I moved my entire Alibaba position into JD not too long ago. This greatly increased my JD position. I planned to move most of it back after a month or two. No longer. Alibab would have fo fall by half for me to get interested again.

BABa is making serious inroads in the commodity low-cost LLM bloodbath in the US. It is impressive as a disruptive force. and I believe this will continue.

I cannot bless share issuances. This is a new paradigm again for BABA, and its ROIC will continue to fall.

I still believe the Delivery Wars in China will end with less cutthroat competition and a resolution to higher margins all around. Which will most likely change the narrative for JD and Meituan.

Alibaba to raise $10bn via new Hong Kong shares to fund AI investments

Move comes amid intensifying race to build frontier models and computing infrastructure