The fine is real, but the action is just a slap on the back
Tiger fine is even smaller
Reading between the lines, the regulators actions are restrained
Anyway, enjoy your weekend
Going to sleep now
Is Alibaba willing to be a lower-margin, higher-capex, higher-strategic-optionality business for the next 3-5 years?
The letter says yes. Explicitly. The framing of “growth mindset,” “investing patiently,” and “long-term thinking” is the polite Chinese-tech way of telling shareholders: don’t expect cash returns soon, we’re building.
This is the single biggest risk to your hold. Not cloud growth (that’s working). Not quick commerce (UE turning FY27). Not CMR (managed). The risk is that you are now holding a company that will look more like Amazon 2014-2018 — heavy investment, suppressed earnings, deferred cash returns — than a Chinese e-commerce cash cow. If your portfolio framework prefers near-term FCF and capital return, this letter is a yellow flag.
Claude summed it up pretty well.
I made the query last night before markets opened
I guess the rest of the market finally digested it the same way today
I was happy getting to play 3 rank this season so I stoped playing ranked
But the past week I’ve been matched with a lot of conquerors
I’ve lost every match, but each match is tight judging by timeline and going over 20 min +
Is this normal or is this just a matter of no players because season ending