Alibaba plans to raise approximately $10.2 billion through a Hong Kong share placement, all of which will be used for AI

According to Nikkei Asia, Alibaba Group announced that it will raise HKD 80 billion (approximately USD 10.2 billion) through a new share placement to investors outside the United States, with all proceeds being invested in the company's full-stack AI capability development.

Alibaba is increasing its investment in the field of artificial intelligence, as the competition between China and the United States in cutting-edge models and the underlying infrastructure continues to heat up. This financing aims to support its comprehensive layout of AI-related technologies and capabilities.