Gold & Oil still a solid macro hedge with inflation and geopolitics in play, but the recent move feels like a positioning shakeout. Fundamentals haven’t changed → buy gold on dips, trade oil volatility, don’t chase spikes.

Alibaba core business remains soft (+2% growth), but AI/cloud is clearly the bright spot with sustained triple-digit momentum. Story is improving, just slowly → AI drives a gradual re-rating, not a sharp breakout.

Xiaomi Execution on EVs is strong (SU7 buzz is real), but margins will stay tight in a price war. AI adds a longer-term angle → near-term moves driven by EV hype, long-term upside tied to AI positioning