China's Alibaba to invest $28.2 billion in cloud infrastructure as it battles Amazon, Microsoft [CNBC]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
Last alibaba group holding limited american depositary shares each representing eight ordinary share earnings: 2/13 06:45 am
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Source: CNBC
Key PointsAttendees pass by an Alibaba.com display at CES 2019 in Las Vegas.David Becker | Getty Imagesinfrastructure and"The Covid-19 pandemic has posed additional stress on the overall economy across sectors, but it also steers us to put more focus on the digital economy," Jeff Zhang, president of Alibaba Cloud Intelligence, said in a statement.Alibaba is the biggest cloud computing provider by market share in China — but it still trails U.S. giantsBut Alibaba has put a concerted effort on cloud computing and analysts as well as executives see it becominga critical area in the future"I think cloud will be ... the main business of Alibaba in the future," Daniel Zhang, CEO of Alibaba and chairman,told CNBC in an interview in 2018The latest investment could help the company expand its product and customer base, particularly in international markets, as it looks to battle Amazon and Microsoft. In China, meanwhile, Alibaba is facingrising competition in the cloud spaceJD.comRelated Tags
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