Alibaba's $53 billion artificial intelligence plan

E-commerce giant Alibaba has announced plans to invest more than 380 billion yuan ($53 billion) in artificial intelligence over the next three years. The company reportedly plans to spend more on artificial intelligence and cloud computing than it has in the past decade. In a statement on Alibaba’s official blog, it was stated that it aims to be a major partner for companies developing and implementing artificial intelligence. The company increased its spending from 24 billion yuan to 72.5 billion yuan (about $10 billion) in 2024. The increase was largely due to investments in artificial intelligence language model training and processors and infrastructure. On the other hand, Alibaba’s move is an important step for China, but it lags behind its US competitors. Microsoft is targeting an investment of $80 billion for artificial intelligence; Meta is targeting an investment of $65 billion.