BABA 这一页 3 条观点条目，其中 0 条方向发生变化。
下一个标的是阿里巴巴。过去五年该股波动极大，先是因人工智能而大涨，后又因人工智能和资本支出而回落。我们最近在分析视频中讨论过这一点。我修正了对阿里巴巴股票的评价，因为五年前做出的承诺根本没有兑现，因此现在剩下的只有关于人工智能的承诺。
他们发布新模型和更好的模型等等。这很好，但定价非常低，这意味着这些模型之间很可能会展开价格战。如果你拥有这些模型，为了以如此低的价格运营，你需要有竞争优势。你需要能够组装起来并利用人工智能赚钱的东西。
这让我们来到第四只股票，那就是阿里巴巴，股票代码 BABA。我知道这只股票会让一些投资者感到担忧和不安。它涉及中国、地缘政治风险、政府干预、消费疲软。这些风险确实存在，我没有忽视它们。但这也是估值机会存在的原因。
And that leads us to stock number four, which is going to be Alibaba. Stock ticker BABA. And I know this stock is going to give some investors some concern and make them feel uncomfortable. It's China, geopolitical risk, government intervention, consumer weakness. There are legitimate risks here. I'm not ignoring them. But that's also why the valuation opportunity exists.
阿里巴巴让我们接触到几个主要主题：中国电子商务、云计算、人工智能、国际商务以及改善股东回报。我认为投资者有时忘记的是，中国不需要突然成为世界上最强大或增长最快的经济体，阿里巴巴才能成功。
阿里巴巴公布了财报。股价对此作出反应。在过去一两年里，它涨跌很大，但我们必须看看内在价值是多少，如何调整，市盈率是多少，投资的风险和回报是什么。
Alibaba reported earnings. It's the stock reacted. It goes up and down a lot in the last year or two, but we have to see how is the intrinsic value, how to adjust that, the P ratio, what is the risk and reward of investing.
他们宣布发行100亿美元的股票。盈利，如果我们看盈利，比如说，“好吧，增长9%，电商增长4%，云增长45%，AI增长16%。”
They have announced 10 billion [snorts] dollars issuance of shares. Earnings, if we look at earnings, if you say, "Okay, 9% growth, e-commerce 4% growth, cloud 45% growth, AI 16% growth."
然后我稍微看一下现金流。经营活动产生30亿美元，资本支出90亿美元，导致负65亿美元。削减股票回购。之前是600亿美元的现金，现在降到300亿美元。回购被削减。巨额资本支出用于发展AI。
Then I look a little bit at the cash flows. 3 billion from operating activities, 9 billion CAPEX leading to 6 and 1/2 billion negative. Cut the share repurchases. The cash that was 60 billion a while ago is going down to 30 billion. Repurchases cut. Huge capital expenditures to grow into AI.
