Alibaba Sells More Shares to Raise $10.2B to Spend on AI

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

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

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