Banks have kicked off the sale of a nearly $4.7 billion leveraged loan to help fund Clayton Dubilier & Rice ’s acquisition of packaging firm Sealed Air Corp. JPMorgan Chase & Co. is leading the offering of $4.1 billion of dollar-denominated loans, while BNP Paribas SA is managing the placement of a $600 million euro-denominated loan, according to people with knowledge of the matter. They are joined by 20 other banks on the financing. The acquisition package will test the leveraged finance market at a time when fears of business disruption from artificial intelligence and the expanding conflict in the Middle East have rattled markets, making it harder for banks to offload risky debt to institutional investors. Read more: Wall Street Buckles Up for White-Knuckle Ride on LBO Debt Sales Initial pricing discussions for the dollar and euro loans are respectively 3.5-3.75 and 3.75-4 percentage points above benchmarks, added the people, who asked not to be identified as they’re not authorized to speak publicly. Both loans come with an original issue discount at 98.5 and 101 soft-call protection for six months. The loans have two 25 basis point step-downs at 4.90x and 4.40x first lien net leverage ratio and one 25 basis point IPO step-down. A lender call will be held on March 23 and lender commitments are due March 31, they said. The loans are expected to be part of a larger $7.15 billion debt package that also includes $1.35 billion of senior secured notes, $600 million-equivalent of euro-denominated senior secured notes and $500 million of senior unsecured notes. CD&R agreed to buy Sealed Air in November in a deal that valued the Bubble Wrap inventor at $6.2 billion. The takeover is expected to close in mid-2026. March has been shaping up as potentially active for acquisition-related loans, part of what was expected to be a much-busier 2026 for such financings. A $4 billion and €1.53 billion loan to help fund Electronic Arts Inc.’s record leveraged buyout was launched on M...

美国国债延续熊市趋平走势，市场愈发担心能源价格上涨引发通胀，交易员加大对美联储加息的押注。 美国2年期国债收益率上涨10个基点至3.89%；英国两年期国债收益率上涨13个基点至4.53%。 互换合约市场显示，预期美联储今年将加息5个基点，周四为预期降息6个基点。 据报道，美国总统特朗普考虑占领或封锁伊朗哈尔克岛，消息传出后，布伦特原油价格一度上涨2.4%，至每桶111.22美元。 责任编辑：何云

Volatility has become the norm in recent years, and 2026 looks to be no different. Concerns about artificial intelligence (AI), private credit, a weakening labor market, and the conflict in Iran have made the market treacherous. While it's hard to know what will happen with the various conflicts in the Middle East, it's clear that concerns about AI's effect, along with broader economic concerns, are likely to linger for some time. Long-term investors with a five-year or longer horizon typically don't need to take any action in their portfolios. As history has shown, the longer one holds stocks, the less likely they are to lose money. However, not everyone has the luxury of being a long-term investor. In some cases, investors may worry that their core portfolio holdings are either too aggressive or have seen a fundamental shift that could affect the long-term thesis. For this group, it may make sense to adopt a more defensive stance right now. Here are three exchange-traded funds (ETFs) worth buying as March volatility rolls on. Several ways to be defensive I think there are a few ways investors can position their portfolios defensively right now. One concerns the conflict in Iran. The primary investment-related issue around the conflict is that it threatens safe passage for tankers through the Strait of Hormuz. This is a key route through which one-fifth of the world's oil passes every day, at least under normal circumstances. But with Iran restricting the passage of some ships and many others concerned about getting through safely, oil prices have recently skyrocketed above $100 per barrel several times this month. This is why investors should consider owning the Vanguard Energy ETF (VDE +1.61%), which holds a number of large U.S. energy stocks. VDE will be a good hedge if the conflict in Iran is prolonged. Expand NYSEMKT : VDE Vanguard World Fund - Vanguard Energy ETF Today's Change ( 1.61 %) $ 2.66 Current Price $ 167.89 Key Data Points Day's Range $ 165.60 - $ 1...

