Alibaba to raise $10bn for global AI growth
Alibaba has announced plans to issue HK$80 billion ($10.2 billion) in new shares in Hong Kong. The company aims to use the funds to strengthen its artificial intelligence capabilities and infrastructure. Alibaba has been investing heavily in AI, with its open-source “Qwen” models gaining traction among developers. The firm’s latest quarterly revenue saw a significant boost due to increased demand for AI-driven products.
TLDR
- Alibaba will sell HK$80 billion ($10.2 billion) in new shares to fund its AI expansion.
- All proceeds will be invested in enhancing the company’s AI infrastructure and capabilities.
- The company’s open-source “Qwen” AI models are popular with developers globally.
- Alibaba reported nearly 269 billion yuan ($40 billion) in revenue in its most recent quarter, a nine percent year-on-year increase.
- The global surge in AI demand is driving growth in Alibaba’s business.
