Like many technology firms, China’s Alibaba has been investing in artificial intelligence.

However, Alibaba Chairman Joe Tsai said he was “astounded” by the level of AI being planned by the technology sector in the United States, Reuters reported Tuesday (March 25).

“People are talking about $500 billion, several hundred billion dollars,” he said, per the report. “I don’t think that’s entirely necessary. I think in a way, people are investing ahead of the demand that they’re seeing today.”

Tsai said he finds talk of constructing data centers on spec worrisome, telling an audience at the HSBC Global Investment Summit in Hong Kong that he is seeing “the beginning of some kind of bubble,” according to the report.

Alibaba’s planned AI and cloud computing spending is expected to come to at least 380 billion yuan (about $52 billion) in the next three years.

During an earnings call in February, the company said it would spend more on AI during that period than it has in the last decade as it pursues artificial general intelligence, a version of AI that can think and reason at or above the level of humans.

“We aim to continue to develop models that extend the boundaries of intelligence,” Alibaba CEO Eddie Wu said during the call. “Why is that the primary aim? Well, it’s because all of the visible AI application scenarios today that we see around content creation, search, and so on and so forth have arisen precisely as a result of the ongoing extension of those boundaries, and we want to keep pushing out those boundaries to create more and more opportunities.”

In the U.S., the four biggest tech giants are expected to spend at least $320 billion on their AI efforts this year.

Meanwhile, Goldman Sachs is rolling out and scaling AI capabilities across its business as it taps the technology for productivity and efficiency gains.

“For us, this year is a story of scale — scale of adoption, scale of use cases,” Belinda Neal, the bank’s chief operating officer of core engineering, head of product management and head of engineering partnerships, said in an interview with PYMNTS.

“With generative AI, we’ve been really excited about some of the new potential of the technology to deliver efficiency and productivity benefits across the firm,” Neal added.

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The post Alibaba Chairman Joe Tsai Cautions Against US AI Industry ‘Bubble’ appeared first on PYMNTS.com.

THE Premier League’s highest-earning players and managers have been revealed – with one surprise inclusion.

French publication L’Equipe has looked at which stars take home the most amount of money each week.

And it’s no surprise that Manchester City striker Erling Haaland tops the list by quite a margin.

The 24-year-old put pen to paper on a huge nine-and-a-half year deal earlier this year.

In doing so, he also increased his weekly wage from £375,000 to £500,000.

Also joining Haaland on the rich list are players from Liverpool and Manchester United.

PLAYER RICH LIST

As already mentioned, Haaland earns the most money in the Premier League by far.

L’Equipe has revealed that he takes home an estimated gross monthly salary of around £2.2million.

That includes guaranteed add-ons, loyalty bonuses and image rights payments.

Ranked second in the list is Haaland’s Man City team-mate Kevin De Bruyne.

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The 33-year-old is currently estimated to be earning £1.7m monthly, which equates to £432,000-a-week.

However, he might not be making that for much longer.

I plucked Thomas Tuchel out of his job working in a bar in Stuttgart before he became England boss, reveals Man Utd flop

TUCHEL RESCUE

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De Bruyne has been heavily linked with a move away from the Etihad this summer, with his contract set to expire in June.

He is yet to agree terms for a new deal with the Cityzens.

Joint-third in the rankings are Casemiro and Mohamed Salah.

Brazil midfielder Casemiro became Man Utd’s highest earner when he joined the club in a £70m transfer from Real Madrid in 2022.

And he recently revealed that he intends to see out his contract despite receiving criticism from fans for his underwhelming form.

Meanwhile, Liverpool fans are hoping that Salah extends his stay at Anfield.

The winger’s contract is due to expire in June and he is yet to agree terms for a renewal.

Both Casemiro and Salah pocket £1.5m-a-month, which works out as £376,250-per-week.

Joint-fifth on the list are loan stars Marcus Rashford and Raheem Sterling.

The duo each take home £1.4m every month (£349,000-a-week) which is split between their parent club and their loan club.

United allegedly pay 75% of Rashford’s wages, with Aston Villa covering the rest.

Meanwhile, Chelsea are covering the bulk of Sterling’s earnings, with Arsenal paying a smaller amount.

MANAGER RICH LIST

With Haaland topping the player rich list, his Man City boss Pep Guardiola leads the manager list.

The Spaniard is reported to be earning £1.7m-a-month, which equates to £416,000-a-week.

Meanwhile, his former assistant and current Arsenal manager Mikel Arteta is the second highest-earning boss in the Prem.

The Gunners boss allegedly banks £1.2m every month (£309,000 weekly) at the Emirates.

And arguably the most surprising inclusion across both lists is that of David Moyes.

The 61-year-old returned to Goodison Park earlier this year following the departure of Sean Dyche.

L’Equipe has reported that Moyes earns £1m every month (£257,000-a-week).

The Scot has enjoyed an impressive start to his time at Everton, lifting the club away from the relegation zone.