Alibaba Group Holding has announced an ambitious plan to boost its revenue from cloud computing and artificial intelligence (AI) products to a whopping $100 billion annually over the next five years. This big move is all about making up for a noticeable slowdown in its e-commerce business, which used to be the main driver for the group's operations in China. This announcement comes after the company reported a sharp 67% drop in its quarterly profits, along with weak revenue growth. This has put more pressure on management to see real returns from their AI investments, which have already topped $53 billion in recent years.
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