Today’s Top Stories: Alibaba, Nvidia, Samsung and U.S.-Canada Trade Tensions

TLDR

• Alibaba raised $10.2 billion in a Hong Kong share sale to fund AI spending, sending its stock down more than 8%
• Nvidia is in talks to invest in AI search startup Perplexity, now valued at over $30 billion
• Nvidia shares fell 2.4% ahead of its closely watched Wednesday earnings report
• Canada announced retaliatory tariffs starting September 8 after U.S.-Canada trade talks collapsed
• Samsung dropped more than 8% despite announcing a shareholder return program worth up to $80 billion

Alibaba Slides After $10.2 Billion Share Sale

Alibaba announced plans to raise $10.2 billion through a Hong Kong share placement to fund its AI ambitions. The offering is the largest primary follow-on share sale ever completed by a Hong Kong-listed company.

The funds will go toward chips, computing infrastructure and model development. Shares fell more than 8% as investors reacted to the dilution risk.

The raise comes after Alibaba’s latest quarterly profit dropped 75%, driven by heavy AI spending. Investors now want to see returns on that investment.

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