Alibaba Group Chairman Joe Tsai said on Tuesday the tech giant would recommence hiring, emboldened with more confidence following President Xi Jinping's February meeting with business entrepreneurs.

Joe Tsai took aim at the $500 billion attached to OpenAI's Stargate project—and the idea of investors building data centers "on spec."

Alibaba Chairman Joe Tsai cautioned that so-called hyperscalers — companies with big AI ambitions like Meta Platforms and Microsoft — are rushing to construct data centers that might not be justified by future demand.