Please wait...
GulfBase Live Support
- SABIC completes sale of Alba shares to Maaden for $963m
- China's Alibaba to invest $50b in AI, cloud computing
- Trump administration eliminates 2000 USAID jobs
- Japan's inflation rate hits 19-month high in January
- Dubai's Parkin launches its own app for easy payments, booking in advance
- Boursa Kuwait increases its net profit by 15.08% to reach KD 18.18 million for 2024
- Modon seeks bids for Dammam logistics zone development
- L&T snaps up mega $1.5bn Saudi Aramco EPC contract
- Egypt Kuwait Holding achieves $163 million in net profit in 2024
- Saudi Real Estate Refinance Co. raises $2bn in debut international sukuk
24/02/2025 07:30 AST
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 with President Xi Jinping.
Alibaba plans to "invest at least 380 billion yuan ($53 billion) over the next three years to advance its cloud computing and AI infrastructure", a company statement said.
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.
The gains have been boosted since the Hangzhou-based firm announced robust sales growth last week and after Ma was pictured with Xi following years out of the public eye.
Alibaba said Monday that its strategy was aimed at "reinforcing (Alibaba's) commitment to long-term technological innovation... (and) underscores the company's focus on AI-driven growth".
The statement did not detail how the company would allocate the funds or what specific projects would be supported.
It did add that the investment would exceed its total AI and cloud spending over the past decade.
Gulf Times
| Index | Closing | Change |
|---|---|---|
| NIKKEI 225 | 36,581.76 | -251.51 (-0.68 |
| DAX | 18,699.40 | 181.01 (0.97 |
| S&P 500 | 5,626.02 | 30.26 (0.54 |
24/02/2025
The Trump administration has initiated a sweeping restructuring of the US Agency for International Development (USAID), placing most of its employees on leave and eliminating 2,000 US-based positions
QNA
23/02/2025
Shard Capital Partners, an independent financial services company headquartered in London, in collaboration with UAE-based Royal Strategic Partners and Saudi Arabia's Al-Qahtani Group, has announced
Trade Arabia
23/02/2025
Indian engineering and construction conglomerate Larsen & Toubro (L&T) has announced that one of its key units has secured a mega contract worth $1.5 billion from Saudi oil giant Aramco for a key pro
Trade Arabia
22/02/2025
The chief executive of Dubai-based cryptocurrency exchange Bybit has guaranteed that client funds are safe and available for withdrawal, despite the company suffering a sophisticated hack that is bel
The National
22/02/2025
Japanese inflation accelerated in January, further pressuring households as prices excluding fresh food rose 3.2 percent on-year, government data showed Friday. The rate was the highest since June 20
Kuwait Times
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia