SHANGHAI — Chinese tech giant Alibaba
is already recouping its investment on artificial intelligence in the company’s e-commerce business, vice president Kaifu Zhang told reporters on Thursday.
The Chinese tech giant has bet big that AI will generate returns despite market concerns that companies are spending too much on the technology with little to show for it. Alibaba last month announced it will increase its spending on AI and cloud infrastructure, after pledging in February it would spend 380 billion yuan ($53 billion) over the next three years on the tech.
Zhang oversees e-commerce AI applications at Alibaba. Earlier in the day, he shared how the company has rolled out a range of AI tools, from making search results more personalized to improving the accuracy of virtual clothing try-ons.
The presentation comes a day after Alibaba began presales for Singles Day, China’s biggest shopping event of the year that’s akin to Black Friday.
