Syria declares Latakia wildfires extinguished, warns of lasting ecological damage
Syria has declared the devastating wildfires in Latakia province fully extinguished after 12 days of fierce battling....
Bengaluru/Beijing, February 24, 2025 – Chinese e-commerce giant Alibaba (9988.HK) announced on Monday plans to invest at least 380 billion yuan ($52.44 billion) in its cloud computing and artificial intelligence (AI) infrastructure over the next three years.
This bold move exceeds the company’s total spending in AI and cloud computing over the past decade and underscores its ambition to lead China’s fast-evolving technology landscape.
During its latest quarterly earnings announcement, Alibaba reported revenue of 280.15 billion yuan for the three months ended December 31—slightly ahead of analysts' estimates. The massive investment is part of Alibaba’s broader strategy to capitalize on growing opportunities in AI and cloud services, as it seeks to maintain a competitive edge amid increasing market pressures.
Investors have responded positively to the news, with Alibaba’s stock rising more than 68% this year as the company positions itself as a frontrunner in China’s AI race. Strategic business deals and technological advancements are expected to further bolster the company’s market leadership.
Alibaba’s investment comes at a time when other Chinese tech giants are also ramping up their spending on AI. For instance, ByteDance—the parent company of TikTok—has earmarked over 150 billion yuan in capital expenditure for this year, much of which will be directed towards AI innovation.
As Alibaba prepares to deploy its substantial new funding, industry watchers will be keen to see how this infusion of capital transforms its cloud computing capabilities and drives further breakthroughs in AI technology.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 10th July, covering the latest developments you need to know.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
Hollywood star Sydney Sweeney is reportedly the top contender to become the next Bond girl, as director Denis Villeneuve and Amazon look to modernise the James Bond franchise.
Nvidia has received approval from the U.S. government to sell its advanced H20 AI chips to China, CEO Jensen Huang announced.
Apple and mining company MP Materials announced a joint $500 million investment to develop a rare earth magnet recycling facility, with plans to bolster U.S.-based production and reduce reliance on China.
Meta CEO Mark Zuckerberg announced plans to invest hundreds of billions of dollars into building next-generation AI data centres, signalling an aggressive long-term bet on superintelligence and reaffirming Meta’s leadership ambitions in the global AI race.
Peggy Whitson, NASA retiree turned private astronaut, headed for splashdown in the Pacific on Tuesday after her fifth trip to the International Space Station, joined by crewmates from India, Poland, and Hungary returning from their countries’ first ISS mission.
A team led by Prof. Mingtai Wang at the Hefei Institutes of Physical Science has developed a breakthrough method to control the spacing of titanium dioxide nanorods without changing their size, significantly improving solar cell efficiency.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment