Alibaba plans to invest $50 billion and cloud computing over the next three years

File Photo: Alibaba said it will spend more than $50 billion on AI and cloud computing over the next three years. |Photo source: Reuters

Chinese tech giant Alibaba said on Monday that it will see co-founder Jack Ma spending more than $50 billion on artificial intelligence and cloud computing in a meeting with President Xi Jinping over the next three years.

Alibaba plans to “invest at least 380 billion yuan ($53 billion) over the next three years to drive the boost to its cloud computing and AI infrastructure,” a company statement said, without detailing how to allocate funds.