Alibaba launches $10.2 billion Hong Kong share sale to fund its AI expansion
- Alibaba launched a $10.2 billion Hong Kong share sale to fund its expanding AI investments.
- It plans to sell 710 million shares, making it the biggest primary follow-on offering by a Hong Kong-listed company.
- Alibaba says all proceeds will fund AI chips, computing infrastructure and further development of its own AI models.
- The fundraise follows a 75% fall in quarterly net profit, as Alibaba sharply increased spending on AI infrastructure.
Source: investing.com
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