Alibaba unveils Wan3.0, an AI model for video generation
Chinese company Alibaba has officially unveiled Wan3.0, a new artificial intelligence model for video generation. As Channel NewsAsia reports, citing Reuters, the launch came after the company announced a $10 billion share offering to finance rising AI costs.
Wan3.0 capabilities
According to Alibaba Cloud, Wan3.0 can create videos up to 30 seconds long based on documents, spreadsheets, presentations, and web pages. The company announced this in a post on the WeChat platform.
The public beta version of the model was launched on August 6. Alibaba said that since then, Wan3.0 has been used to create short dramas and films, advertising and marketing materials, tourism destination promotions, and music videos.
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Artificial intelligence spending
Alibaba announced the $10 billion share sale one day before the model's launch. According to Reuters, it was the largest primary follow-on share offering among companies whose securities are listed in Hong Kong.
Last week, Alibaba also reported a 75% year-on-year decline in quarterly profit amid a significant increase in capital expenditures related to artificial intelligence.
