Stay updated with breaking news from Cloud Intelligence. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Alibaba's change of course follows a series of decisions by Washington to bar the export to China of powerful chips, including those from California-based Nvidia that are crucial to the development of artificial intelligence.
In a move that shocked investors, the Hangzhou-based tech giant said Thursday that US curbs on exports of advanced chips had forced it to call off the spinoff of its cloud computing arm.
Alibaba Group stunned investors when it announced that it would suspend the listing plan of its cloud computing unit, while also revealing that cofounder Jack Ma intends to sell some of his shares.
(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
HONG KONG -- Alibaba Group Holding has reversed a plan to fully spin off its cloud unit, the company said Thursday, in a surprise move that the Chinese group…