Yahoo Finance Alibaba To Close Data Centers in Australia And India, Divert Investments To Southeast Asia And Mexico
Alibaba Group Holding Group’s (NYSE:BABA) cloud computing unit will shut down its data centers in Australia and India as it redirects infrastructure spending to other markets.
The decision comes as part of an “infrastructure strategy update” following a careful assessment to prioritize investments in Southeast Asia and Mexico.
Alibaba Cloud will halt its data center services in India after July 15, and in Australia after September 30, SCMP reports.
Also Read: After Nvidia and Apple, Alibaba Chases Vietnam: New Data Center to Boost Control and Meet Local Laws
Alibaba notified customers in these regions to migrate their business operations to data centers in Singapore and other locations.
The affected data center zones include facilities in Sydney, established in 2016, and Mumbai, established in 2018.
Alibaba stock has lost over 14% in the last 12 months as it struggles to generate value amid geopolitical tensions and domestic rivalry. Investors can gain exposure to the stock via Avantis Emerging Markets Equity ETF (NYSE:AVEM) and Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ).
BABA Stock Prediction For 2024
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Alibaba, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Alibaba Gr Hldgs, the 200-day moving average sits at $77.22, according to Benzinga Pro, which is above the current price of $72.15. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
Price Action: BABA shares were trading lower by 0.47% at $72.04 at the last check on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Fooksou Lamimo via Wikimedia Commons
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