Alibaba said the total investment amount exceeds the company's spending in AI and cloud computing over the past decade.

Alibaba Group Holding Ltd.’s U.S.-listed stock fell nearly 7% on Monday after the online retailer said it plans to spend about $53 billion over the next three years on its cloud computing and Artificial Intelligence infrastructure. The spending plan amounts to nearly eight times its most recent quarterly profit of $6.7 billion.

The Chinese technology giant first mentioned the plan last week when it reported results but didn’t provide a specific figure.

Shares of Alibaba ( BABA -9.10%) were taking a dive today after investors balked at the company's big spending plans in cloud and artificial intelligence (AI). As a result, the stock was down 9.7% as of 11:24 a.m. ET.

Alibaba Cloud invests $53 billion in artificial intelligence to drive AI infrastructure, cloud computing and LLMs as Alibaba Group ADR stock increases.

The Alibaba Group is going all in on AI as it announces plans to invest at least $53 billion over the next three years.

Chinese tech giant Alibaba said Monday it will spend more than $50 billion on artificial intelligence and cloud computing over the next three years, a week after co-founder Jack Ma

Chinese tech giant Alibaba announced on Monday that it will invest $50 billion into artificial intelligence and cloud technology over the next three years.

Chinese tech company Alibaba (NYSE:BABA) on Monday unveiled plans to invest at least 380 billion yuan ($52.44 billion) in its cloud computing and artificial intelligence infrastructure over the next three years.