Alibaba shuts quantum computing lab in sign of broader cutback

News Snapshot:

(Bloomberg) — Alibaba Group Holding Ltd. has shuttered its quantum computing research lab, a sign that the Chinese e-commerce and cloud operator is considering more cutbacks to bulk up the bottom line. Most Read from Bloomberg Alibaba will donate its equipment to Zhejiang University in Hangzhou, where the company is based, a company spokesperson said Monday. The lab’s closure will result in the loss of about 30 staff, some of whom Alibaba may help find positions at the same college, a person familiar with the matter said, asking to remain unidentified discussing private decisions. China’s e-commerce leader is in the...