Alibaba Group Holdings Ltd.'s U.S.-listed stock fell 2.7% in premarket trading 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 investment, which exceeds Alibaba's total AI and cloud spending over the past decade, underscores the company's focus on AI-driven growth and its role as a leading global cloud provider," the online retailer $(BABA)$ said.
Prior to Monday's moves, Alibaba's stock rose 5.7% in the previous session. The stock has risen 69.4% so far in 2025.
-Steve Gelsi
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(END) Dow Jones Newswires
February 24, 2025 06:59 ET (11:59 GMT)
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