$Alibaba(BABA)$  after going through the webcast, judging from available info without analyzing further the statements, this quarter is a confirmation that Baba is no longer growing it's most profitable core segment that has been the growth + cash cow. Digital commerce supposedly grew ~16% & Baba grew 1.4% (GMV not reported) while JD grew 5.1%. Baba will grow & fall together with it's merchants however it seems like merchants were undercut by PDD & Shared with JD Kuaishou & Bytedance. Moving forward, Baba will have to depend on growth from yet to be profitable business, eg. AIDC, CLOUD AI. however both business is an ant compare to their core e-commerce rev & profit margins. Also not profitable yet. Unless they disclose further info on GMV. or else, this might mark Baba's peak in profitability & rev while waiting for other segments to grow to replace the core e commerce profits. We're looking at the fall of once dominant internet player in China. #endofbaba #nvroffendXi #Xiconomics