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    Lunar landing photos: Intuitive Machines’ Odysseus sends back first images from the moon

    Intuitive Machines’ cargo moon lander Odysseus returned its first images from the surface.
    Company executives believe the lander caught its landing gear sideways in the moon’s surface while touching down and tipped over.
    Despite resting on its side, the company’s historic IM-1 mission is still operating on the moon.

    Intuitive Machines CEO Steve Altemus explains how the company’s IM-1 lander tipped over on the moon’s surfacing during a NASA press conference on Feb. 22, 2024.

    Intuitive Machines’ cargo lander, Odysseus, returned its first images from the moon’s surface over the weekend, as the spacecraft settles in to its lunar destination.
    The company’s historic IM-1 mission is now operating on the moon after landing on Thursday, becoming the first privately developed spacecraft to soft land on the lunar surface.

    Intuitive Machines initially reported Odysseus was standing upright. But in an update late Friday, company executives said they believe the spacecraft caught its landing gear sideways in the moon’s surface while touching down and tipped over.
    Despite resting on its side, Odysseus is still sending back data. Intuitive Machines expects Odysseus to operate until Tuesday morning, when its solar panels will no longer be exposed to the sun.
    Intuitive Machines’ stock fell 35% in Monday trading to close at $6.27 a share.

    Sign up here to receive weekly editions of CNBC’s Investing in Space newsletter.

    The Odysseus lander carried 12 government and commercial payloads — six of which are for NASA under a $118 million contract through the agency’s Commercial Lunar Payload Services, or CLPS, initiative.
    NASA leadership emphasized the IM-1 mission was still successful despite the spacecraft tipping over, calling the landing “a gigantic accomplishment.”

    The Nova-C lunar lander designed by aerospace company Intuitive Machines is displayed at the company’s headquarters in Houston, Texas, on Oct. 3, 2023.
    Staff | Reuters

    One of the payloads, “EagleCam,” is a small camera developed by Embry‑Riddle Aeronautical University. Originally, EagleCam was to be ejected in the final moments of Odysseus’ landing, to capture the first images of a moon landing from outside a spacecraft, but an issue with the lander’s navigation system meant the camera did not deploy. Embry-Riddle’s team said Intuitive Machines still plans to release EagleCam from the lander at a later time.
    Here are some of the initial images from the landing:

    Coming in for landing

    The company’s cargo lander Odysseus is seen flying toward the lunar surface in preparation for its landing on Feb. 22, 2024.
    Intuitive Machines

    On the surface

    A wide field-of-view image taken shortly after Odysseus tipped over.
    Intuitive Machines

    Spotted from above

    NASA’s Lunar Reconnaissance Orbiter Camera identified Intuitive Machines’ Odysseus lander on the surface.
    NASA/GSFC/Arizona State University

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    Altice USA shares spike 36% on report Charter is considering acquisition

    Altice USA shares spiked 36% following a report Charter is considering buying the broadband company.
    It is unclear if Charter has made an approach to Altice USA, Bloomberg reported.
    The deal would bring significant consolidation at a time when major communications companies struggle to keep broadband and cable subscribers.

    Igor Golovniov | Lightrocket | Getty Images

    Altice USA shares spiked 36% on Monday following a report that Charter Communications is considering buying the broadband company.
    Charter is working with financial advisors as it considers whether it would make sense to buy Altice USA, Bloomberg reported Monday, citing people with knowledge of the matter.

    Altice hasn’t been approached by Charter to begin talks on a possible transaction, a person familiar with the matter told CNBC.
    The larger company’s shares dropped about 2% on Monday.
    Charter declined to comment on the report, while Altice USA could not immediately be reached for comment.
    The deal would bring significant consolidation at a time when major communications companies struggle to keep broadband and cable subscribers. Altice USA shares had plunged more than 40% this year before their jump Monday, while Charter’s stock has fallen about 25%.
    Altice USA owns brands led by broadband, TV and phone company Optimum. The company has about five million customers.

