Alibaba BABA is ramping up AI spending at a rapid pace, creating both a significant growth opportunity and near-term financial pressure. The company spent RMB67.7 billion on capital expenditures in the June 2026 quarter, up 75% year over year, primarily reflecting investments in AI infrastructure, higher CPU-compute capacity and rising chip-component prices. Alibaba has also committed to a RMB380 billion three-year capital investment plan, with RMB190 billion already spent by the end of the June quarter. The spending is already weighing on cash generation. Free cash flow deepened to an outflow of RMB44.7 billion, compared with an RMB18.
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