Chinese e-commerce giant Alibaba lost $20 billion in Market value after announcing that it would not spin off and list its Cloud computing business due to US export restrictions on advanced chips. The company's Cloud Intelligence Group competes with Amazon Web Services, Microsoft Azure, and Google Cloud Platform. Alibaba's market cap fell from HKD 1.65 trillion ($211.6 billion) to HKD 1.49 trillion. Analysts estimated the cloud business could be worth between $41 billion to $60 billion. The decision reflects the geopolitical tensions between the US and China, and Morgan Stanley has cut its price target for Alibaba's stock.

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