Alibaba Group Holding, the Hangzhou-based Chinese ecommerce and cloud computing company, is ramping up spending on AI.

Amid that push, co-founder Jack Ma bought more than HK$600 million (US$76.5 million) worth of Alibaba shares in recent days, a person familiar with the matter said.

Ma joins senior executives Joe Tsai and Eddie Wu, who together bought at least US$20 million worth of shares, according to exchange filings.

Alibaba also raised HK$80 billion (US$10.2 billion) this week through a follow-on share offering in Hong Kong to fund its AI push, and has pledged to spend more than 380 billion yuan (US$56.5 billion) over three years on AI, including chips, data centers, and large language models.

The spending reflects Alibaba’s push to compete with AI companies including Anthropic and OpenAI.

🔗 Source: Bloomberg

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