Alibaba Raises $10.2 Billion for AI Push, Shares Drop 8%

Alibaba priced a HK$80 billion (US$10.2 billion) Hong Kong share placement on August 24, 2026, targeting AI infrastructure. Shares fell 8% on dilution — new shares reduce existing holders' stake. The raise adds to a three-year, $53 billion AI-and-cloud spending pledge that already cut quarterly profit 75% year-over-year, even as cloud revenue surged 45%.