Overview
- Hong Kong-listed shares rose 6.35% to HK$152.40 on Thursday as investors responded to the company’s AI push and new funding.
- Alibaba committed 380 billion yuan ($53 billion) over three years to expand artificial intelligence and related technologies.
- The company raised $3.2 billion through zero-coupon convertible bonds, with nearly 80% of proceeds directed to data centers and technology upgrades, and the notes convert into U.S.-listed shares with 2032 maturity.
- Cloud Intelligence Group revenue increased 26% to $4.66 billion in the latest quarter, while AI-related product sales posted triple-digit growth for an eighth consecutive quarter.
- The Information, via Reuters, reported Alibaba is deploying in-house AI chips that employees say could rival Nvidia’s H20, a performance claim not independently verified.