Alibaba Raises Record $10.2bn in Hong Kong to Fund AI Buildout as Net Profit Drops 75%
Alibaba Group is placing HK$80bn — roughly $10.2bn — of new shares in Hong Kong, and the company is not softening the message: every dollar of net proceeds will fund its full-stack AI capabilities, from data center infrastructure to model services. The size breaks records on two measures. Alibaba calls it the largest primary follow-on … Read more