BABA is getting more interesting to me here.

The market loves the AI capex story, but eventually the question becomes whether all that spending can actually translate into revenue growth that matters.

That’s the part I’m watching most.

It’s easy to get excited when companies talk bigger AI numbers. 

It’s harder to know when that spending starts showing up clearly enough in the business to justify a rerating.

I think BABA has more upside if execution follows the narrative.

But if the market stops rewarding AI promises and starts demanding cleaner proof, this could stay choppy.

Do you think BABA is building a real new AI growth story, or is the market getting ahead of itself again?