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

Chinese tech giant Alibaba said Monday it will spend more than $50 billion on artificial intelligence (AI) and cloud computing over the next three years, a week after co-founder Jack Ma was seen meeting President Xi Jinping.

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.

Alibaba Group has highlighted that it has been focusing more on these two sectors lately, with plans to integrate artificial intelligence across several of its divisions such as e-commerce and consumer applications.

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 would spend more than $50 billion on artificial intelligence and cloud computing over the next three years,

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