Alibaba stock slumps in Hong Kong after $10.2 billion share placement to fund AI
Alibaba said on Sunday its HK$80 billion ($10.21 billion) share placement finalised at HK$112.70 apiece - an 8.4% discount to its Friday close - is aimed at funding AI-related development, as it redoubles AI bets amid competition and simmering Sino-U.S. tech rivalry.
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