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#AlibabaAIDilution Alibaba isn't just betting on AI. It's asking shareholders to help fund it. Raising HKD80B gives the company serious firepower without adding more debt, but roughly 3.6% dilution means AI now has to earn its keep. Revenue growth of 45% sounds great until you pair it with surging capex and falling profit. If AI cash flow catches up, this financing could look smart. If not, shareholders funded an expensive race. The next test is returns, not spending.