10 AI News Updates Making Waves on Wall Street

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6. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 107

Alibaba Group Holding Limited (NYSE:BABA) is an internet giant that offers e-commerce services in China and internationally. On February 24, the South China Morning Post reported that Alibaba will be investing at least 380 billion yuan (US$52.4 billion) in its cloud computing and artificial intelligence (AI) infrastructure over the next three years. The company wants to “advance its cloud computing and AI infrastructure”, a company statement said.

The investment, demonstrating Alibaba’s commitment to AI, will be in China’s largest-ever computing project financed by a single private business. According to the company, the plans underscore its “focus on AI-driven growth and its role as a leading global cloud provider”.

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