Alibaba launches Wan3.0 AI video model after $10 billion share sale
Alibaba unveiled Wan3.0, its advanced AI video generation model, on Monday following a $10 billion share sale to finance increasing AI investments. The new model can transform documents, spreadsheets, slides, and web pages into 30-second videos, according to Alibaba Cloud's announcement on WeChat. Since its public beta release on August 6, Wan3.0 has been utilized in short drama and film production, advertising and marketing, tourism promotion, and music video creation.
The launch of Wan3.0 came just a day after Alibaba announced its largest-ever primary follow-on offering by a Hong Kong-listed company, underscoring the company's intensified spending on AI technologies amid a global AI race. In its latest quarterly earnings report, Alibaba disclosed a 75% drop in revenue from the previous year, attributed to the surge in AI-related capital expenditure.
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