Once High-Flying Chinese Tech Giants Now Look to Scale Back Costs
Alibaba and Tencent executives have been focusing on cutting costs across the business from headcount to exiting non-core businesses.
It comes after Alibaba and Tencent both posted a set of second quarter results that confirmed these once free-wheeling and high-flying behemoths are not growing anymore.
Alibaba and Tencent have felt the effects of a Covid-induced economic slowdown in China which is hitting areas from consumer spending to advertising budgets.
China's biggest e-commerce player Alibaba reported flat growth for the first time ever for its April to June quarter. On Wednesday, gaming and social media giant Tencent posted its first-ever quarterly YoY revenue decline.
Alibaba and Tencent have felt the effects of a Covid-induced economic slowdown in China that is hitting everything from consumer spending to advertising budgets. The tightening of domestic technology regulation in areas from antitrust to gaming over the last year and a half is also weighing on results.
U.S. Officials Order Nvidia to Halt Sales of Top AI Chips to China
Bellwether semiconductor bluechip Nvidia Corp (NVDA) said on Wednesday that U.S. officials told it to stop exporting two top computing chips for artificial intelligence work to China, a move that could cripple Chinese firms' ability to carry out advanced work like image recognition and hamper Nvidia's business in the country.
JinkoSolar Shines In Latest Polysilicon Tie-Up, Brightening Industry Trends
JinkoSolar’s shares rise 5% after announcement of a new $70 million investment in domestic polysilicon maker Tongwei.
Student Loan Forgiveness in Hands of "Understaffed and Overcommitted" Agency
The implementation of President Biden's widespread, income-targeted student loan forgiveness is shaping up to be a bureaucratic challenge for the U.S. Department of Education.
