Alibaba Layoffs Hit Metaverse Division: Will The Chinese E-Commerce Giant Double-Down On AI?

Chinese e-commerce giant Alibaba Group Holding Limited (NYSE:BABA) recently made cuts to its metaverse division, Yuanjing, as part of a broader trend of tech companies scaling back their investments in the once-hyped sector. 

The Details: Alibaba has laid off dozens of employees in its metaverse unit as part of its restructuring efforts designed to improve efficiency and optimize operations, according to sources and reported by the Alibaba-owned South China Morning Post. 

The company's metaverse unit, established in 2021 during a period of intense interest in the concept, had previously employed hundreds of people and received billions of yuan ...