Alibaba plans to raise $10 billion to boost AI investments | Gulf Today (AE)

Alibaba Holding, the Chinese e-commerce and technology conglomerate, is set to raise around $10 billion through a new share offering on the Hong Kong Stock Exchange. This significant capital injection is strategically aimed at bolstering the company's investments in artificial intelligence (AI) infrastructure and capabilities.

The tech giant plans to offer 710 million shares at HK$112.7 each, representing a slight discount from its previous closing price. This move comes as Alibaba increases its quarterly capital expenditure, signaling a strong commitment to advancing its position in the highly competitive AI landscape.

Proceeds from the share sale are earmarked for strengthening integrated AI capabilities. In a sector characterized by rapid innovation and intense competition, Alibaba seeks to maintain its leadership and enhance its global competitiveness through these substantial investments in AI technology and infrastructure.