Alibaba Group CEO Eddie Wu announced that the pursuit of artificial general intelligence (AGI) is now the company’s main focus.

He emphasized that enhancing intelligence models is key to Alibaba’s long-term vision as it shifts towards AI technologies.

This aligns with Alibaba’s declaration as an AI-driven company.

While e-commerce remains central, Alibaba’s cloud services saw strong growth, with revenue rising 13% last quarter. AI-related products within the cloud division posted triple-digit growth.

Wu revealed plans to invest heavily in cloud and AI infrastructure, with spending over the next three years set to surpass the last decade’s total investment.

Following the announcement, Alibaba’s US shares jumped 11% in premarket trading.

Recent Alibaba developments