Alibaba To Invest $15B In 'Moonshot' Projects

Chinese eCommerce giant Alibaba is reportedly going to dedicate $15 billion in funds to ambitious "moonshot" projects, which will lead to it spending more than twice its current R&D budget. Bloomberg says the company will bring its budget from $6.4 billion to $15 billion within three years.

By investing significantly more in ambitious projects, Alibaba will have a better chance of shaping emerging industries and disrupting existing ones.

Part of its increased focus on R&D involves setting up seven new research labs and hiring 100 scientists who'll work on AI, the Internet of Things, and quantum computing.