Alibaba scraps plan to spin off cloud intelligence unit

Posted by IDQWE001 > 2023-11-17 10:10 | Report Abuse

Published Nov 16, 2023 01:11AM ET Updated Nov 16, 2023 07:04AM ET Investing.com -- Alibaba (NYSE:BABA) has decided not to go ahead with a full spin-off of its key cloud unit, citing the impact of enhanced U.S. controls on exports of advanced computing chips and semiconductor manufacturing equipment to China. “We believe that these new restrictions may materially and adversely affect Cloud Intelligence Group’s ability to offer products and services and to perform under existing contracts, thereby negatively affecting our results of operations and financial condition,” the Chinese e-commerce giant said in a statement. U.S.-listed shares in Alibaba tumbled in premarket trading.

Be the first to like this.

3 comment(s). Last comment by foongsh 2023-11-17 14:18

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-11-17 10:12 | Report Abuse

Computer game's chips yes. AI chips no. After APEC meeting still the same.

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-11-17 11:40 | Report Abuse

Most Asian stocks fell on Friday, cooling after marking some strong gains earlier this week, while Chinese technology stocks clocked steep losses after Alibaba flagged the impact of recent U.S. chip export curbs.

foongsh

1,378 posts

Posted by foongsh > 2023-11-17 14:18 | Report Abuse

Can't use computer game chips ? Lol.

Post a Comment
Market Buzz