The cloud service unit of Alibaba Group will be boosted by about $28.2 billion over three years. As per sources, the company is going to invest the amount in over three years. This move from the retail giant may be to enable the company so that it can stay competitive with other giants like Amazon, Microsoft, Google etc.
The fund will be invested to upgrade Alibaba’s cloud hardware. Servers, chips, networks, and servers are expected to be among the various hardware to be upgraded or purchased. The technology giant indicated that the COVID-19 pandemic provided an incentive for the decision to invest. Jeff Zhang, president of Alibaba Cloud Intelligence, said in a statement:
“The COVID-19 pandemic has posed additional stress on the overall economy across sectors, but it also steers us to put more focus on the digital economy.”
“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,” continued he.
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