Alibaba shuts Quantum computing lab in sign of cutback after scrapping cloud unit's IPO - report

seekingalpha2023-11-27

Alibaba (NYSE:BABA) is shutting down its quantum computing research lab and will donate the equipment to Zhejiang University in the Chinese city of Hangzhou, Bloomberg News reported. The lab's closure...

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The lab's closure...</p>\n\n<a href=\"https://seekingalpha.com/news/4040225-alibaba-shuts-quantum-computing-lab-amid-signs-cutback-after-scrapping-cloud-unit-ipo\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0880133367.SGD","symbol_name":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","start_time":0,"source_url":"https://seekingalpha.com/news/4040225-alibaba-shuts-quantum-computing-lab-amid-signs-cutback-after-scrapping-cloud-unit-ipo","article_id":"2386185610","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1368767105/image_1368767105.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2386185610","pubTimestamp":1701079452,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Alibaba (NYSE:BABA) is shutting down its quantum computing research lab and will donate the equipment to Zhejiang University in the Chinese city of Hangzhou, Bloomberg News reported. 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The lab's closure will lead to about 30 job cuts, some of whom Alibaba could help find positions at the same college, the report added citing a person with knowledge of the matter. The Chinese e-commerce giant is in the middle of restructuring headed by Joseph Tsai and Eddie Wu, two confidantes of Co-Founder Jack Ma who took over the company in September. Last week, it was reported that, the company started a revamp of its cloud computing business, by bringing in veterans to new leadership positions. The move comes after the Chinese e-commerce giant saw about $20B of its market value wiped out about two weeks ago after the company scrapped plans to spin-off its Cloud Intelligence Group due to uncertainties brought by U.S. restrictions on export of advanced computing chips to China. Last week, Alibaba's (BABA) Chief Talent Officer Jane Jiang Fang tried to allay staff concerns in an internal post noting that it was a \"coincidence\" that a plan by former head Jack Ma's family trust to sell some shares of the company was disclosed on the same day the tech giant canceled IPO plans for the cloud unit. Jiang also said that Ma did not sell a single share in Alibaba, as the stock price had not reached the level Ma was seeking. Before the announcement to abandon plans to spin-off the cloud unit, Alibaba was in middle of restructuring to split the company into six parts, which was disclosed in March. The DAMO Academy — which Ma inaugurated in 2017 — was supposed to be responsible for exploring and developing cutting-edge technologies. The academy has driven research into areas such as the metaverse, robots and semiconductor design, the report added. Chinese media outlets first reported the lab shutdown. To keep a tab on costs, Alibaba has reduced its workforce since 2022 and has laid off over 30,000 employees in past quarters, according to the report. Separately, Bloomberg reported that Jack Ma has sparked interest about his future plans after the billionaire set up Hangzhou Ma’s Kitchen Food last week with an initial registered capital of 10M yuan (about $1.4M), as per a corporate database Tianyancha. The business involves the sale of packaged agricultural products, as per data on China's National Enterprise Credit Information Publicity System. Ma's activities have been a topic of discussion since 2020, when he stepped away from the limelight after China's crackdown on Alibaba and Ant Group, as part of a larger action to contain the powerful private sector. Ma joins a list of entrepreneurs such as those from Tencent (OTCPK:TCEHY) (OTCPK:TCTZF) to Meituan (OTCPK:MPNGF) (OTCPK:MPNGY) who've committed major sums to the Communist Party's \"common prosperity\" initiative. The Chinese administration has in recent years made elevating backward rural areas one of the key efforts of the party, the report noted. BABA -0.32% to $78.24 premarket Nov. 27  More on Alibaba  Alibaba's Stock Recovery: A Spinoff Strategy For Rebound Alibaba Is Hugely Undervalued Alibaba: Money, Power And Macro Alibaba brings in veterans in shake-up at cloud unit after ditching IPO plans - report Alibaba's Taobao to replace 12.12 shopping festival with new event - report","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2386185610"}