    Charter easily trumps its size with 32 million broadband and cable subscribers.
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    Jamie Dimon on Capital One’s $35.3 billion Discover acquisition: ‘Let them compete’

    JPMorgan Chase CEO Jamie Dimon isn’t worried about the added competition from a bulked-up Capital One if its $35.3 billion takeover of Discover Financial gets approved.
    Dimon acknowledged that if regulators approve the Capital One-Discover deal, his bank will be eclipsed as the nation’s biggest credit card lender.
    “My view is, let them compete,” Dimon said. “Let them try, and if we think it’s unfair, we’ll complain about that.”

    JPMorgan Chase CEO Jamie Dimon isn’t worried about the added competition from a bulked-up Capital One if its $35.3 billion takeover of Discover Financial gets approved.
    “My view is, let them compete,” Dimon said. “Let them try, and if we think it’s unfair, we’ll complain about that.”

    Dimon, speaking to CNBC’s Leslie Picker at a Miami conference, acknowledged that if regulators approve the Capital One-Discover deal, his bank will be eclipsed as the nation’s biggest credit card lender.
    But that didn’t stop him from praising Capital One CEO Richard Fairbank, who he credited with shaking up the card industry in a way that ultimately led Dimon to becoming CEO of a predecessor firm to JPMorgan more than 20 years ago.
    “Richard is why I’m here,” Dimon said.
    About the transaction, he added, “I’m not worried about it really, but we do track everything he does.”

    Last week, Capital One announced the biggest proposed merger of the year, one that could transform the trillion-dollar credit card industry. By acquiring Discover, Fairbank is both bulking up as a lender and boosting the smallest of the payments networks after Visa, Mastercard and American Express.

    “The credit card business … they’ll be bigger and [have] more scale,” Dimon said. “They’re very good at it. I have enormous respect for Richard Fairbank and Capital One.”
    It’s unclear if Capital One can create a true alternative to the dominant card networks with this deal, Dimon said.
    He added that Capital One will have an “unfair advantage versus us” in debit payments, owing to the fact that legislation known as the Durbin Amendment caps debit fees for large banks, but not Discover or American Express.
    “Of course, I have a problem with that,” Dimon said. “You know, like why should they be allowed to price debit different than we price debit just because of a law that was passed?”
    More broadly, Dimon said he also favored allowing small banks to merge. A wave of industry consolidation has been expected after the tumult of last year’s regional banking crisis, but only a trickle of smaller deals have happened so far as executives are unsure if they can pass regulatory muster.  
    The biggest question remaining about the Capital One deal is whether regulators will approve it. More than a dozen Democrat lawmakers including Sen. Elizabeth Warren, D-Mass., signed a letter to the Federal Reserve and the Office of the Comptroller of the Currency on Sunday urging them to block the agreement.
    “To protect consumers and financial stability, we urge you to block this merger and strengthen your proposed policy statement to prevent harmful deals in the future,” they wrote.Don’t miss these stories from CNBC PRO: More

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    JPMorgan CEO Jamie Dimon says AI is not just hype — ‘This is real’

    “This is not hype. This is real. When we had the internet bubble the first time around … that was hype. This is not hype. It’s real,” Dimon said.
    Dimon called himself a “big optimist” about the emerging technology, mentioning cybersecurity and pharmaceutical research as areas where it can be helpful.
    “It may invent cancer cures because it can do things that the human mind simply cannot do,” Dimon said.

    The burgeoning artificial intelligence tools from companies such as OpenAI still have their share of skeptics, but don’t count JPMorgan Chase CEO Jamie Dimon among them.
    The Wall Street titan told CNBC’s Leslie Picker on Monday that AI is not just a passing fad and is bigger than just the large language models such as Chat GPT. He compared the current moment favorably to the tech bubble around the start of the 21st century, when investor excitement seemingly got ahead of the actual changes.

