Alibaba (HKG:9988) is ramping up its focus on artificial intelligence and cloud computing with a planned investment of 380 billion yuan over the next three years.
This marked the online marketplace platform's largest spending in AI and cloud spending in the past decade, according to a Monday news release.
Chief Executive Eddie Wu said cloud computing remains a key revenue driver, with Alibaba Cloud revenue seeing 11% year-over-year growth, while AI-related revenue surging in the triple digits for the sixth consecutive quarter.
Alibaba expects AI to play an increasingly integral role across e-commerce, enterprise services and consumer applications.
Alibaba shares were down 5% in recent trade in Hong Kong.
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