Alibaba announces investment of 380 billion RMB in cloud, AI hardware infrastructure

(ECNS) -- Alibaba Group CEO Wu Yongming announced on Monday that over the next three years, Alibaba will invest more than 380 billion RMB (about $52.55 billion) to build cloud and AI hardware infrastructure, a total amount exceeding the sum of investments made in the past decade.

Wu emphasized the rapid growth of AI-related industries and the casting potential of the domestic tech industry, saying that it is still in its early stages and has enormous potential.

"Alibaba will spare no effort in accelerating the construction of cloud and AI hardware infrastructure to drive the development of the entire industry ecosystem," Wu said.