Alibaba invests 50 billion euros in artificial intelligence and cloud technology
Chinese technology giant Alibaba has announced a major investment in artificial intelligence (AI) and cloud computing. The company will invest around 380 billion yuan (49.8 billion euros) in these areas over the next three years, it said in a statement on Monday.
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.
Related news
Two from three consumers expect a better shopping experience
According to The State of Customer Experience report of Genesys,…
Read more >AI and drones to improve Just Eat’s services in Ireland
Just Eat Ireland is introducing an AI assistant and expanding…
Read more >Stylers: two out of three companies plan AI automation projects in 2025
AI, business intelligence and automation will be the most import…
Read more >Related news
Viktor Orbán: we will introduce margin reduction for new products as well, if necessary
The margin regulation must be maintained because people must be…
Read more >Healthy meat products rich in fiber and protein have been developed in Debrecen
A new product line consisting of health-promoting, fiber- and protein-rich…
Read more >German retail sales fell month-on-month in April
In Germany, retail sales fell by 1.1 percent in real…
Read more >