Alibaba stock slid in U.S. trading after the Chinese tech giant announced it had priced a roughly $10.2 billion placement of new shares to non-U.S. investors

The Chinese tech giant is expanding beyond retail into chips, cloud and large language models as surging spending weighs on quarterly profits.

The Chinese tech giant announced it will issue HK$80 billion in new shares to fully fund its global AI push.

Alibaba aims to raise $10 billion through a share sale to enhance its artificial intelligence capabilities and compete globally.