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Alibaba slashes cloud prices globally as AI demand quickens
Mint Mumbai
|April 09, 2024
Alibaba Group Holding Ltd. is cutting prices for cloud customers from the US to Singapore by as much as 59%, mirroring deep discounts at home as the once high-flying division struggles to fend off rivals and revive growth.
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The move coincides with a surge in demand for cloud computing to support a global boom in AI development, as well as a complicated internal restructuring. Chief executive officer Eddie Wu is spearheading a far-reaching overhaul to try and revitalize Alibaba's main businesses including e-commerce.
Alibaba cancelled plans for a public listing of the cloud business in November, citing difficulties getting the high-end Nvidia Corp. chips it needs to compete, and has faced rising competition from Tencent Holdings Ltd and state-backed providers.
The Hangzhou-based firm slashed prices on Monday by an average of 23% for around 500 cloud product specifications.
Those discounts are now available to customers in 13 regions, including Japan, Indonesia, the United Arab Emirates and Germany.
This story is from the April 09, 2024 edition of Mint Mumbai.
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