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

Alibaba unveiled its advanced AI video generation model, Wan3.0, on Monday, boasting improved features following a $10 billion share sale intended to fund escalating AI investments. The innovative model, as reported by Alibaba Cloud on WeChat, possesses the ability to produce 30-second videos from a variety of sources such as documents, spreadsheets, slides, and web pages.

Since its public beta version was made available on August 6, Wan3.0 has been utilized in the production of short dramas and films, advertising and marketing campaigns, tourism promotions, and music video creation. The introduction of the model coincided with Alibaba's announcement of the largest-ever primary follow-on offering by a Hong Kong-listed company, a move aimed at bolstering its spending in the rapidly evolving global AI race.

In the preceding week, Alibaba disclosed a significant 75 percent decline in quarterly earnings compared to the same period last year, attributed to the substantial capital expenditure on AI-related projects.