This is a fundamental analysis of Alibaba's stock. The analyst mentions that Alibaba's stock has been performing well. He points out that AI-related product revenue achieved triple-digit growth for the eighth consecutive quarter. The Cloud Intelligence Group experienced accelerated revenue growth. Management remains committed to investing in consumption and AI plus cloud to capture opportunities and drive long-term growth. Overall revenue increased by 2% year-over-year, or 10% excluding divestitures. The adjusted EBITDA decreased by 14%. He calculates Alibaba's intrinsic value per share to be $158.83, while the current market price is $135. The management team is buying back their stock and are aggressive about this. He is less bullish than before, as the share price has increased, but still thinks the stock is a buy for long-term investors. He will update his recommendation on September 1, 2025.