06:20 AM EDT, 09/24/2025 (MT Newswires) -- Alibaba Group ( BABA ) plans to increase its spending on artificial intelligence development as the Chinese e-commerce giant looks to become a "full-stack AI service provider," news outlets reported Wednesday, citing Chief Executive Eddie Wu.

"We are actively proceeding with the [380-billion-Chinese-renminbi ($53.35 billion)] investment in AI infrastructure, and plan to add more investment," Bloomberg reported, citing Wu.

Earlier this year, the company reportedly outlined a plan to spend more than 380 billion renminbi on developing AI models and infrastructure over the next three years.

An Alibaba ( BABA ) spokesperson didn't immediately respond to MT Newswires' request for comment.

The company's shares were up 9.3% in recent premarket activity.