Alibaba shares: Withdrawal from Australia and India

Alibaba Cloud, the cloud computing arm of Alibaba Group, has announced that it will close its data centers in Australia and India and instead expand into other markets. The company plans to increase its investments in Southeast Asia and Mexico as part of a comprehensive “strategic refresh.” Services will be suspended in India from July 15 and in Australia after September 30, with affected customers being asked to relocate to data centers in Singapore and elsewhere. The development comes amid geopolitical tensions and domestic rivalries that have caused Alibaba shares to fall more than 14% in the past twelve months. Investors can gain exposure to Alibaba stock by investing in ETFs such as the Avantis Emerging Markets Equity ETF (NYSE:AVEM) and the Global X Artificial Intelligence and Technology ETF (NASDAQ:AIQ).

Alibaba.com supports SMBs with AI tools

In a separate initiative, leading B2B e-commerce platform alibaba.com highlighted its commitment to support small and medium enterprises (SMEs) by providing artificial intelligence (AI) tools to global suppliers. The initiative coincides with the seventh anniversary of the UN's recognition of SMEs as playing a significant role in the economy and in achieving the UN's Sustainable Development Goals. Alibaba.com's AI tools are currently used by around 30,000 stores on the platform and have helped increase product exposure by 37% enabling new business and growth. By focusing on AI, Alibaba.com aims to drive digital and technology growth in line with its other global initiatives.

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