Alibaba Launches Wan3.0 Video Model After $10.2 Billion Share Sale

3 articles · Updated · Quartz · Aug 24

Wan3.0 went live Monday with support for documents, spreadsheets, slides and web pages, generating videos up to 30 seconds—double the length of Alibaba’s previous model.
Alibaba had already put the model into public beta on Aug. 6, and said it has been used in short drama and film production, advertising, tourism promotion and music videos.
HK$80 billion from Alibaba’s Hong Kong follow-on offering closed Sunday, with the company earmarking all net proceeds for AI infrastructure; the deal was about three times covered by institutions.
That fundraising fits a wider AI buildout: Alibaba has pledged more than 380 billion yuan over three years for chips, data centers and models, while its cloud unit has logged 12 straight quarters of triple-digit AI-revenue growth.
The push is lifting costs as well—fiscal first-quarter net income fell 76% to 10.54 billion yuan after capital expenditures jumped 75% to 67.68 billion yuan.