Beijing, Feb 24 (UNI) Chinese tech giant Alibaba Group will invest more than 380 billion yuan (about $53 billion) in building cloud and hardware infrastructure for artificial intelligence, the Xinhua news agency reports.
Chinese publication Penpai noted that these investments were a record volume of investments by Chinese private enterprises in the creation of cloud and hardware infrastructure for AI.
According to the publication, Alibaba’s announcement of the investment occurred against the backdrop of two important moments: one is the explosive growth of China’s AI industry, and the other is a symposium on private enterprise development held earlier in February, which was attended by government officials, including Chinese President Xi Jinping, and major private companies.
Speaking at the symposium on February 17, the Chinese leader noted that today, China’s private economy had broad development prospects and great potential, and it was an opportune time for private companies to prove their capabilities. Xi Jinping also called for promoting the high-quality development of the country’s private economy.
In late January, Alibaba Cloud introduced a new AI language model, Qwen 2.5-Max, which, according to the developer, outperforms the company’s DeepSeek model.
Alibaba Group is China’s largest Internet company, operating in the field of e-commerce. It was founded by Jack Ma in 1999. The group also owns several subsidiaries and online platforms: Alibaba Pictures, Alibaba.com, AliExpress.com, Taobao.com, Tmall.com.