    “This is not hype. This is real. When we had the internet bubble the first time around … that was hype. This is not hype. It’s real,” Dimon said. “People are deploying it at different speeds, but it will handle a tremendous amount of stuff.”
    JPMorgan has done work on the ability to use the new technologies internally, with Dimon saying that AI will eventually “be used in almost every job.” JPMorgan created a new role of chief data and analytics officer last year, in part to handle AI.
    Dimon said Monday that there are 200 people at JPMorgan doing research on the large language models that have recently been rolled out by tech companies.
    While acknowledging that AI can be used by bad actors, Dimon called himself a “big optimist” about the emerging technology, mentioning cybersecurity and pharmaceutical research as areas where it can be helpful.
    “It may invent cancer cures because it can do things that the human mind simply cannot do,” Dimon said.Don’t miss these stories from CNBC PRO: More

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    Major airlines raised fees for checked bags. Here are 7 ways to cut costs

    Alaska Airlines, American Airlines, JetBlue Airways and United Airlines have raised their fees for checked bags in 2024.
    Checking bags generally adds an extra $60 or more to the cost of a basic round-trip fare.
    Travel experts share ways to reduce or avoid those fees.

    Brandon Bell | Getty Images News | Getty Images

    A handful of airlines — Alaska Airlines, American Airlines, JetBlue Airways and United Airlines — have raised their fees for checked bags this year. But if you plan ahead, such fees are easy to reduce or avoid altogether.
    On Friday, United raised its fee to $40 for a first checked bag at the airport, and to $35 for those who prepay online at least 24 hours before their flight — both of which are a $5 increase.

    American similarly upped its fees earlier last week. JetBlue also recently increased its checked-bag fee to $45, and Alaska to $35.
    More from Personal Finance:4 big ways to save on your next tripDon’t let this passport quirk upend your next vacation2024 is the ‘year of globetrotting,’ travel expert says
    Such fee changes are “likely to impact families the worst because families tend to travel with checked bags,” said Katy Nastro, travel expert at Going, a platform that helps travelers find airfare deals.

    Checked bag fees represent big revenue

    A checked bag is one stored in a plane’s cargo hold during a flight. While that service was free in years past, it’s now standard for major airlines to charge for checked bags.
    Major U.S. airlines started doing so in 2008, levying around $15 a bag, Nastro said.

    By late 2023, it was about double for many carriers: $30 to $35 for one checked bag, Nastro said. That means travelers who checked a bag on each leg of a round-trip itinerary could add an extra $60 to $70 to the total cost of their basic fare.
    Recent changes from American and United mean travelers could now incur an additional $80 total if they check one bag at the airport.
    Rates generally increase for each additional checked bag.

    Passengers paid about $6.8 billion in total baggage fees in 2022, the last full year for which data is available, according to the Bureau of Transportation Statistics. That’s up 17% from roughly $5.8 billion in 2019, even though fewer passengers flew on U.S. carriers in 2022, Bureau of Transportation Statistics data shows.
    “Unless baggage is included in a higher-class (premium economy, first, business class, etc.) ticket, passengers should expect to pay a fee,” Eric Napoli, vice president of legal strategy at AirHelp, which helps passengers file claims for airline compensation, said in an email.
    Here’s how cost-conscious consumers can reduce those fees, and perhaps avoid them altogether, according to travel experts.

    1. Fly with certain airlines

    Daniel Garrido | Moment | Getty Images

    There are a few airlines that still don’t charge for a checked bag.
    Southwest, for example, is the one outlier in the U.S., experts said. The carrier allows two free checked bags.
    The “Big Three” Gulf Airlines — Qatar Airways, Etihad Airways and Emirates — still offer free baggage, as does Air India, according to Aiden Higgins, senior editor of The Broke Backpacker website.
    These carriers may have certain restrictions, including for luggage size and weight.
    Of course, just because they may not charge for bags doesn’t mean their fares are cheaper than others when assessing overall cost. They also may not fly routes that work for travelers’ itineraries.

