The AI boom has been one of the biggest forces in the stock market. But investors are beginning to ask a different question. Not “How much more can companies spend on AI?” But: “When does all this spending start producing returns?” That question is becoming harder to ignore after Alibaba announced a $10.2 billion share sale to finance its AI expansion — and investors promptly sent the stock lower. Alibaba just gave investors a warning Alibaba plans to issue 710 million new shares , equivalent to roughly 3.6% of its enlarged share capital, with the proceeds dedicated to AI infrastructure, chips, models and other capabilities. The offering was priced at HK$112.70 per share, an 8.4% discount to the previous closing price. Despite strong demand for the deal, Alibaba's shares fell sharply. Why would investors sell a company that is raising billions to participate in one of the world's biggest technology trends? Because AI spending has a cost . Alibaba's latest quart...