Alibaba's 45% AI cloud jump masked by 75% capex surge and margin squeeze

DIGITIMESAugust 21, 2026en

Alibaba Group's June quarter is the clearest statement yet that the company now runs as an AI infrastructure business with an e-commerce cash engine attached, rather than the other way around. Revenue rose 9% year-over-year to CNY268.95 billion (US$39.64 billion), but the composition of that growth, and the cost of buying it, matter more than the headline.

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