Why Alibaba Rallied Today

Shares of Chinese tech giant (NYSE: BABA) rallied on Thursday, closing the day up 8%.

Alibaba has risen this year on the back of artificial intelligence (AI) enthusiasm, with a few positive recent announcements. Today, the company raised more money to put behind these efforts, with investors giving the increased spending a thumbs-up.

Today, Alibaba said in a filing that it was seeking to raise $3.2 billion in the form of a convertible bond. Alibaba noted it would use about 80% of the capital raise to strengthen its data center build-out, with the remaining 20% going to its international commerce efforts.

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Source Fool.com