Alibaba has officially launched Wan3.0, its latest AI video generation model, as the Chinese technology company steps up investment in artificial intelligence following a $10 billion share placement.
Alibaba Cloud said in a WeChat post that Wan3.0 can create videos of up to 30 seconds using documents, spreadsheets, slides and web pages.
The model has already been used for short drama and film production, advertising and marketing, tourism promotion and music video creation since its public beta launch on August 6.
The launch comes 1 day after Alibaba announced its $10 billion share sale, described as the largest-ever primary follow-on offering by a Hong Kong-listed company. The fundraising is aimed at supporting the company’s rising AI spending as competition in the global AI market intensifies.
Alibaba reported a 75% year-on-year decline in quarterly earnings last week, with higher AI-related capital expenditure weighing on its results.
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