$BABA-W(09988.HK)

I think there's nothing wrong with Alibaba, decisively buying. Let me share a few judgments:

1. The company's talent turnover seems perfectly normal to me, just accompanying strategic adjustments.

2. The large model is indeed not as good as ByteDance's; Alibaba cannot afford to lose in this area.

3. Cloud computing usage is strongly tied to whether the model is SOTA. If the model can't achieve SOTA, the cloud computing business will basically cool off.

4. The open-source strategy needs adjustment, proceeding on both open-source and closed-source tracks. We need to think about a question: Are open-source tech companies necessarily good? Not necessarily, just think about Linux.

5. Alibaba's investments in China's AI field can basically be compared to Tencent's investments in the mobile sector. If there's a next unicorn, it's highly likely Alibaba will invest or has already invested.

6. Among domestic listed companies, only Alibaba is a viable target; the others are no good. Buying Alibaba is equivalent to going long on China's AI.

7. Alibaba also has a nuclear weapon: Amap. If smart hardware explodes in the future, location-based services could bring Amap's revenue to the level of Alibaba Cloud.