    2. Combine bags

    Travel partners may also consider combining suitcases.
    A family of four may be able to condense four bags into two, potentially cutting checked-bag fees in half, experts said.

    Unless baggage is included in a higher-class (premium economy, first, business class, etc.) ticket, passengers should expect to pay a fee.

    Eric Napoli
    vice president of legal strategy at AirHelp

    Families with small kids may be able to leverage the space within a car seat carrier, “since airlines don’t charge for one car seat per child,” Nastro said. “You can often fit a small soft duffel into that space to keep items contained,” she added.
    Passengers need to consider airlines’ weight requirements for bags and whether consolidating suitcases could trigger additional fees.

    3. Skip checking a bag

    Traveling light — only with a personal item and/or carry-on bag, depending on what your airline and fare class permit for free — is “the only fool-proof way” to avoid paying a checked-bag fee, Napoli said.
    Of course, this won’t be possible for everyone.
    But passengers “can sneak quite a bit into the cabin” within airline limits, especially with a well-packed backpack — aided by packing cubes — combined with a sling bag and/or a tote bag, Higgins said.
    Passengers with softer, duffel-bag-type luggage that’s more pliable may have an easier time meeting carry-on size requirements versus those with a hard case, Nastro said.

    4. Consider a fare upgrade

    Jim Vondruska | Getty Images News | Getty Images

    Even the major carriers generally charge for carry-ons on basic economy fares, experts said.
    A higher-tier ticket for a higher cost might include a baggage allowance, in which case passengers may wind up paying the same total price compared with a lower-cost fare while also getting some additional benefits such as the ability to choose a seat or make flight changes, experts said.
    “If you are using an aggregator like Skyscanner, it can sometimes work out cheaper to go with the 2nd or 3rd most expensive flight if the airline is [also] offering baggage,” Higgins said.
    Travelers should read the fine print to discern what baggage is included in their ticket, which varies by airline and ticket class, Napoli said.

    5. Add bags early

    Whether you’re checking a bag or carrying one on for a fee, declaring that early can save you money.
    For example, a standard passenger flying Spirit Airlines from New York to Los Angeles for the weekend (March 1-3) would pay $49 for a carry-on, according to the carrier’s price chart. A checked bag is cheaper at $44.
    But these prices assume passengers add their bags during the initial online booking process. Those who wait to pay until arriving at the gate, for example, would pay $99 for a checked bag or carry-on, the chart indicates.

    For those who know they’ll need to add a bag, “nine times out of 10 it’s always cheaper to do it upon booking” instead of deferring until later, Nastro said.
    Relatively high fees for “add ons” such as bags mean a budget carrier may not be the cheapest option when assessing total cost and value, she said.

    6. Buy a luggage scale, lightweight bags

    Buying and using a luggage scale before traveling can help travelers avoid surprise fees at the airport due to exceeding a weight limit on checked bags.
    “At least weigh your suitcase before you even book the flight,” Higgins said. “Once upon a time, airlines might have turned a blind eye” to additional weight, but not anymore, he said.

    Travelers can also invest in ultralight luggage, Higgins said.
    “You can easily save one or two [kilograms] by buying specially designed ultralight travel gear,” he said. However, such bags can be pricey and may not be as durable as sturdier packs, he said.

    7. Get a credit card or join a frequent flier program

    “Many credit cards, especially airline-branded cards, offer free checked bags as a perk,” Napoli said.
    Of course, travelers shouldn’t necessarily open a credit card account just for this perk, experts said. Some cards might also carry an annual fee, though travelers might come out ahead if their annual benefits (e.g., savings on bag fees) eclipse that expense.
    “It varies credit card to credit card and airline to airline,” Nastro said.
    Joining an airline’s frequent flier program may also come with perks for travelers such as free or extra baggage, Higgins said.
    Correction: Some data came from the Bureau of Transportation Statistics. An earlier version misstated the name of the agency.
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    FTC sues to block Kroger, Albertsons merger, arguing deal would raise grocery prices and hurt workers

    The FTC and a group of attorneys general have sued to block the merger of Kroger and Albertsons.
    In a news release, the federal agency said the deal would result in higher prices for grocery shoppers and lower wages for workers.
    Kroger and Albertsons had struck a deal to divest over 400 stores and other assets to try to overcome antitrust concerns.

