Alibaba will increase its investment in AI development, CEO Eddie Wu said at a conference in Hangzhou on September 24.

The company reaffirmed its earlier plan to spend over 380 billion yuan (US$53 billion) on AI models and infrastructure through 2027, and intends to raise that amount, though no new figure was given.

Shares in the company rose up to 4.1% in Hong Kong following the announcement.

Alibaba, headquartered in China, has made AI its main strategic focus this year.

Earlier this year, Alibaba said its goal is to pursue artificial general intelligence.

The company’s cloud arm, AliCloud, reported a 26% rise in sales last quarter, which it said was its fastest growth among business units.

Alibaba also reported triple-digit growth for AI products in the same period.

🔗 Source: Bloomberg

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