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.

KEY TAKEAWAYS 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.

Alibaba Group offers 3,000 internships, over half in AI. Plans to invest $52.2B in AI and cloud computing. Stock down 4.61%.

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

Alibaba Group Holding Limited outperforms Shanghai Composite & rivals like PDD, JD.com with strategic focus on e-commerce & cloud. Read more on BABA stock update.

We recently published a list of 10 Cheap Chinese Stocks to Buy Now. In this article, we are going to take a look at where Alibaba Group Holding Limited (NYSE:BABA) stands against other cheap Chinese stocks to buy now.

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.