U.S.-listed shares of Alibaba Group (BABA) are falling 3% in premarket trading Monday after the Chinese tech giant announced plans to invest more than $52 billion in 澳洲幸运5官方开奖结果体彩网:artificial intelligence and cloud infrastructure over the next three years.

In a post on its news site, the company said over the next three years it would spend at least 380 billion yuan ($52.4 billion)—an amount that would exceed the company's AI and cloud computing investment over the past decade. Alibaba said the investment "underscores the company’s focus on AI-driven growth and its role as a leading global cloud provider."

Alibaba CEO Eddie Wu had 澳洲幸运5官方开奖结果体彩网:announced plans last week to "aggressively invest"🉐 in cloud and AI spending over the next three years but didn't gi🧸ve a specific amount.

Jefferies Says Alibaba Cloud 'Outpaces Peers' in Capex Spend

Jefferies analysts, who have a "buy" rating and $160 price target on Alibaba stock, noted that the investment "aligns with the earnings call last week and in line with street expectations." They said Alibaba Cloud "is a key player and outpaces peers in terms of capex spend, helping to foster sector development in the pursuit of AGI, intelligence enhancement a✃nd open stꦅrategy."  

Alibaba shares soared to a 澳洲幸运5官方开奖结果体彩网:three-year high after the firm re🍌ported better-than-estimated quarterly res꧙ults Thursday. They are up almost 90% to $143.75 over the past 12 months entering Monday trading.