AAPL Stock Today, March 20: China Memory Spike Lifts iPhone Sales Meyka

海南省公安厅等部门发布《海南省打击非法彩票举报奖励办法（试行）》，将于2026年4月1日起施行。该办法规定，举报人需实名举报并提供初步证据，奖励金额根据案件性质和协助抓获人员级别确定，最高可达10万元。举报人可通过多种途径举报，相关部门将严格保密举报人信息并依法严惩报复行为。（央视新闻）

There is a bit they like to do in pantomimes when an audience member appears to have arrived late. To get them up to speed, there is a high-velocity replay of the opening 10 minutes. Leo Butler’s family saga creates something of the same effect – except instead of bringing us up to date on a couple of scenes, it races, boldly and exhaustively, through the last six decades. We get 1969 and Neil Armstrong; 1971 and decimalisation; 1974 and the Wombles; 1979 and Margaret Thatcher; 1984 and Orgreave – right up to 2020 and Covid, followed by the Barbie movie and Ukraine. Seen through the lens of one Sheffield family in a council house in Burngreave, historically home to miners, steelworkers and immigrants, the play ticks off Vietnam, the winter of discontent, the Falklands war, the stock market crash, Northern Rock and 9/11, with local nods to Cabaret Voltaire, Nick Clegg and Arctic Monkeys. In its attempt to capture the shifting sands of modern history, it has the ambition of Our Friends in the North, if not the political scope, and a three-hour running time to match. We see the arrival of VHS recorders, CDs and the iPod Mini. The play is at its best when it shows characters being shaped by circumstance: the freedom-loving dropout Brian (Kenny Doughty) turning from striking agitator to Thatcherite materialist, or his daughter Rebecca (Abby Vicky-Russell) growing from acid-house partygoer to warzone activist. It is weaker when the business of babies, illness and ageing pushes us towards soap-opera sentiment. View image in fullscreen Changing fashions … Melina Sinadinou and Samuel Creasey in Living. Photograph: Mark Douet With its political purpose in focus, Butler has sharp observations about everything from feminism to “incels”. When that slips out of view, especially in an endless closing sequence, it feels shapeless. Vigorously directed by Abigail Graham on Sarah Beaton’s set of amorphous chipboard, Beaton’s costumes keep pace with changing fashions. And it is tremend...

The most-talked-about sto cks in the Reddit subforum Wallstreetbets were mostly lower hours before F Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.

She spoke of a "situation" that made her feel uneasy on the last day of her stay at the house, but refused to go any further, other than to say she phoned her husband about it. Despite the incident, the crown princess maintained contact with Epstein for some time afterwards.

物业费收取难度加大影响物管企业收益。 房地产开发业务下行的利空，还在持续向物业行业传导。 3月20日，上市物企万物云（02602.SZ）在2025年业绩发布会上披露，该公司全年实现总收入372.72亿元，同比增长2.7%；核心净利润实现21.28亿元，同比微增0.8%，若剔除开发商业务的影响后，核心净利润为17.08亿元，同比增长11.1%。 作为万物云收入主要来源的循环型业务收入约334.02亿元，同比增长8.5%，在总收入中占比达89.7%。该业务板块包括住宅物业服务、物业及设施管理服务及BPaaS解决方案三大业务，分别实现收入205.55亿元、98.06亿元、13.46亿元，同比均实现增长。 尽管收入规模保持增长，但各业务板块的盈利能力出现了波动，毛利率同比下降0.5个百分点至11.6%；作为基本盘的住宅物业服务，毛利率下降了0.7个百分点至11.7%。 对于毛利率的波动，万物云执行董事兼首席运营官何曙华分析，成本端的刚性上涨得到了对冲，基本与2024年持平；而收入端则存在新接项目爬坡期、收缴率下降的影响。 对于新项目的爬坡期，何曙华表示，当前住宅物业的拓展已经从此前的增量转向存量竞争。“既然是存量竞争，流入到市场的项目会存在各种问题，例如服务品质或者客群关系等，所以在接管的初期，可能需要额外投入费用，所以前期项目的毛利率会偏低。” 万物云董事长朱保全也提到，对于接管一年的项目，收缴率和毛利率处于最低的状态。随着接管年限的增长，毛利率和收缴率逐年增加，接管5年之后会达到相对合理的位置。 物业费收缴难则是当前全行业都面临的一个问题。近日克而瑞发布的一份研究报告显示，2025 年全国物业企业500强平均收缴率降至71%，已连续四年呈现下滑态势，上市物企的平均收缴率为78%。 “从内部的数据分析来看，当前房屋空置率较高是影响收缴率的重要因素。”何曙华表示，在2025年新接的项目中，因开发商未售罄或交付之后业主不收楼造成了大概三成的空置率，“这一部分收费是挺难的，而且存在打折的风险。”同时，受到住宅价格波动的影响，业主缴费意愿也在降低。 对于空置率的问题，朱保全将其形容为“超预期”。“当下的房子并不好卖，一个交付的小区可能会有超过30%的未售房屋。这样的项目要承接吗？” 朱保全表示，交付小区已有70%已销售的部分，但却要被动接受30%需要开发商支付的空置房物业费，然后...

