Alibaba plans to raise $10 billion through a new issuance of Hong Kong-listed shares specifically earmarked to finance its expanding AI infrastructure and semiconductor initiatives.

HONG KONG -- Alibaba Group announced on Sunday that it is raising 80 billion Hong Kong dollars ($10.2 billion) through a new share placement to investors outside the United States. All proceeds will be invested in the company’s full-stack artificial intelligence capabilities.

The move reflects Alibaba’s decision to double down on artificial intelligence at a time when the race to build frontier models and the infrastructure behind them is intensifying across both China and the West.