Alibaba launches Wan3.0 AI video model after $10 billion share sale

Alibaba has launched its latest AI video generation model, Wan3.0, following a $10 billion share sale aimed at funding increased AI spending. The new model, which was unveiled on Monday, boasts enhanced capabilities and can generate 30-second videos from various sources such as documents, spreadsheets, slides, and web pages. Alibaba Cloud reported that Wan3.0 has already been utilized in short drama and film production, advertising, marketing, tourism promotion, and music video creation since its public beta launch on August 6.

The release of Wan3.0 comes just a day after Alibaba announced the largest-ever primary follow-on offering by a Hong Kong-listed company, as the company continues to ramp up its investments in the fast-evolving global AI race. Last week, Alibaba reported a 75% decline in quarterly earnings from the previous year, largely attributed to soaring AI-related capital expenditure.

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