格隆汇3月20日｜小米集团(1810.HK)于3月20日以1亿港元回购300万股B类股份。

Morning Bid: Battle of the barrel Reuters

US regulator closes defect petition covering over 2 million Tesla vehicles Reuters

(RTTNews) - After a fairly sharp upmove earlier in the session, German market's equity index DAX fell into negative territory on Friday with stocks lacking support at higher levels due to concerns about the near to medium term impact of the ongoing conflict in West Asia. A slight retreat by oil following the efforts by the U.S. and Israel to ease concerns about ongoing fuel supply issues supported the market early on in the session. However, oil prices rebounded subsequently, rendering the mood cautious. Recent hawkish statements from major central banks, including the Federal Reserve and the European Central Bank also appear to be weighing on sentiment. Israeli Prime Minister Benjamin Netanyahu said U.S. President Donald Trump had requested that there be no further attacks on the Iranian gas field. Trump suggested that he has no plans to deploy American troops to the Middle East. To increase oil supply and bring down energy prices, U.S. officials said Washington may soon lift sanctions on Iranian oil stranded in tankers. The DAX, which climbed to 23,175.77 earlier, gaining nearly 330 points in the process, dropped to a low of 22,690.77 before recovering to 22,770.77, but remains in negative territory with a loss of 81.71 points or 0.36%. Among major gainers, Infineon Technologies is up 3.75% and Heidelberg Materials is rising 3.5%, while Bayer is up 2.85%. Commerzbank, Continental, Deutsche Post, Volkswagen and Brenntag are up 1%-1.6%. Vonovia, BMW and BASF are gaining nearly 1%. Beiersdorf, RWE, Porsche Automobil Holding, Mercedes-Benz and Henkel are up with modest gains. Zalando is declining by about 2.1%. Gea Group, Fresenius Medical Care, Deutsche Boerse, Scout24, Rheinmetall and Qiagen are down 1.4%-1.9%. Hannover RE, SAP, Symrise, MTU Aero Engines, Munich RE and Deutsche Telekom are also notably lower. In economic news, Germany's producer prices declined more than expected in February largely due to the sharp fall in energy prices, data from Destatis showe. P...

71岁的超微电脑联合创始人廖益贤已被捕 2026年3月19日盘后，受相关消息影响，超微电脑股价跌超11%，收于27美元左右。图：IC photo 【财新网】 美IT公司人员受美对华出口管制案件指控。美国时间3月19日，美国司法部公开一份起诉书，指控三名与美国AI服务器公司超微电脑（SMCI.US）相关的人员涉嫌共谋违反美国出口管制法，将组装于美国、集成尖端AI技术的服务器转移至中国。 面临指控的三人分别为：超微电脑联合创始人、董事会成员兼业务发展高级副总裁Yih-Shyan “Wally” Liaw（廖益贤）；超微电脑台湾地区销售经理 Ruei-Tsang “Steven” Chang；以及充当“中间人”的台湾籍承包商44岁的Ting-Wei “Willy” Sun。目前，身为美国公民的廖益贤与台湾人Sun已于3月19日被捕，将在美国加州北区联邦法院出庭。而Chang目前仍在逃。

