Alibaba raises $10.2B to accelerate AI investment

BREAKING: Alibaba is raising $10.2 billion through a share placement and plans to direct the proceeds entirely toward AI investment, according to the Financial Times.
The move comes weeks after Alibaba released its Qwen 3.8-Max model and highlights how aggressively the company is funding the AI race.
The spending is already weighing on near-term profitability, with net profit reportedly falling 75% to $1.5 billion amid surging AI investment.
Alibaba is effectively prioritizing long-term AI infrastructure and model leadership over near-term earnings.