Alibaba seeks $10 billion via share sale to fund AI infrastructure

Alibaba Group is raising approximately HK$80 billion ($10 billion) through a placement of 710 million shares at a 3.6% discount to fund full-stack AI capabilities and infrastructure expansion. The move follows sharply higher capital spending near $10 billion per quarter and a steep drop in quarterly profit amid heavy AI investment. It strengthens Alibaba’s position after its Qwen models became the world’s most-downloaded open-weight family.