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Alibaba Shares Jump on Plan to Boost AI Spending Beyond $53B

Costfoto / NurPhoto via Getty Images Alibaba's U.S.-listed shares have nearly doubled this year as the Chinese company piles money into AI. KEY TAKEAWAYS Alibaba is reportedly planning to spend even more on AI in the next three years than the 53billionitsaidpreviously,markingthelatestannouncementbyalargetechfirmtospendbigonthetechnology.TheChinesetechfirmsCEOannouncedtheAIspendingplan,accordingtoreports,justdaysafterNvidiasaiditwouldinvest53 billion it said previously, marking the latest announcement by a large tech firm to spend big on the technology. The Chinese tech firm's CEO announced the AI spending plan, according to reports, just days after Nvidia said it would invest 100 billion in OpenA ...