BEIJING, Aug 24 (Reuters) - Alibaba 9988.HK 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.
The release comes a day after Alibaba announced the share sale, the largest-ever primary follow-on offering by a Hong Kong-listed company, as it ramps up spending in the intensifying global AI race.
Alibaba last week reported a 75% plunge in quarterly earnings from a year ago due to soaring AI-related capital expenditure.
(Reporting by Ethan Wang and Eduardo Baptista; Editing by Kirsten Donovan)