Tag: alibaba

An escalating fight between the US and China for technological dominance has triggered one of the most stunning reversals of corporate strategy yet: On Thursday, Alibaba Group Holding Ltd. walked back plans to spin off and list its $11 billion cloud business.Chairman Joseph Tsai and chief executive officer Eddie Wu, two of Alibaba-founder Jack Ma’s longest-standing lieutenants, said China’s e-commerce and internet computing leader needed a strategy “reset.” Wu explained in his first public remarks since taking the helm that the US’s ever-increasing restrictions on chip sales to...