Chinese big tech company Alibaba has announced that it will increase its planned investment in artificial intelligence (AI) infrastructure over the next three years, raising the amount from the previously announced 380 billion yuan (approximately 74.5 trillion won).
According to the Hong Kong-based South China Morning Post (SCMP) and Bloomberg News on the 24th (local time), Alibaba CEO Wu Yongming (Eddie Wu) made this announcement at a developer conference held in Hangzhou on the same day.
He stated, "The pace of development in related industries and the demand for AI infrastructure have far exceeded our expectations," adding, "We are actively pursuing the previously announced 380 billion yuan investment in AI infrastructure and plan to invest even more." He further emphasized, "Alibaba's cloud business division aims to become a leading provider of full-stack AI services globally, from computing power to AI models."
However, he did not specify the exact amount of the additional investment.
Previously, in February, Alibaba had announced plans to invest 380 billion yuan in AI and cloud infrastructure over the next three years, following the successful launch of startup DeepSeek's cost-effective AI model, which heightened expectations within China's tech industry.
On this day, Alibaba's stock price surged by more than 9% on the Hong Kong Stock Exchange, reaching its highest level since October 2021.
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