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Technology Stocks : Alibaba Group Holding Limited
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From: Glenn Petersen4/20/2020 5:43:44 PM
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Alibaba Cloud will invest $28 billion more into its infrastructure over the next three years

Catherine Shu @catherineshu /
TechCrunch
1:30 am CDT • April 20, 2020

Alibaba Cloud announced today that it will invest another RMB 200 billion (or about $28 billion) into its infrastructure over the next three years, prompted in part by increased demand for services like video conferencing and live streaming as businesses adapt to the COVID-19 pandemic.

The investment will focus on expanding Alibaba Cloud’s technology, including its operating system, servers and chips, in its data centers. The provider currently has 63 availability zones, located in Asia, Australia, the Middle East, Europe and the United States.

In press statement, Jeff Zhang, president of Alibaba Cloud Intelligence and chief technology officer of Alibaba Group, said, “By increasing our investment on cloud infrastructure and fundamental technologies, we hope to continue providing world-class, trusted computing resources to help businesses speed up the recovery process, and offer cloud-based intelligent solutions to support their digital transformation in the post-pandemic world.”

In its last quarterly earnings report, issued in February, Alibaba reported cloud revenue grew 62% to $1.5 billion. Alibaba Cloud is the top cloud provider in the Asia Pacific market, according to Gartner.

techcrunch.com
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