Alibaba to issue HK$80 billion in new shares for global AI push

Alibaba Group Holding will issue HK$80 billion worth of new shares and use the entire proceeds to invest in AI, the Chinese tech giant said on Sunday. The move aims to “extend the company’s global AI leadership”, according to the company. It will use the funds raised to “invest in its full stack AI capabilities”, including expanding and enhancing its AI infrastructure, Alibaba said. Last week, Alibaba announced a 45 per cent of year-over-year jump in its second-quarter revenue in cloud and AI...