Back in 2023, I started buying Alibaba (BABA) when sentiment around Chinese tech was at rock bottom. My average cost basis is ~$74/share, a level that reflected not only regulatory and geopolitical risk, but also the market’s disbelief that Alibaba could ever re-establish growth. Fast forward to today, with the stock trading around $164, the investment has more than doubled, and the narrative is beginning to shift.
Here’s a look at where we stand now, what the latest earnings told us, and how I’m thinking about valuation from here.
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