Elon Musk says AI will enable high incomes, make work optional. Michael Burry sees "revolution" first. - Business Insider

Alibaba's $10 billion AI fundraising has put its capital-spending spree and shareholder dilution in the spotlight. "Big Short" investor Michael Burry has swapped his Alibaba stake for a rival and said the Chinese tech giant's latest fundraising has left him unwilling to buy back in. On Sunday, Burry wrote in a Substack post that he recently moved his entire Alibaba position into JD.com, increasing his stake in the rival Chinese e-commerce company. "I planned to move most of it back after a month or two. No longer," wrote Burry, who shot to fame for betting against the US housing market ahead of the 2008 financial crisis and was portrayed by Christian Bale in "The Big Short. "Burry added that Alibaba "would have to fall by half" to interest him again. His comments came as Alibaba announced Sunday that it would raise 80 billion Hong Kong dollars, or about $10.2 billion, by selling 710 million new shares at 112.7 Hong Kong dollars apiece — a 8.4% discount to their closing price on Friday. The company said it would use all the net proceeds to expand its AI capabilities and infrastructure. "I cannot bless share issuances," Burry wrote.