Alibaba has announced the withdrawal of its planned IPO for logistics unit Cainiao, citing challenging IPO market conditions and the need for further infrastructure investment. The company's attempt to split into six smaller units has faced setbacks, with the cloud computing unit's IPO already suspended. Furthermore, Cainiao's valuation has fallen by almost 50%, attributed to various challenges such as slower sales growth and market stress. Alibaba is now focusing on frontier technologies like generative AI to rejuvenate growth, with significant capital directed towards AI startups.