PGJ - What's Going On With Alibaba Stock Thursday? | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) Cloud announced a significant price reduction of up to 55% on a broad array of its core cloud products, starting Thursday, to regain market share from competitors like Tencent Holdings Ltd (OTC:TCEHY) and Baidu Inc (NASDAQ:BIDU).
Alibaba will offer discounts of up to 55%, averaging 20% across over 100 internet-based services, including data storage and elastic computing.
The decision follows the company’s surprising cancellation of a spinoff and IPO for its cloud unit, Aliyun, a growth engine essential for AI advancements, Bloomberg reports.
This strategic move aims to democratize cloud capabilities amidst the burgeoning era of AI, ensuring that more enterprises and developers can leverage the benefits of advanced public cloud services.
Liu Weiguang, president of the public cloud business at Alibaba Cloud Intelligence, emphasized the potential growth ...