Alibaba officially rolled out its latest AI video generation model, Wan3.0, on Monday after launching a $10 billion share placement to fund rising AI spending. Alibaba Cloud said the model can create 30-second videos from documents, spreadsheets, slides and web pages. The company said Wan3.0 has been used in short drama and film production, advertising and marketing, tourism promotion and music video creation since its public beta began on August 6. The launch followed Alibaba's announcement of what it described as the largest-ever primary follow-on offering by a Hong Kong-listed company. Alibaba last week reported a 75% year-on-year plunge in quarterly earnings, which it attributed to soaring AI-related capital expenditure.