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Ali Baba aims for $10bn AI fund
Alibaba Group Holding is seeking to raise approximately $10.2 billion through the sale of 710 million shares at HKD 112.7 per share, marking the largest secondary offering ever in Hong Kong. The proceeds will be used to bolster its investments in artificial intelligence. This move comes amid a more than 75% decline in the company's profit in the last quarter, due to rising costs associated with AI projects and computing infrastructure. The company plans to use the proceeds to expand its AI capabilities, including infrastructure growth and enhancing large language models, as part of its effort to compete globally in the technology and AI sectors.
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