Shares of Alibaba ( BABA -9.10%) were taking a dive today after investors balked at the company's big spending plans in cloud and artificial intelligence (AI). As a result, the stock was down 9.7% as of 11:24 a.m. ET.

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.

Shares have soared this year, but the online retailer's plans for an AI spending spree haven’t gone down so well.