Shares of Alibaba Group Holding Ltd. have soared to their highest in nearly four years, surpassing its $50 billion target and joining tech leaders pledging to provide more and more technological breakthroughs to global competitions.
CEO Eddie Wu expects that around $4 trillion in total global investment in AI investment over the next five years – Alibaba needs to keep up. He said the company will soon add plans formulated in February to spend more than 380 billion yuan ($53 billion) to develop AI models and infrastructure within three years. His cloud division has already operated services from the United States to Australia, intending to launch its first data centers in Brazil, France and the Netherlands in the coming year.