$Amazon(AMZN.US)

Sell another 10 contracts for Dec 2026, and still have 32 calls within a year waiting for opportunities.

While having dinner tonight, I chatted with my wife and mentioned that the leading model companies in the US (the big three + Grok) are deeply tied to cloud providers. The cloud providers have a lot of room to maneuver, and the second layer of the five-layer cake is incredibly lucrative.

In China, it's not like that. Qwen is tied to Alibaba Cloud, Doubao to Volcano Engine, and even Meituan has its own cloud.

My wife said that in the US, they still value professionals doing professional work more. They care more about the depth of the moat and won't spend excessive energy catching up on things others have already perfected. Because they haven't experienced regulation, sanctions, or supply cuts. In China, everyone is pursuing diversification, breadth, self-sufficiency, to avoid being choked.

Comparing this way, the business gap between Chinese and US cloud providers is really huge. Although Alibaba Cloud surpasses the sum of the 2nd to 4th places, compared to AMZN, model companies like Kimi are unlikely to grow into giants like OpenAI and Anthropic in the short term. And companies like ByteDance and Tencent will definitely prioritize feeding their own cloud businesses first. Looking at it this way, with Alibaba's e-commerce business being encroached upon today, its cloud business still faces great difficulty in breaking through, and the model business has a long way to go. Considering finding an opportunity to sell some Alibaba shares for cash.