TechnologyMove comes amid intensifying race to build frontier models and computing infrastructureAlibaba is doubling down on artificial intelligence at a moment when the race to build frontier models and the infrastructure behind them is intensifying across both China and the West. © ReutersCISSY ZHOUAugust 23, 2026 17:38 JSTUpdated on August 24, 2026 11:16 JSTHONG KONG -- Alibaba Group's Hong Kong shares plunged on Monday morning following the company's announcement the previous day that it is raising 80 billion Hong Kong dollars ($10.2 billion) through a new share placement to fund its AI investments.