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00:02Alibaba officially rolled out its latest AI video generation model,
00:07WAN 3.0, on Monday as the company increases spending on artificial intelligence,
00:12according to Reuters. The model can generate 30-second videos from documents,
00:17spreadsheets, slides, and webpages, according to Alibaba Cloud. Alibaba said WAN 3.0 has been
00:25used in short dramas, film production, advertising, tourism promotion, and music videos
00:31since its public beta launched on August 6th. The release follows Alibaba's announcement of a $10
00:37billion share placement, the largest primary follow-on offering by a Hong Kong-listed company.
00:43The company plans to use the proceeds to support rising AI spending. Alibaba last week reported a
00:4975% decline in quarterly earnings from a year earlier due to higher AI-related capital expenditures.
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