西安：推进大数据、5G和北斗卫星导航系统等新型基础设施建设 支持物流数智化基础设施建设 2026-03-20 18:42:04 来源： 同花顺7x24快讯 分享 文章提及标的 卫星导航 -- 京东物流 -- 5G -- 智能网联汽车 -- 西安市人民政府网站发布《西安市有效降低全社会物流成本实施方案》，方案提出，推动物流数智化绿色化转型升级。提高物流经营主体硬件和物流活动数字化水平，推进大数据、第五代移动通信(5g（885556）)和北斗卫星导航（885574）系统等新型基础设施建设，支持物流数智化基础设施建设，推动西安京东物流（HK2618）亚洲一号物流园设备更新改造项目、空港智慧冷链仓储基地、陕汽通汇物流数智仓配平台等项目建设。加强智能网联汽车（885736）、低空飞行器、工业机器人等新型运载装备和智能产品应用，支持机场智慧海关监管区建设，推进快递无人配送车路权开放。开展绿色物流企业对标达标行动，推动落实物流领域碳排放核算工作，支持物流园区、仓储设施、运输工具等绿色化升级改造。促进快递包装绿色化、标准化、减量化和可循环，推广电商快递原装直发。

Tesla Inc. (NASDAQ:TSLA) is reportedly in discussions with several Chinese companies to acquire solar manufacturing equipment worth $2.9 billion. Suzhou Maxwell Technologies, a leading maker of screen-printing equipment for solar cell manufacturing, is among the top contenders to supply machinery for the project and is currently seeking export approval from China's commerce ministry, reported Reuters on Friday. Other potential suppliers include Shenzhen S.C New Energy Technology and Laplace Renewable Energy Technology. The $2.9 billion worth of equipment, including screen-printing production lines, will require export approval from Chinese regulators. However, the specifics of the equipment requiring approval and the duration of the approval process remain uncertain. Chinese suppliers have been asked to deliver equipment by autumn, some to Texas, for Elon Musk's planned solar capacity, which will mainly support Tesla, with a portion powering SpaceX satellites, as per the publication. Tesla did not immediately respond to Benzinga‘s request for comment. Tesla Targets 100GW US Solar Push Tesla’s job listings also hint at the company’s objective to deploy 100 GW of “solar manufacturing from raw materials on American soil before the end of 2028”. Musk-Trump Policy Clash On Solar Elon Musk has called solar the "biggest source of power" as the AI industry searches for scalable energy solutions. He criticized U.S. tariffs for making solar deployment "artificially expensive," even as demand surges from AI data centers and manufacturing—drawing a sharp contrast with President Donald Trump's push to expand fossil fuels and scale back support for renewables. An October report by Deloitte says new U.S. tax changes under Trump’s One Big Beautiful Bill Act (OBBA) have rolled back clean energy incentives, putting pressure on early-stage wind and solar projects. Investments fell 18% to about $35 billion in early 2025, and solar program costs are expected to rise from 36% in 2025 to ...

spawns Westport Fuel Systems ( WPRT ) Friday said that it had identified unauthorized access to its network. This incident involved unauthorized access to certain of Westport’s internal IT business applications along with other business and employee information, the company said in a statement. Immediately upon learning of the incident, the company engaged experts, activated "incident response protocol, and took action to contain the incident," it said, adding the investigation is continuing. Given the timing of the incident during the company’s year-end reporting cycle, it is conducting a review of the integrity and accuracy of its financial results and, therefore, expects to file its annual results after the March 31, 2026, disclosure deadline required under securities laws. More on Westport Fuel Systems Inc. Westport Fuel Systems gets $6.5M milestone payment tied to Light-Duty divestiture Historical earnings data for Westport Fuel Systems Inc. Financial information for Westport Fuel Systems Inc.

