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

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

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.