China’s AI competition is moving into a new phase. After two years dominated by foundation models, benchmark rankings and consumer chatbots, ByteDance and Tencent are increasingly competing over a more commercially consequential layer: which AI system becomes the default interface through which people actually work. ByteDance is preparing a

When Alibaba Group Holding launched Hong Kong's largest-ever primary follow-on equity offering on August 23 — raising HK$80 billion (approximately US$10.2 billion) earmarked exclusively for full-stack artificial intelligence infrastructure — the transaction did more than set a new market record. It crystallized a fundamental

A structural guide to understanding how Alibaba, Tencent, Baidu, JD.com, and Kuaishou are deploying capital in the AI era What Is This About? In mid-2026, five of China's largest internet companies — Alibaba, Tencent, Baidu, JD.com, and Kuaishou — reported earnings covering the same three-month window:

Goldman Sachs, JPMorgan, UBS and Jefferies converge on a rare unanimous verdict: Alibaba has crossed a fundamental earnings inflection point, with cloud AI revenue growth set to breach 50% in the September quarter even as a surface-level earnings miss obscures underlying operating strength. The consensus emerged on August 21,