BEIJING, Aug ‌24 (Reuters) - Alibaba ​officially ​rolled out its latest AI video generation-model Wan3.0 on ‌Monday with enhanced capabilities after the ⁠Chinese internet giant launched a $10 billion share ‌placement to fund rising ‌AI spending.

• The new model can generate 30-second videos from documents, ​spreadsheets, slides and web pages, Alibaba Cloud said in a post ⁠on the WeChat platform.

• Alibaba said Wan3.0 had ​been used in short drama and film production, advertising and marketing, ​tourism promotion and ‌music video creation since a public beta version was launched ⁠on August 6.

• The release comes a day after Alibaba announced the ⁠share sale, the largest-ever primary follow-on offering by ​a Hong Kong-listed company, as it ramps up spending in the intensifying global AI ‌race.

• Alibaba last week reported a 75% plunge in ‌quarterly earnings from a year ago ⁠due to soaring ‌AI-related capital ​expenditure.

(Reporting by Ethan Wang and Eduardo Baptista; Editing by Kirsten ‌Donovan)

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