Alibaba wants to keep up with artificial intelligence


Alibaba Group Holding Ltd. must be “user-first” and “AI-driven,” new CEO Eddie Wu told employees of Alibaba (NYSE-BABA) on Tuesday, September 12, 2023, as he laid out the strategic priorities for this the Chinese technology giant. Mr Wu, just three days into his role as Alibaba’s chief executive, urged the e-commerce firm to “adopt a start-up mindset” as it seeks to steer the company back to growth after one of the most tumultuous periods in its 24-year history. “Times are changing and so must Alibaba! As the world progresses, Alibaba must develop even faster!” said the CEO of Alibaba Group Holding Ltd. Mr. Wu said in a letter to employees seen by CNBC’s economic newsroom.

This Chinese technology giant Alibaba Group Holding Ltd provides technology infrastructure and marketing platforms. The company operates through seven segments. The China Commerce segment includes Chinese retail businesses such as Taobao, Tmall and Freshippo, among others, and wholesale. The International Commerce segment includes international retail and wholesale stores such as Lazada and AliExpress. The local consumer services segment includes location-based businesses such as, Amap, Fliggy and others. Cainiao’s segment includes domestic and international one-stop logistics services and supply chain management solutions. The cloud segment provides public and hybrid cloud services such as Alibaba Cloud and DingTalk for domestic and foreign enterprises. The Digital Media and Entertainment segment includes Youku, Quark and Alibaba Pictures, other content and distribution platforms, and an online game business. The Innovation Initiatives and Others segment includes Damo Academy, Tmall Genie and others.

Shares of Alibaba Group Holding Ltd are publicly traded on the stock market in the United States of America on the NYSE (New York Stock Exchange) under the ticker BABA. Currently, the price of this stock has seen a decline, and since the beginning of this year 2023, the price of this NYSE-BABA stock has shown its price growth of only 0.7% of its original price at the end of last year 2023. According to technical analysis data, NYSE-BABA stock reached in January of this year 2023 to a price of up to around USD 120 per share, and conversely in May of this year 2023 its price was around USD 70 per share. Currently, during the European afternoon of Tuesday 12/09/2023, at approximately 13:40 CET, which corresponds to the time before the opening of the US stock market NYSE, the share price of NYSE-BABA in the pre-market phase was trading at 88.39 USD per share with a daily weakening of -0.36% of its price. The previous trading day price of this NYSE-BABA stock was at the value of $88.71 per share with a daily price decrease of -1.49%.