba has had a good year so far. The company, based in Hangzhou in eastern China and which operates China’s largest online shopping platform, Taobao, recently reported sharp sales and profit growth. The company’s share price has hit a three-year high since the beginning of the year, further bolstering the company’s stability and investor confidence.

Last week, Chinese President Xi Jinping met with leaders of several major Chinese private companies, including Alibaba founder Jack Ma. The meeting could signal a strengthening of cooperation between the Chinese private sector and the government, which could provide further stability for the company as it moves forward.