Alibaba Launches Wan3.0 AI Video Model Following $10 Billion Stock Sale

Alibaba said Wan3.0 had been used in film and short drama production, advertising and marketing, tourism. The new model can generate 30-second videos from documents, spreadsheets, slides and web pages, promoting Alibaba and creating music videos since a public ‌beta⁠version was released on August 6.

The release comes a day after Alibaba announced the share sale, the largest follow-on primary offering by a Hong Kong-listed company, as spending ramps up in the intensifying global AI race.

Last week, Alibaba reported a 75% drop in quarterly profit from a year ago due to skyrocketing AI-related capital spending.

Alibaba is keeping its focus on the sector after announcing on Sunday that it plans to issue $10.2 billion in new shares in Hong Kong to fund its global AI ambitions.

The company, known for its open source “Qwen” AI models, has been investing tens of billions of dollars in the technology, and shareholders are eager to see how it will monetize the huge investments.

Tokyo, Shanghai, Taipei and Wellington fell on Monday. Sydney, Jakarta and Bangkok posted gains, while Manila and Kuala Lumpur were stable.

Hong Kong fell more than two percent despite fast fashion giant Shein announcing that its market debut will take place in the Chinese financial center on September 1.

The long-awaited listing would value the group, known for its wide selection of products at incredibly low prices, at around $27 billion.

Eyes are also on US Treasury chief Scott Bessent, who said he would provide more details at a news conference on Monday about a new attempt to increase economic pressure on Iran.

The United States on Thursday warned its allies and China to join Trump’s new campaign, which comes as the unpopular war in the Middle East approaches six months.

US Vice President JD Vance admitted the plan was a “delicate dance” because Iran “will try to put economic pressure on us.”

Read more: As AI agents act in unexpected ways, is “rogue AI” really here?

Asked if the United States would pressure China, Bessent told CNBC that “many conversations are better to have privately,” but called on Beijing “to stay on schedule.”

Both major crude contracts fell 2.3 percent, with the Brent benchmark at $92 a barrel.

Traders will also be keeping an eye on this week’s annual meeting of central bankers, economists and finance chiefs in Jackson Hole, US, hoping for some clarification on US monetary policy.

The meeting comes after the Treasury bought its own bonds last week in an effort to reduce borrowing costs after the 30-year bond yield rose to levels last seen in 2007, just before the global financial crisis.

Yields have risen on inflation fears and as the United States reported its federal debt had surpassed $40 trillion.