Alibaba plans $53bn AI spend in key pivot

Alibaba Group pledged to invest more than 380 billion yuan ($53 billion) on AI infra such as data centres over the next three years. The internet company co-founded by Jack Ma plans to spend more on its AI and cloud computing network than it has over the past decade. That target marks one of China's biggest AI infra budgets showing its growing ambitions, even as investors ponder if demand is being overestimated.