Alibaba Group Holding Ltd. pledged to invest more than 380 billion yuan ($53 billion) on AI infrastructure such as data centers over the next three years, a major commitment that underscores the e-commerce pioneer’s ambitions of becoming a leader in artificial intelligence.

Alibaba, co-founded by Jack Ma plans to spend more on its AI and cloud computing network than it has over the past decade.

ALIBABA said on Monday it plans to invest at least 380 billion yuan (S$70 billion) in its cloud computing and artificial intelligence infrastructure over the next three years. Read more at The Business Times.

Wu Yongming, CEO of Alibaba Group, said the investment exceeds the company's total AI and cloud spending of the past decade, underscoring its focus on an AI-driven growth strategy. With this investment, Alibaba is scaling up its AI capabilities and cloud infrastructure to support the next wave of technological advancements.

Alibaba said on Monday it plans to invest at least 380 billion yuan ($52.44 billion) in its cloud computing and artificial intelligence infrastructure over the next three years.