China’s Alibaba to invest $50 bn in AI, cloud computing

BEIJING: Chinese tech giant Alibaba said Monday it will spend more than $50 billion on artificial intelligence and cloud computing over the next three years, a week after co-founder Jack Ma was seen meeting President Xi Jinping.

Investors have piled into Chinese technology stocks since the start of the year, with Alibaba — which runs some of the country’s biggest online shopping platforms — seeing its shares soar to three-year highs.