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

Alibaba said on Monday it plans to invest at least 380 billion yuan ($52.44 billion) in its cloud computing and artificial intelligence infrastructure over the next three years.

U.S.-listed shares of Alibaba Group are falling 3% in premarket trading Monday after the Chinese tech giant announced plans to invest more than $52 billion in artificial intelligence and cloud infrastructure over the next three years.

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

Alibaba Group Holding Ltd. (NYSE: BABA) has announced an investment of 380 billion yuan ($53 billion) for its cloud computing and AI infrastructure, making it the largest private computing project to date.

Alibaba Group Holding Ltd. pledged to invest more than 380 billion yuan ($53 billion) on AI infrastructure such as data centers over the next three years, a major commitment that underscores the e-commerce pioneer’s ambitions of becoming a leader in artificial intelligence.

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 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.