Alibaba's stock rose sharply after Chinese media reports revealed that Jack Ma praised the firm's current leadership in an internal memo. The memo marks a year since the e-commerce giant announced plans for a massive restructuring and highlighted efforts to capitalize on artificial intelligence and strengthen sales amid weakening consumer demand in China.
) rose sharply on Wednesday after Chinese media reports showed Jack Ma endorsing the firm’s current leadership in an internal memo.Chinese media reports showed that Ma posted a memo in Alibaba ’s internal network on Wednesday that lauded restructuring efforts by CEO Eddie Wu and Chair Joseph Tsai.
The firm had also reshuffled its leadership, as it redoubled efforts to focus on its cloud division, which is also at the heart of Alibaba’s AI ambitions. But the cloud unit was struggling with weak sales over the past two years, as rising interest rates dented investment in technology. The firm also faces headwinds from U.S. export curbs of advanced semiconductor technology to China, which is crucial to China’s AI ambitions.
On the e-commerce front, Alibaba is still struggling with sluggish sales in China, amid increased competition and weakened consumer spending as China's economy slows.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
Alibaba Stock Rise Jack Ma Leadership Internal Memo Restructuring Artificial Intelligence Sales Consumer Demand China
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