ALIBABA LAUNCHES WAN3.0 AI VIDEO MODEL AFTER $10 BILLION SHARE SALE

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Alibaba officially rolled out Wan3.0, an upgraded AI video-generation model, a day after announcing a $10 billion share placement to fund rising AI spending. The model generates 30-second videos from documents, spreadsheets, slides, and web pages, and has been used since its August 6 public beta. The share sale is the largest-ever primary follow-on offering by a Hong Kong-listed company, coming after Alibaba reported a 75% plunge in quarterly earnings due to soaring AI capital expenditure.