    Albertsons and Kroger supermarkets
    Bridget Bennett | Bloomberg | Getty Images; Brandon Bell | Getty Images

    The U.S. Federal Trade Commission said Monday that it is suing to block the merger of Kroger and Albertsons, saying the combination of the two major grocers would result in higher prices for shoppers and lower wages for workers.
    In a release, the FTC said it issued an administrative complaint and authorized a lawsuit in federal court to stop Kroger’s $24.6 billion acquisition of Albertsons, which would create one of the largest grocers in the country. A bipartisan group of nine attorneys general has joined the court complaint: from Arizona, California, Washington D.C., Illinois, Maryland, Nevada, New Mexico, Oregon and Wyoming.

    “Kroger’s acquisition of Albertsons would lead to additional grocery price hikes for everyday goods, further exacerbating the financial strain consumers across the country face today,” said Henry Liu, director of the FTC’s Bureau of Competition. “Essential grocery store workers would also suffer under this deal, facing the threat of their wages dwindling, benefits diminishing, and their working conditions deteriorating.”
    Kroger said in a statement that blocking the deal “will actually harm the very people the FTC purports to serve: America’s consumers and workers.”
    “The FTC’s decision makes it more likely that America’s consumers will see higher food prices and fewer grocery stores at a time when communities across the country are already facing high inflation and food deserts,” the company said in a statement.
    Albertsons said in a statement that federal regulators are disregarding the growing dominance of larger retailers like Walmart, Amazon and Costco, and said the move will strengthen them.
    “We are disappointed that the FTC continues to use the same outdated view of the U.S. grocery industry it used 20 years ago, and we look forward to presenting our arguments in Court,” it said in a statement.

    Kroger and Albertsons’ agreement has been stuck in a holding pattern for more than a year while federal and state regulators scrutinize the merger. The companies announced the proposed deal in October 2022, and said by teaming up, the grocers would be able to better compete with larger retailers.
    The FTC argued the supermarket merger would harm shoppers and workers at a time when the price of food and many everyday items has risen. The Biden administration has been skeptical of a range of mergers, and the White House has made consumer protection a key issue as President Joe Biden campaigns for reelection this fall.
    Kroger CEO Rodney McMullen has made the company’s case for the tie-up, saying as a larger supermarket operator, the combined companies would be able to lower prices, boost profitability and speed up innovation in the grocery industry. The company also pledged $500 million to reduce prices for customers and $1 billion to raise employee wages and expand benefits.
    Yet the deal has faced stiff resistance and new complications after a period of historic inflation. Two unions that represent Kroger and Albertsons employees, the United Food and Commercial Workers International Union and the Teamsters union, opposed the deal.
    Higher prices of everyday food items fueled worries that a bigger company would have too much pricing power — concerns some politicians have echoed.
    Higher grocery prices have irked consumers and become a hot topic on the campaign trail. Earlier this month, grocery chains drew the ire of Biden, who accused companies of ripping off shoppers while keeping profit margins high.

