HONG KONG: Alibaba has launched its new Wan3.0 artificial intelligence video-generation model as the Chinese technology giant steps up investment in the global artificial intelligence race.
Alibaba said Wan3.0 has already been used for short dramas and films, advertising and marketing, tourism promotion and music-video production since its public beta was launched on August 6.
The company said the new model can generate videos of up to 30 seconds from documents, spreadsheets, presentation slides and web pages, expanding the range of material that can be transformed into video content.
The launch came a day after Alibaba announced plans to raise $10.2 billion through a new share issue in Hong Kong to fund its global artificial intelligence ambitions. The offering is expected to be the largest primary follow-on share sale by a Hong Kong-listed company.
Alibaba has been investing heavily in artificial intelligence, including its open-source Qwen models, as shareholders increasingly focus on how the company plans to generate returns from its substantial spending on the technology.
The company reported last week that quarterly earnings had fallen 75% year-on-year, largely because of sharply increased capital expenditure related to artificial intelligence.
Meanwhile, Asian stock markets showed mixed performance on Monday. Tokyo, Shanghai, Taipei and Wellington closed lower, while Sydney, Jakarta and Bangkok advanced. Manila and Kuala Lumpur remained broadly flat.
Hong Kong’s market fell more than 2%, despite fast-fashion company Shein announcing that its market debut in the city is scheduled for September 1. The long-awaited listing is expected to value the company at around $27 billion.
Investors were also watching developments involving US Treasury Secretary Scott Bessent, who was expected to provide further details on Washington’s plans to increase economic pressure on Iran.
The United States has urged allies and China to support President Donald Trump’s latest campaign of economic pressure as the Middle East conflict approaches its six-month mark.
US Vice President JD Vance described the strategy as a “delicate dance”, warning that Iran could respond by applying economic pressure on the United States.
Asked whether Washington would pressure China, Bessent said some discussions were better held privately but urged Beijing to support the US position.
Oil markets also came under pressure, with both major crude benchmarks falling around 2.3% and Brent crude trading near $92 a barrel.
Markets are also focused on the annual gathering of central bankers, economists and finance officials in Jackson Hole, Wyoming, where investors are hoping for greater clarity on US monetary policy.
The meeting comes after the US Treasury bought its own bonds last week in an attempt to lower borrowing costs following a surge in the 30-year Treasury yield to levels not seen since 2007.
Bond yields have risen amid inflation concerns and after the United States reported that its federal debt had surpassed $40 trillion.
