Beijing: Chinese tech giant Alibaba announced on Monday its plan to invest over $52.4 billion in artificial intelligence (AI) infrastructure and cloud computing over the next three years, according to Chinese state media.

According to Anadolu Agency, Alibaba Group CEO Wu Yongming stated that this investment surpasses the company's total AI and cloud spending over the past decade, underscoring its AI-driven growth strategy. The significant allocation of funds highlights Alibaba's commitment to integrating AI with cloud infrastructure to facilitate further expansion.

The announcement comes in light of Alibaba's reported 13% year-on-year increase in revenue from cloud-related services during the last quarter of the previous year. Notably, the company's revenue from AI-related products has experienced a triple-digit growth rate for six consecutive quarters, marking a sustained period of rapid expansion in this sector.

Alibaba's strategic move also follows a recent meeting where its founder, Jack Ma, joined other tech leaders and entrepreneurs in discussions with Chinese President Xi Jinping. During the meeting, President Xi encouraged business leaders to maximize their potential, emphasizing the private sector's promising prospects and significant potential. His remarks included an official statement urging private enterprises and entrepreneurs to fully utilize their abilities.