Alibaba raises $3.17B to power AI, cloud growth

Alibaba is raising $3.17 billion through zero-coupon convertible notes, marking Asia’s largest deal of its kind this year. The move underscores its push to finance massive AI and cloud investments, including a $53 billion infrastructure plan. Strong investor demand shows confidence in the company’s global ambitions, even as competition at home and rising costs cloud profitability across China’s fragmented tech sector.