Alibaba launches Wan3.0 AI video model after $10 billion share sale

Alibaba Group Holding Ltd. launched its latest AI video generation model Wan3.0 on Monday, capable of generating 30-second videos from documents, spreadsheets, slides, and web pages, following a $10 billion share placement, the largest-ever primary follow-on offering by a Hong Kong-listed company. The model has been used in short drama and film production, advertising, marketing, tourism promotion, and music video creation since a public beta on August 6. The release comes as Alibaba ramps up AI spending, with quarterly earnings plunging 75% due to soaring AI-related capital expenditure.

BEIJING, Aug 24 Reuters - Alibaba officially rolled out its latest AI video generation-model Wan3.0 on Monday with enhanced capabilities after the Chinese internet giant launched a $10 billion share placement to fund rising AI spending. • The new model can generate 30-second videos from documents, spreadsheets, slides and web pages, Alibaba Cloud said in a post on the WeChat platform. • Alibaba said Wan3.0 had been used in short drama and film production, advertising and marketing, tourism promotion and music video creation since a public beta version was launched on August 6. • The release comes a day after Alibaba announced the share sale, the largest-ever primary follow-on offering by a Hong Kong-listed company, as it ramps up spending in the intensifying global AI race. • Alibaba last week reported a 75% plunge in quarterly earnings from a year ago due to soaring AI-related capital expenditure. Reporting by Ethan Wang and Eduardo Baptista; Editing by Kirsten Donovan