Chinese e-commerce giant Alibaba (NYSE: BABA) announced Wednesday it will invest more than $15 billion U.S. over the next three years into a global research and development program to increase collaboration and develop new technologies.
That sum was slightly more than double the total amount Alibaba spent on R&D between 2014 and the fiscal year that ended March 31, 2017.
The program is called the Academy for Discovery, Adventure, Momentum and Outlook — DAMO Academy for short. As part of the program, Alibaba will set up seven research labs in Beijing, Hangzhou, San Mateo and Bellevue in the U.S., Moscow, Tel Aviv and Singapore, and recruit 100 researchers to staff them.
Those labs will undertake projects in areas of data intelligence, Internet of Things, financial technologies, quantum computing and human-machine interaction, including machine learning and Natural Language Processing. They would collaborate with institutions such as the University of California, Berkeley through its RISE Lab.
Alibaba said the program will help the tech giant fulfill its long-term commitment to serve two billion customers and create 100 million jobs in 20 years.
Experts have previously said that China was moving more into the research and development of hardcore, cutting-edge technologies. In September, investment bank Goldman Sachs issued a report saying the world's second-largest economy has emerged as a major contender in using artificial intelligence to drive progress.
Alibaba stock approached noon ET Wednesday up 76 cents to $183.88, within a 52-week trading range of $86.01 to $184.46.
Tech Insider
