Alibaba Revamps Cloud Arm Following Spinoff Cancellation

Alibaba is initiating a revamp of its cloud business by restructuring its leadership, aiming to revive growth and capitalize on the AI boom after canceling the highly anticipated spinoff of its $11 billion cloud unit. The company has appointed three new executives to head major business lines within Alibaba Cloud Intelligence, with a focus on reclaiming market share lost to state-backed rivals. The move comes after a week of management turmoil and a $24 billion selloff. The cloud division is crucial to Alibaba's AI initiatives, hosting half of China's generative AI firms and serving about 80% of the country's technology companies. The new appointments may signal a wider restructuring following the cancellation of the spinoff.