Alibaba expands cloud computing globally, plans data centers in key markets, aims for growth

From Yahoo Finance: 2024-05-24 09:35:43

Alibaba Group Holding Limited (NYSE: BABA) has expanded its global cloud computing availability, focusing on AI products for growth. The company extended cloud computing products to Mexico and plans to build data centers in key markets like Malaysia and South Korea. Alibaba aims for “double-digit growth” in its cloud division, despite holding just under 5% of the global cloud market share. The company waged a price war with competitors and is looking to raise $4.5 billion through a convertible bond offering for share repurchases. Additionally, negative speculation and competition have contributed to Alibaba stock’s 0.5% loss in the last 12 months. You can track BABA shares through ETFs like Global X E-Commerce ETF (NASDAQ: EBIZ) and Matthews International Funds Matthews Pacific Tiger Active ETF (NYSE: ASIA). Currently, BABA shares are trading lower by 0.12% at $80.70 premarket.

Investors can gain exposure to Alibaba stock through Global X E-Commerce ETF (NASDAQ: EBIZ) and Matthews International Funds Matthews Pacific Tiger Active ETF (NYSE: ASIA).



Read more at Yahoo Finance: What’s Going On With Alibaba Stock On Friday?