Chinese e-commerce giant Alibaba Group will focus on expanding data centres and computing capabilities to support the next generation of AI applications

Alibaba's shares opened 10% higher in Hong Kong on Friday to reach their highest level in more than three years, after it reported third-quarter revenues just above analysts' estimates and said it plans to invest more in e-commerce and AI.

Wall Street became more upbeat on Alibaba Group after the Chinese tech giant posted stellar revenue growth driven by artificial intelligence (AI) boom. Credit：Alibaba Cloud Ryan Cohen, the GameStop CEO and billionaire investor,

Alibaba Group Holding Ltd. has announced an ambitious plan to invest over 380 billion yuan ($53 billion) in AI infrastructure over the next three years. Alibaba joins global AI race by investing $53 billion in AI infrastructure to expand its data centers and computing capabilities.