Alibaba’s (NYSE:BABA) stock has jumped 7% after the China-based company released a new microchip, and amid media reports that founder Jack Ma has traveled to Europe for a vacation.
Ma’s whereabouts have been the topic of intense discussion since he went out of the public view last October after a speech in which he appeared to criticize Chinese regulators. The initial public offering of Ma’s fintech giant Ant Group was subsequently suspended.
Since then, China’s technology sector has also come under intense scrutiny from regulators.
China’s technology companies have seen billons of dollars wiped off of their valuations. Alibaba’s U.S.-listed shares are down more than 23% year-to-date.
Alibaba also launched a new chip designed for servers in a bid to boost its cloud computing capabilities. Cloud is seen as a key part of Alibaba’s future growth. It currently accounts for 8% of the company’s total revenue.
The e-commerce giant also said that it plans to open new data centers in South Korea and Thailand next year to continue overseas expansion of its cloud business.
Tech Insider
