Alibaba

Chinese Tech Giant Alibaba Announces $50 Billion AI, Cloud Investment

Chinese tech giant Alibaba announced plans to invest over $50 billion in artificial intelligence and cloud computing over the next three years, marking its largest commitment to advanced technology. The news drove up shares of the Hangzhou-based company, which operates some of China’s largest online shopping platforms. This surge follows strong sales growth reported last week and a broader rally in Chinese tech stocks. The announcement also comes just a week after co-founder Jack Ma was seen meeting President Xi

U-Turn Decision: Alibaba’s Cloud Unit Spin-Off Costs $20 Billion in Market Valuation

Hong Kong shares in China’s most prominent tech firm tumbled after it scrapped plans to spin off its cloud business. The move is a setback for investors as it would have created a separate public listing for the fast-growing division, which could be valued at about $41-$60 billion. The Chinese e-commerce giant had announced the plan in March as part of a significant restructuring that broke it into six units. It also put on hold an IPO of its Freshippo