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Alibaba Kicks Off Spending Spree With $1 Billion for Cloud

  • Tech giant is boosting investments after record antitrust fine
  • Alibaba Cloud is pledging $1 billion for tech startups
General Images of Alibaba Group Holding Ltd. Ahead of Fourth-Quarter Results
Photographer: Qilai Shen/Bloomberg

Alibaba Group Holding Ltd.’s cloud division has pledged $1 billion to support startups in Asia, marking one of its largest outlays since the tech giant pledged to boost spending and move past a bruising antitrust investigation at home.

The $1 billion will be the initial funding for Project AsiaForward, which aims to nurture 100,000 developers and tech startups over the next three years, Alibaba said in a statement Tuesday. The company aims to build a million-strong talent pool by providing training for developers, as well as connecting entrepreneurs with venture capital and other opportunities.