Chinese tech giant Alibaba Group Holding Ltd announced on Monday its plan to invest over 380 billion yuan ($52.4 billion) in its cloud computing and artificial intelligence infrastructure over the next three years.

Wu Yongming, CEO of Alibaba Group, said the investment exceeds the company's total AI and cloud spending of the past decade, underscoring its focus on an AI-driven growth strategy. With this investment, Alibaba is scaling up its AI capabilities and cloud infrastructure to support the next wave of technological advancements.

The announcement came after the company reported that its revenue from its cloud business rose 13 percent year-on-year during the October-December period, with AI-related product revenue achieving triple-digit growth for the sixth consecutive quarter.