Chinese technology giant Alibaba has introduced its new AI video generation model named ‘One Three Point Zero’. This model can create up to 30-second videos from documents, spreadsheets, slides, and web pages. Alibaba Cloud announced on the Chinese social network WeChat that once users provide content, the AI comprehends it and produces a short video accordingly.
The announcement comes a day after the company completed a $1 billion share sale aimed at boosting investments in AI. Alibaba’s quarterly profits have declined 75% compared to the same period last year, attributed to increased spending on AI, as reported by Reuters.
The public beta version of this model was launched on August 6. Since then, it has been utilized to produce short dramas, films, advertisements, promotional and tourism-related content, as well as music videos. Alibaba is aiming to expand its AI capabilities at a time when major technology firms are heavily investing in this field.
Alibaba’s $1 billion share sale is the largest initial public offering by a Hong Kong-listed company to date. The company plans to allocate the funds towards AI technology development and other tech-related projects.
