Alibaba plans to raise ~$10B in a follow-on share offering to fund AI investments; sources: it plans to offer 710M shares at a 3.6% discount to Friday's close (Reuters)

Alibaba (9988.HK) is planning to raise approximately $10 billion through a follow-on share offering. The company intends to offer 710 million shares at a 3.6% discount to Friday's closing price. This significant capital injection is earmarked for funding investments in artificial intelligence-related development, as Alibaba seeks to bolster its capabilities in the rapidly evolving AI sector.