Alibaba will invest $28 billion to stay current and improve the cloud infrastructure by 2023.
Alibaba announced that it will invest 200 billion yuan ($28 billion) in its infrastructure (“cloud”) over the next three years, as demand has soared with the use of telecommuting due to the Coronavirus epidemic.
In a press release, China’s online retail giant said it will use the funds to develop semiconductors and operating systems, while building a data center.
The cloud division is one of the most successful infrastructures of the Chinese group. The revenues it generated in the fourth quarter of 2019 exceeded the 10-billion-yuan mark for the first time.