Balanced News: Alibaba shares slide 9% after it shelves cloud spinoff, citing U.S. chip restrictions

Alibaba’s U.S.-listed shares fell by 9% after the company announced it would not proceed with the full spinoff of its cloud group due to U.S. chip export restrictions. The company cited difficulties in obtaining critical chip supplies from U.S. companies. Alibaba also reported its net income for the September quarter, which was lower than expected by analysts. Despite these setbacks, Alibaba stated that it had enough cash on its balance sheet to support its operating business and would focus on proving its ability to grow its cloud business within the Alibaba Group.