Eddie Wu, the new CEO of Chinese tech major Alibaba (NYSE:BABA), is steering the company’s ship with a focus on two areas: “User first” and “AI-driven,” according to Reuters.
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In a letter to the company’s employees, Wu also noted that Alibaba will focus on elevating young employees to the core of its management teams over the next four years. Wu, one of the founders of the company, indicated that the focus on nurturing young talent is part of an effort to maintain a “start-up mindset” at Alibaba.
After the sudden departure of former CEO Daniel Zhang, Wu will also be at the helm of Alibaba’s cloud computing unit. The development comes amid a major organizational rejig at Alibaba. The company is in the process of spinning off five of its units.
The era of artificial intelligence has led to a global race to maintain supremacy, and Wu noted that if Alibaba does not keep up with the trend, it will be “displaced.”
Overall, the Street has a consensus price target of $141.53 on BABA, alongside a Strong Buy consensus rating. This implies a mouth-watering 59.5% potential upside in the stock.
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