Alibaba Raises $10.2 Billion to Expand AI Infrastructure and Model Development

Alibaba is raising HK$80 billion, or about $10.2 billion, in a share placement to fund a major expansion of its artificial intelligence business, including infrastructure and model development. The company said all of the net proceeds will go toward its “full-stack” AI capabilities as it seeks to strengthen its position in a fast-moving global race with other tech giants. The move comes after Alibaba’s latest Qwen model launch and reflects how heavily Chinese technology firms are investing in AI despite concerns about dilution and the cost of building out the needed computing capacity.