Reported 5 months ago
Alibaba Group Holding Limited announced the expansion of its global cloud computing availability, with plans to build new data centers in key markets like Mexico, Malaysia, Thailand, and South Korea over the next three years. Despite holding less than 5% of the global cloud market share, Alibaba dominates 39% of the market in China. The company aims to return to double-digit growth in the cloud division and has launched new AI products while engaging in a price war with competitors. Alibaba also plans to raise $4.5 billion through a convertible bond offering. However, Alibaba stock has faced challenges amid intense competition and a weak economy, losing 0.5% in the last 12 months. Investors can access the stock through ETFs like Global X E-Commerce ETF and Matthews Pacific Tiger Active ETF.
Source: YAHOO