Alibaba raises more than $9 billion in new share issue to fund AI investments

To finance the investments, the company has announced that it is carrying out a new share issue worth just over 95 billion Swedish kronor.

The 710 million shares are being offered at a subscription price, a discount of 3.6 percent compared with the share's closing price on Friday.

Earlier this week, Alibaba reported a 75 percent drop in profits for the latest quarter, following, among other things, large investments in the company's AI operations.