The Chinese e-commerce giant Alibaba will invest 380 billion yuan, equivalent to over 550 billion Swedish kronor, in AI and cloud services over the next three years.
In a statement, the company says its strategy aims to "strengthen commitment to long-term technological innovation" and that particular focus will be placed on AI-driven growth.
The statement does not specify which projects the money will go to, but the company says the investment will exceed its total expenditures for AI and cloud services for the entire last decade.
Alibaba recently reported an unexpectedly strong finish to last year, which caused the stock to rise. During the last three months of 2024, revenues increased by eight percent, to 280 billion yuan.
