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Alibaba's shocking reversal: Abandons $11 billion cloud spinoff

Alibaba's stunning about-face on plans to spin off its $11 billion cloud business reveals the escalating US-China tech dominance battle.

Alibaba Calls Off Cloud Spinoff in Major Blow to Overhaul Effort

(Bloomberg) Alibaba Group Holding Ltd. has called off a spinoff of its giant cloud business after the US tightened curbs on advanced chips for China, stunning investors and casting in doubt a historic overhaul announced mere months ago.Most Read from BloombergHamas Chief Who Deceived Israel Is Target No. 1 Deep UndergroundBiden, Xi Declare Progress After Concluding Four-Hour SummitXi Says China Seeks to Be Friends With US, Won’t Fight ‘Hot War’Israel Latest: Biden Defends Hospital Raid, Says

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US-China Tech Fight Forces Alibaba to Scrap Cloud Spinoff

US-China Tech Fight Forces Alibaba to Scrap Cloud Spinoff

(Bloomberg) An escalating fight between the US and China for technological dominance has triggered one of the most stunning reversals of corporate strategy yet: On Thursday, Alibaba Group Holding Ltd. walked back plans to spin off and list its $11 billion cloud business.Most Read from BloombergOpenAI in ‘Intense Discussions’ to Quell Potential MutinySam Altman, OpenAI Board Open Talks to Negotiate His Possible ReturnCitigroup Cuts Over 300 Senior Manager Roles in Latest RestructuringNearly Al