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China’s tech giant Alibaba terminates the plan to spin off of its cloud business in wake of tightened US chip export controls
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These new restrictions may create a significant adverse impact on the Alibaba's ability of its cloud intelligence group to provide products and services, and fulfill existing contracts. It may further impact its business performance and financial condition. The complete spin-off of the cloud intelligence group may not enhance shareholder value as originally envisioned. Instead, it will now focus on building a sustainable growth model for the group in an uncertain environment, said the Alibaba's financial report.</p> <p>In Q2 of the 2024 fiscal year, the company achieved revenue of RMB224.79 billion ($31.03 billion), an 8.5% year-on-year increase. The adjusted net profit was RMB40.19 billion ($5.55 billion), up 19% over the last year. Among them, Alibaba Cloud generated revenue of RMB27.648 billion ($3.8 billion), increasing by 2% from a year earlier.</p> <p>Alibaba Cloud announced new upgraded strategies for AI infrastructure at its just-held Apsara Conference. It unveiled the all-in-one AI application development platform, introduced large language model Tongyi Qianwen 2.0, and released models and cases for eight vertical industries.</p> </div> <div class="tags flex-row-feft"> <!-- —TAGGED: --> <a href="/search/AI%20%26%20Computing" target="_blank" >AI & Computing</a > <a href="/search/Alibaba%20Cloud" target="_blank" >Alibaba Cloud</a > <a href="/search/Supply%20chain" target="_blank" >Supply chain</a > <a href="/search/%E9%98%BF%E9%87%8C%E4%BA%91" target="_blank" >阿里云</a > </div> <div class="shareList flex-row-feft"> <img src="/images/08d82def397b937d6afb4a6f9b862a8b.png" alt="linkedin" onclick="shareLinkedin()" /> <img src="/images/a0ff8165efe409e3fc922478f96afd93.png" alt="twitter" onclick="shareTwitter()" /> <img src="/images/e1163fca54550c2bd2fe0ffffd4f4fb0.png" alt="facebook" onclick="shareFaceBook()" /> <img src="/images/450cf2d3105fdd1ce67d5c3090643f07.png" alt="line" onclick="shareLine()" /> <div class="toast">Copy succeeded</div> <img src="/images/94bcdf0c33fc092bf26cdc1b10d91ea5.png" alt="link" onclick="copyfun()" /> <textarea style="position: absolute; 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