(Bloomberg) An escalating fight between the US and China for technological dominance has triggered one of the most stunning reversals of corporate strategy yet: On Thursday, Alibaba Group Holding Ltd. walked back plans to spin off and list its $11 billion cloud business.Most Read from BloombergAston Martin Owner Lawrence Stroll Sells F1 Team Stake at £1 Billion ValuationHamas Mastermind Who Tricked Israel Is Top Target in Gaza TunnelsApple Plans to Make It Easier to Text Between iPhones and A
International Business News: Alibaba Group Holding Ltd. has reversed its plans to spin off and list its $11 billion cloud business due to the escalating fight between the US and C
Wall Street’s response to Alibaba’s reversal was swift: Shares slid 9.1% in New York trading, wiping out more than $20 billion of market value in their biggest drop in over a year.