Alibaba Shares Jump After CEO Reveals Plans to Raise AI Spending

Alibaba Group Holding Ltd. will raise its spending on AI development as it looks to develop a complete AI ecosystem that rivals American competitors.

CEO Eddie Wu said the company was looking to become a “full-stack AI service provider” during an address to a conference in Hangzhou on Wednesday. He reaffirmed Alibaba’s plan, announced in February, to spend more than 380 billion yuan ($53 billion) on developing AI models and infrastructure over the next three years.