Page 11 - Cloud Intelligence Group News Today

By Dean Seal Shares of Alibaba Group fell after the company canceled a spinoff of its Cloud Intelligence Group. The stock was down 8.2% at $79.94 in...

Alibaba has called off plans to spin off its cloud computing arm, saying recent tightening of US controls on chip exports to China has created “uncertainties” for the division’s prospects.

The U.S. decision last month to ban the export to China of more chips used in artificial intelligence (AI) has created major uncertainties for the countrys big tech companies. Tencent Holdings said on Wednesday it saw the curbs impacting its cloud services.

Decision marks a dramatic reversal on a signature move

Chinese e-commerce giant Alibaba said on Thursday it would cancel the spinoff of its Cloud Intelligence arm in light of "the recent expansion of US restrictions on export of advanced computing chips".

Shares of Alibaba fell after it reported in-line earnings results and backed away from its cloud spinoff plan.

Alibaba Group (NYSE:BABA) has decided not to spin off its cloud computing unit, Cloud Intelligence Group, due to US export restrictions on advanced...

Delve into Alibaba's recent financial challenges as the e-commerce giant grapples with an 8% share drop and missed profit expectations

Alibaba Group said it would pay its first-ever dividend of $2.5 billion and reported a solid set of second-quarter results.

Copyright © Emerce 2023 Alibaba Group saw third-quarter revenue rise to $31 billion. Over that summer period, it posted a net profit of $3.7 billion. Half of its sales are realized by Alibaba in...