Alibaba once again surpassed Amazon in terms of market value, having established a global research institute

Almaty. October 20. Silkroadnews – Alibaba once again surpassed Amazon in terms of market value, having established a global research institute, Chinese information resource People’s Daily informs.
“Chinese e-commerce giant Alibaba surpassed its US counterpart Amazon as the world's biggest e-commerce company on October 11 after the Hangzhou-headquartered company established the DAMO Academy, a new research institute,” the report said.
It is noted that this is the second time Alibaba outperformed Amazon in terms of market value. The first time it happened three years ago, when Alibaba got listed at stock exchanges.
The Internet giant also committed to invest more than 100 billion yuan (about $15.1 billion) over the next three years in the development of advanced technology.
According to the publication, the research institute will focus on fundamental science and technological innovation. The founder of the company Jack Ma expects that striving to serve at least 2 billion users around the world, the institute will outlive Alibaba and be able to solve problems using the future oriented technologies.
The institute will deal with such branches as quantum computer equipment, network security, human-machine interaction, sensor technologies, etc.
The institute has begun creating advanced research centers and laboratories for various fields of science around the world. At the preliminary stage, 100 researchers from all over the world will be recruited. “George Church, a leading light of the Human Genome Project, and Michael I. Jordan, a mastermind in artificial intelligence, have joined the team,” the report reads.