Alibaba raises £7.5bn to accelerate AI investment

Alibaba is raising £7.5bn through a major share sale as it doubles down on its AI ambitions.
The retail and tech group is issuing 710m new shares in Hong Kong at around £10.54 each, with the deal expected to raise roughly £7.5bn.
Alibaba said the proceeds would be used to develop its “full stack” AI capabilities, including chips, computing infrastructure and artificial intelligence models.
The deal represents the largest-ever primary follow-on offering by a Hong Kon