Alibaba Raises Billions to Accelerate Its AI Race | MTechUp
Tech News Alibaba is putting even more money behind artificial intelligence. The Chinese technology giant announced on August 23 that it plans to raise approximately $10.2 billion through a new share placement in Hong Kong , with the company saying 100% of the net proceeds will be used to expand its full-stack AI capabilities . The fundraising is one of the largest technology investments in China's rapidly growing AI sector and comes as Alibaba faces increasingly intense competition from both Chinese and U.S. technology companies.