$BABA-W(09988)$ The primary drag on BABA's earnings over the last three quarters has been the substantial losses from their quick delivery segment. If management's commentary suggests those losses are improving faster than initially projected, it could indicate the government's regulatory push to phase out subsidies is having an effect. Meanwhile, their cloud and AI business continues to show solid growth. From where I stand, a move back toward the $190 level by year-end seems like a reasonable possibility.
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