24 August 2026
Alibaba raises $10.2 billion for AI as profits drop 75 percent
First reported
CNBC ran this on , 4 days before the other 3 sources picked it up.
- Alibaba's June quarter profit fell 75 percent due to heavy spending on AI infrastructure, including computing capacity and chips.
- The company raised $10.2 billion through a new share offering, with proceeds earmarked entirely for AI infrastructure and capabilities.
