Alibaba's quantum computing lab shut

Alibaba Group Holding Ltd has shuttered its quantum computing research lab, a sign that the Chinese e-commerce and cloud operator is considering more cutbacks to bulk up the bottom line.

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Alibaba will donate its equipment to Zhejiang University in Hangzhou, where the company is based, a company spokesperson said Monday. The lab's closure will result in the loss of about 30 staff, some of whom Alibaba may help find positions at the same college, a person familiar with the matter said, asking to remain unidentified discussing private decisions.