GoKawiilAlibaba stock drops 8% after $10.2 billion share sale to fund AI buildout
Alibaba priced an 80 billion Hong Kong dollar (about $10.2 billion) placement of 710 million new shares at HK$112.70 each, sold to non-U.S. investors and set to close Wednesday. The company says all proceeds will go toward expanding its AI infrastructure and broader AI capabilities. Shares fell as much as 10% in Hong Kong trading following the announcement.