Alibaba to invest $15B into artificial intelligence, other futuristic tech

Reports on 10 August 2015 state China's internet giant Alibaba will pay Suning some 4,2 billion euro or 4,6 billion US dollar for a 20 per cent stake in the company. At the same time, Suning will purchase a bit more than one per cent in Alibaba. The overall value of the action is some 7 billion USD. Alibaba announced Wednesday it will invest $15 billion over the next three years into "cutting-edge technology" including quantum computing and artificial intelligence. The DAMO Academy will oversea the launch of research labs worldwide and recruit scientists and researchers to join. The Chinese e-commerce giant will open seven labs including ones in San Mateo, Calif., and Bellevue, Wash., as well as Beijing, Moscow and Tel Aviv.