Alibaba plans $10B AI funding

Alibaba Group Holding focused on issuing shares to raise approximately HKD 10.2 billion (about USD 1.3 billion) to fund its investments in artificial intelligence. The company will sell 710 million shares at HKD 112.7 each, making it the largest secondary offering ever in Hong Kong and the biggest share sale since 2021. Alibaba is using the proceeds to strengthen its AI capabilities, including expanding infrastructure and developing advanced models, amid rising costs of technology projects that led to a more than 75% drop in its profits in the last quarter. Additionally, the company will be subject to a 90-day sales ban, while it aims to maintain its competitive position in the global AI market.

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