Alibaba to Invest $28 Billion Over Three Years in Cloud
- The money will go toward next-generation datacenters
- The mega-bet fuels effort to harness ‘new oil’ of data
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Alibaba Group Holding Ltd. will invest 200 billion yuan ($28 billion) on cloud infrastructure such as datacenters over the next three years, a major effort to extend one of its fastest-growing businesses to more countries.
That huge outlay -- equivalent to about half the revenue the entire company generated in fiscal 2019 -- underscores the importance of a division Alibaba relies on to spearhead its international expansion. The Chinese e-commerce giant now plans to build more datacenters to complement an existing network covering 21 regions globally and support the development of technologies in areas such as AI-inference chips, it said in a statement.