    Together, Kroger and Albertsons would be a mammoth company and tighten a market share gap with Walmart, the largest grocer in the U.S. Kroger and Albertsons also compete with regional players like Publix and Wegmans, and discounters like Aldi and Trader Joe’s.
    Combined, the grocers would have about 5,000 stores across the U.S. The deal would marry Kroger’s approximately two dozen supermarket banners, including its namesake stores, Fred Meyer and Ralphs with Albertsons’ grocery chains, including Safeway, Acme and Tom Thumb.
    In an effort to overcome antitrust concerns, Kroger announced last year that it planned to sell more than 400 stores to Piggly Wiggly owner C&S Wholesale Grocers, along with other assets like distribution centers and some private brands.
    But the FTC complaint said the proposed divestiture isn’t enough. It would create “a hodgepodge of unconnected stores, banners, brands and other assets” that wouldn’t be a true rival to the combined Kroger and Albertsons, the federal agency said in a release Monday.
    The FTC contended the combined Kroger and Albertsons would have less reason to improve the customer experience. The federal agency said competition between the supermarkets has contributed to fresher produce, better private-label offerings and services that shoppers appreciate, such as flexible pharmacy hours and curbside pickup.
    The FTC also argued the deal would leave workers with less negotiating power, since employees wouldn’t have as many potential grocery employers. In some markets like Denver, the combined supermarket operator would be the only employer of unionized grocery workers, the agency said.
    As some news outlets reported last week that the FTC would soon sue to block the merger, a Kroger spokeswoman said the company was still in discussions with FTC and state regulators.
    The company reiterated its argument that the merger would benefit grocery shoppers and workers.
    “Blocking the combination will only embolden large, non-unionized retailers – like Walmart, Amazon and Costco – to continue opposing unions and leaving communities,” the company said in a statement last week. “Kroger will continue to lower prices, grow good-paying union jobs and increase access to fresh food for the families who need it most.”
    Kroger shares were trading about 1.7% lower Monday afternoon, while Albertsons stock was slightly higher.
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    Berkshire shares jump after big profit gain as Buffett’s conglomerate nears $1 trillion valuation

    Warren Buffett tours the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska.
    David A. Grogan | CNBC

    Berkshire Hathaway shares rose on Monday after Warren Buffett’s conglomerate posted strong earnings for the fourth quarter over the weekend.
    Berkshire class B shares jumped 2.3% in premarket trading, set to add to their 17% gain already this year. Berkshire closed on Friday with a $905.5 billion market value, according to FactSet.

    Berkshire on Saturday posted fourth-quarter operating earnings of $8.481 billion, about 28% higher than the $6.625 billion from the year-ago period, driven by big gains in its insurance business. Operating earnings refers to profits from businesses across insurance, railroads and utilities.
    Meanwhile, Berkshire’s cash levels also swelled to record levels. The conglomerate held $167.6 billion in cash in the fourth quarter, surpassing the $157.2 billion record the conglomerate held in the prior quarter.

    Stock chart icon

    Berkshire Hathaway Class A

    Still, one analyst said he expects the stock is fairly valued, saying any upside from the conglomerate’s rosy earnings outlook is already priced into the stock.
    “BRK shares have significantly outperformed financial services peers during 2023, supported by a relatively strong earnings outlook. We continue to expect solid earnings from BRK’s diverse group of operating companies,” Edward Jones’ James Shanahan wrote on Saturday. “In our view, however, the current share price reflects these positives.”
    Investors shouldn’t expect Buffett’s often frank comments to help it get to $1 trillion any faster either. In fact, the billionaire investor said in his annual letter also released this past weekend that he expects Berkshire will only slightly outperform the average company from here on, especially as the conglomerate reaches a net worth of 6% of the total S&P 500 companies.

    ‘With our present mix of businesses, Berkshire should do a bit better than the average American corporation and, more important, should also operate with materially less risk of permanent loss of capital,” Buffett said. “Anything beyond ‘slightly better,’ though, is wishful thinking.”
    Buffett added only a handful of businesses are likely to “truly move the needle” for the firm through acquisitions. The last major deal Berkshire made was in 2022, when it bought insurer and conglomerate Alleghany for $11.6 billion.
    — CNBC’s Michael Bloom contributed to this report. More

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    After doubts about Alibaba’s future, co-founder Joe Tsai says: ‘We’re back’

    Chinese e-commerce giant Alibaba is back on track to be a top market player after a period of pressure, co-founder Joe Tsai told CNBC’s Emily Tan in an exclusive interview Friday.
    He also expects the penetration of e-commerce in China will exceed 40% in the next five years, up significantly from the current 30% level.
    When about the success of China-affiliated e-commerce players Temu, Shein and TikTok in the U.S., Tsai said the companies are “very aggressive” and that Alibaba was watching to see what it should do.

