My current view on Alibaba is that the market is slowly shifting from pure macro discounting back to business fundamentals. The key narrative lately has been around AI investments, cloud restructuring, and continued shareholder returns like buybacks.
Cloud growth re-acceleration is something investors are watching closely because it used to be the main valuation driver before regulatory pressure hit. At the same time, core e-commerce is no longer a hyper-growth story but more of a cash-generating base.
To me, the question now is whether Alibaba can reposition itself as an AI + cloud platform rather than just a China consumption proxy.
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