Alibaba to raise $10bn via new Hong Kong shares to fund AI investments

Technology Alibaba to raise $10bn via new Hong Kong shares to fund AI investments

Move comes amid intensifying race to build frontier models and computing infrastructure

Alibaba 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. © Reuters

HONG KONG -- Alibaba Group announced on Sunday that it is raising 80 billion Hong Kong dollars ($10.2 billion) through a new share placement to investors outside the U.S., with all the proceeds to be invested in the company's full-stack AI capabilities.