BEIJING (BLOOMBERG) – Alibaba Group Holding Ltd is taking the first steps toward revamping its cloud business by overhauling its leadership, aiming to revive growth and ride an AI boom after cancelling a much-anticipated spinoff of the USD11 billion unit. The company has appointed three new executives to head up major business lines within Alibaba […]
(Bloomberg) Alibaba Group Holding Ltd. is taking the first steps toward revamping its cloud business by overhauling its leadership, aiming to revive growth and ride an AI boom after canceling a much-anticipated spinoff of the $11 billion unit.Most Read from BloombergOpenAI Engineers Earning $800,000 a Year Turn Rare Skillset Into LeverageXi Tolerance for Property Pain Nears Limit as Rescue EmergesBond Rally Shows Signs of Stalling as Stocks Waver: Markets WrapDublin Night of Riots Leaves City
The company has appointed three new executives to head up major business lines within Alibaba Cloud Intelligence, with two reporting directly to Chief Executive Officer Eddie Wu.
HONG KONG/SHANGHAI: Alibaba Group's Hong Kong shares slumped 10 per cent on Friday (Nov 17) after it scrapped plans to spin off its cloud business, citing uncertainties fuelled by US curbs on exports to China of semiconductors used in artificial intelligence applications. The drop, potentially its biggest