Chinese tech giant Alibaba said Monday it will spend more than $50 billion on artificial intelligence and cloud computing over the next three years, a week after co-founder Jack Ma was seen at a rare meeting with President Xi Jinping.

Alibaba plans to "invest at least 380 billion yuan ($53 billion) over the next three years to advance its cloud computing and AI infrastructure", a company statement said, without detailing how the funds would be allocated.