$Alibaba(BABA.US)The brutal e-commerce competition is taking its toll—Alibaba just got another reality check from the market 😅. The stock is down 3.53% over the past few days. Honestly, Alibaba‘s revenue structure is pretty diversified by now—not just domestic e-commerce, but international e-commerce and cloud services are also becoming more competitive. But the net margin of the cloud segment... well, still not ideal, kind of dragging things down. The industry has been full of surprises in recent years—players like Xiaohongshu and Pinduoduo are charging ahead aggressively.

Lately, there hasn’t been much talk about dividends, and buyback activity has been modest. When it comes to capital allocation, it seems they‘re leaning toward retaining funds for business upgrades.