The Chinese giant Alibaba announced that it is investing 50 billion euros in artificial intelligence (AI), a few days after a favorable meeting between the company's founder Jack Ma and President Xi Jinping.

The group, based in Hangzhou (East China), owns some of the country's most popular e-commerce platforms (notably Taobao) and is one of the Asian giant's tech giants, reports AFP.

Investors have been targeting the stocks of these Chinese tech companies since early 2025. Alibaba's share price rose to its highest level in three years.

That trend was further cemented last week when the company announced strong quarterly sales growth - another sign of the sector's comeback after years of gloom.

Alibaba plans to invest "at least 380 billion yuan (50 billion euros) over the next three years to develop its cloud services and artificial intelligence infrastructure," the company said in a statement.

The strategy aims to "strengthen the group's commitment" "to long-term technological innovation" and "underscores the company's focus on AI-driven growth," the statement said.

However, Alibaba did not give details on how the €50 billion will be allocated. | BGNES