The Chinese tech giant said it is offering open-source code for four models of Wan2.1, the latest version of Alibaba's AI platform, capable of generating images and videos from text commands and image input.
Open-source AI technology has been in the spotlight since the Chinese company DeepSeek shook up the global market in January. DeepSeek claimed its AI model was created at a fraction of the cost of leading AI companies worldwide while relying on less advanced Nvidia chips.
DeepSeek's model is open source, like Alibaba's, meaning it can be downloaded and modified by others. Chinese companies, in particular, have been promoting open-source models. Alibaba's product and DeepSeek are now among the most widely used models globally.
Alibaba announced its first open-source model in August 2023. In the US, Meta is leading the open-source race with its Llama models.
In other news, Alibaba announced on February 24th plans to invest more than 380 billion yuan (approximately $53 billion) in cloud computing and AI infrastructure development over the next three years.
Earlier, Alibaba announced that its fourth-quarter 2024 revenue increased by 8%, reaching 280 billion yuan. This better-than-expected result boosted the company's share price by 14% on the Hong Kong stock exchange on February 21st.
Alibaba's stock has surged this year, driven by factors including improved financial performance and recent signals that Chinese President Xi Jinping is advocating for further support for the domestic private sector.
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