“Deals like this do not come around often, and when they do, you invariably will find that only a small minority at that moment believe them to be a deal. This need not be a contrarian observation, but rather that it is the negative consensus, straight forward neglect, or impatience, itself that permits the right quote to make them a deal.”

Manlobbi, on Alibaba a little over two years ago.

With a greater than 100% share price gain since then on the back of significant business progress, I’d like to send you a respectful nod.

Now that the valuation has normalised, we now watch to see how FCF develops over the coming years.

Gemini tells says: “Alibaba maintains a leading competitive position in China's cloud computing market, and is making an aggressive, full-stack play to establish itself as the dominant force in AI and generative AI.“