Alibaba cancels cloud service spinoff over US chip restrictions

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Shanghai (AFP) – Chinese e-commerce giant Alibaba said Thursday it was cancelling a planned cloud service spinoff announced this year over US chip restrictions, as it reported results for the third quarter of 2023 that were in line with market expectations. The announcement sent shares in Alibaba plummeting by as much as ten percent on Thursday, though it later traded at about eight percent lower. 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 o…

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