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Alibaba secures $10 billion for AI initiatives
The Chinese Alibaba Group has announced its intention to raise approximately 80 billion Hong Kong dollars (around 10.2 billion US dollars) through the issuance of new shares on the Hong Kong Stock Exchange, to finance its expansion in artificial intelligence and strengthen its global competitive capabilities. About 710 million shares will be offered at a price of 112.70 Hong Kong dollars per share, which is 3.6% lower than the stock's closing price on Friday. The company is increasingly investing in artificial intelligence, having increased its capital expenditure for the quarter to about 10 billion dollars, and is seeking to turn its substantial investments in the field into financial returns. Data indicates that its revenues for the last quarter increased by 9%, reaching approximately 40 billion dollars, partly driven by AI-related demand. This move aims to bolster its position in the global tech market, especially as its open models "Qwin" become widely adopted by developers.
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