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HONG KONG: Alibaba stock lost more than 4% in Hong Kong on Monday after ex-group CEO Daniel Zhang quit its cloud computing unit in a surprise decision that unsettled investors and raised concerns over how it may impact the subsidiary's spinoff plans. Just two months since Zhang chose to relinquish other roles to focus on the cloud , new group CEO Eddie Wu will become acting CEO and chairman of a unit grappling with weak sales growth ahead of a planned initial public offering (IPO) next year. The Cloud Intelligence Group is Alibaba's second-biggest revenue source after domestic e-commerce and houses the group's generative artificial intelligence model Tongyi Qianwen and messaging app Dingtalk. The unit's revenue fell for the first time in January-March, by 2%, due to delayed projects and other factors. Still, analysts estimate it is China's largest cloud provider with a 34% market share. With an estimated value of $41 billion to $60 billion, the unit ...

Alibaba's  cloud computing division said it has become the first Chinese enterprise to support Meta's open-source artificial intelligence (AI) model Llama, allowing its Chinese Business users to develop programs off the model . Meta released Llama2, a commercial version of Llama, this month to provide businesses a powerful free-of-charge alternative to pricey proprietary models sold by OpenAI and Google. At the time, Meta said its preferred partner for Llama2 was Microsoft but it would also be available through other partners. “Today, Alibaba Cloud has launched the first training and deployment solution for the entire Llama2 series in China, welcoming all developers to create customised large model s on Alibaba Cloud,” Alibaba Cloud said in a statement on Tuesday published on its WeChat account. The relationship with Meta could provide sticky customers for Alibaba's cloud business at a time it is facing intensified competition at home a...