Beijing - Saba:
Chinese e-commerce and technology giant Alibaba Group intends to invest more than 380 billion yuan ($53 billion) in establishing infrastructure for artificial intelligence and cloud computing applications over the next three years.
According to the Russia Today website, today, Monday, this comes as the group announced, early this week, achieving the fastest quarterly growth rate in its revenues in more than a year, supported by growing cloud computing business and artificial intelligence investments.
Alibaba's revenues increased by eight percent during the quarter ending December 31, 2024 compared to the same period in 2023, exceeding market expectations.
Cloud computing business revenues recorded their highest growth level in nearly two years, increasing by 13% year-on-year, to reach 31.74 billion yuan.
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