Alibaba Cloud, the cloud computing arm of Alibaba Group, has inaugurated its second data center in Thailand, expanding its infrastructure to meet the rising demand for cloud services and generative artificial intelligence (AI).

Alibaba Group has announced a massive investment of 380 billion yuan ($52.44 billion) into generative AI and cloud computing infrastructure over the next three years. This sum surpasses Alibaba’s entire cloud and AI budget from the last decade.

Chinese e-commerce giant Alibaba Group Holding saw revenue rise 8 per cent in the December quarter to beat analysts’ estimates, as the company’s cloud computing services unit posted strong growth. The Hangzhou-based tech conglomerate on Thursday reported total revenue of 280.

Alibaba Group Holding Ltd. (NYSE: BABA) has announced an investment of 380 billion yuan ($53 billion) for its cloud computing and AI infrastructure, making it the largest private computing project to date.

Alibaba Group offers 3,000 internships, over half in AI. Plans to invest $52.2B in AI and cloud computing. Stock down 4.61%.

U.S.-listed shares of Alibaba Group Holding (BABA) rose more than 8% on Thursday and were climbing in after-hours trading after the Chinese e-commerce giant posted quarterly results, with retail sentiment staying bullish.

Chinese e-commerce giant Alibaba Group Holding saw profit surge 239 per cent cent in the December quarter to beat analysts' estimates, as the company's cloud computing services unit posted strong growth.

With the stock still inexpensive and a turnaround taking hold, Alibaba remains an attractive investment. The company is becoming a Chinese AI leader, which should help lift its valuation multiple, while flipping its AIDC business to profitability should also be a nice lift to earnings.

The latest earnings report from Alibaba Group highlights resilience in key segments, led by cloud and international commerce growth.