    Trader works at the post where Alibaba is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 28, 2023. REUTERS/Brendan McDermid
    Brendan Mcdermid | Reuters

    Chinese e-commerce giant Alibaba is back on track to be a top market player after a period of pressure, co-founder Joe Tsai told CNBC’s Emily Tan in an exclusive interview Friday.
    Questions about Alibaba’s future have mounted after a series of internal changes, a scrapped cloud computing IPO and competition for its core e-commerce business.

    The long-time behemoth in China’s online shopping world has in recent years faced greater competition as cost-conscious consumers turn to lower-priced goods from PDD Holdings, and amid the rise of livestreaming sales on Douyin, China’s version of TikTok that’s owned by ByteDance.
    “Now with the restructuring and with the new management in place, we feel a lot more confident in placing as one of the top e-commerce players in China,” Tsai said. “Where we didn’t feel as confident as before, we felt the competitive pressure, but now we’re back.”
    He also expects the penetration of e-commerce in China to exceed 40% in the next five years, up significantly from the current 30% level.
    Tsai has been part of Alibaba since its founding in 1999. He became chairman of Alibaba in September as part of a leadership reshuffle.

    Eddie Wu became CEO of the company at the same time, replacing Daniel Zhang, who had also held the chairman role. In December, Wu took over as head of the Taobao and Tmall e-commerce business from Trudy Dai.

    The management shakeup followed an overhaul of Alibaba’s business last year that split the company into six business groups, with an eye to list them publicly starting with the cloud unit.
    However, Alibaba in November pulled plans for a cloud IPO, citing U.S. chip export curbs. Zhang was originally supposed to stay on as head of the cloud business but abruptly quit the company in September.
    Tsai said a cloud IPO would have made more sense if investor sentiment was higher.
    “Markets haven’t been great,” he said. As for an IPO of Alibaba’s Cainiao logistics business, he said the company was waiting for better timing.
    Cainiao filed for a public offering on the Hong Kong Stock Exchange in September, but has yet to list.
    In the last several months, Tsai and fellow co-founder Jack Ma have bought more than $200 million worth of Alibaba shares between them.

    Stock chart icon

    Alibaba’s U.S.-traded shares have barely changed for the year so far, trading at around $76 — a fraction of its stock price of about $300 in November 2020.
    That same month, the company’s fintech affiliate Ant Group’s IPO was abruptly suspended by Chinese authorities. Beijing later fined Alibaba for alleged monopolistic behavior.
    Since then, the company has faced increased competition amid slower growth in China’s economy. PDD Holdings, which owns Pinduoduo and Temu, temporarily saw its market capitalization surge past Alibaba’s.
    When asked about the success of China-affiliated e-commerce players like Temu, Shein and TikTok in the U.S., Tsai said the companies offered “a great consumer proposition” due to “high quality” products and “reasonable prices.”
    “They’re very aggressive doing it and we’re going to observe and figure out what we want to do,” he said, noting Alibaba already sells overseas through AliExpress and Trendyol, which focuses on Turkey.
    As for U.S.-China tensions, Tsai said the two governments have realized they need to work together in certain areas despite fierce competition, something Alibaba would have to learn how to deal with.
    Although Alibaba no longer plans to spin off its cloud business, the company remains intent on building up its artificial intelligence capabilities and making money from cloud computing.
    E-commerce, Tsai said, offers “one of the richest use-case scenarios, or brings the most variety, in terms of use cases for using AI applications.” They include the ability to quickly create product catalogs for consumers, as well as virtual dressing rooms for clothes, he added. More