Chinese tech giant Alibaba has released Wan3.0, its latest AI video generation model capable of producing 30-second videos from documents, spreadsheets, slides, and web pages. The launch follows Alibaba's $10 billion share placement on the Hong Kong Stock Exchange — the largest-ever primary follow-on offering by a Hong Kong-listed company — aimed at funding accelerating AI investment. The move comes as Alibaba reported a 75% drop in quarterly earnings due to soaring AI-related capital expenditure, underscoring the high financial stakes of competing in the global AI race.