Alibaba proposes US$10bil share placement to fund global AI drive
The firm has been ploughing tens of billions of dollars into AI, with its shareholders eager to see how it will monetise the huge investments.
Alibaba, the Chinese tech behemoth, has announced its intention to raise US$10.2 billion by issuing new shares on the Hong Kong stock market. The firm aims to leverage this influx of capital to bolster its global artificial intelligence (AI) capabilities.
In its latest quarter, Alibaba reported nearly US$40 billion in revenue, a 9% increase from the previous year. This surge in income is attributed to the burgeoning global demand for its AI-driven products. The company's prowess in the AI sector is underpinned by its open-source Qwen AI models, which have garnered widespread acclaim among developers worldwide.
Alibaba's ambitious AI strategy has already seen substantial investment. The company has been pouring billions into AI research and development, with the aim of perfecting its "full stack AI" - a comprehensive approach encompassing the development and enhancement of AI infrastructure. The company's shareholders are keenly awaiting Alibaba's plans on how to monetize these significant investments, with hopes that the firm will successfully capitalize on the global AI frenzy.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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