Beijing, Feb. 24 -- Chinese tech giant Alibaba Group will invest more than 380 billion yuan (about $53 billion) in building cloud and hardware infrastructure for artificial intelligence, the Xinhua news agency reports. Chinese publication Penpai noted that these investments were a record volume of investments by Chinese private enterprises in the creation of cloud and hardware infrastructure for AI. According to the publication, Alibaba's announcement of the investment occurred against the backdrop of two important moments: one is the explosive growth of China's AI industry, and the other is a symposium on private enterprise development held earlier in February, which was attended by government officials, including Chinese President Xi Jinp...