Alibaba launches Wan3.0 AI video model after $10 billion share sale
Alibaba has launched its new Wan3.0 AI video generation model following a $10 billion share sale to fund AI development. The company is aggressively investing in AI despite a significant drop in quarterly earnings caused by high capital expenditure.
Why it matters
Alibaba's heavy investment highlights the intense competition among global tech giants to dominate the generative AI market.
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.
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