Casey's dad, Sean, said they had had to learn things as new parents that they never considered would be part of family life - from feeding him through a stomach tube to what to do if the hospital calls with an urgent update in the middle of the night.

字节跳动（下称字节）出售沐瞳一事，终于靴子落地。 今日下午，字节游戏业务负责人张云帆发布全员信，表示最近公司已和Savvy Games Group（下称Savvy）签署协议，沐瞳将成为Savvy全资子公司。以下为全员信内容： 大家好， 最近公司和Savvy Games Group（简称“Savvy”）签署了协议，双方将在未来一段时间内完成交易。交易完成后，沐瞳将成为Savvy的全资子公司。与此同时，沐瞳的管理结构保持不变，沐瞳仍是一家总部位于上海的公司。我本人也将继续担任沐瞳CEO，和管理团队一起继续带领公司向前发展。 这次交易经过了慎重考虑和讨论。“为全球玩家创造激动人心的体验”是沐瞳不变的使命。自2016年上线以来，《决胜巅峰 Mobile Legends: Bang Bang》 受到了很多玩家的喜爱，我们也基于此，打造了专业化、生态丰富的电竞赛事体系。这与Savvy的使命“推动游戏和电竞领域的长期发展和创新”和其电竞规划是相契合的。相信通过和Savvy的合作，沐瞳将迎来更广阔的发展机遇，为更多全球玩家带来更好的游戏体验。 交易完成后，基于历史业绩贡献，我们将为沐瞳的同学们提供多项激励计划，其中包括加速部分历史授予的长期激励的归属和发放。同时也将基于未来的业绩，推出新的有吸引力的激励方案。具体情况会由各Leader及HRBP和大家沟通。 过去两年里，我们取得了不错的成绩。相信我们会一起创造更加美好的未来！ 张云帆 Hi All, Recently, the Company signed an agreement with Savvy Games Group (“Savvy”). We will be finalizing the transaction in the near future. Once the transaction is completed, Moonton will become a wholly-owned subsidiary of Savvy. Meanwhile, Moonton's management structure will remain unchanged: Moonton will continue to be headquartered in Shanghai. I will continue to serve as ...

A few weeks ago it looked like Paramount Skydance boss David Ellison was headed for a Hollywood ending with his courtship of Warner Bros. Now markets suggest he could face a delay, or worse. Paramount stock is down 34% since it beat Netflix for the right to buy Warner for about $111 billion including debt. A buyer who’s certain Paramount’s $31-a-share cash offer will be paid by the end of September, when a “ticking fee” starts accruing, can snag an annualized 20% return buying Warner stock today.

Borrowing costs around the world are spiking.

文章提及标的 半导体 -- 先进封装 -- 耐科装备 -- 耐科装备（688419）公告，同意将公司首次公开发行股票募集资金投资项目“半导体（881121）封装装备新建项目”结余的部分募集资金4161万元(含利息及现金管理收益)投资建设“基于先进封装（886009）的半导体（881121）封装装备制造升级技改项目”。

Household energy bills in Great Britain could soar by more than £330 a year to almost £2,000 from this summer after the war in Iran pushed the UK’s gas market past three-year highs. A typical combined household gas and electricity bill is now forecast to reach £1,972 a year from July under the UK government’s quarterly price cap, according to analysis by Cornwall Insight, an energy consultancy. The fresh forecast has soared above an estimate from two weeks ago when the consultants predicted, after only five days of war in the Middle East, that the price cap could climb to £1,800 a year from July from £1,641 a year under the April to June cap. The newly forecast 20% increase in household energy costs was fuelled by a rise in European gas prices this week after a significant escalation in the conflict during which some of the region’s most important infrastructure was targeted for the first time since the conflict began three weeks ago. Gas prices in Europe rose 30% on Thursday after Qatar confirmed that missiles caused extensive damage at the world’s biggest processing facility for seaborne gas, which could take up to five years to repair. Europe’s gas markets have eased on Friday but prices remain twice as high since the start of the war. The market price for UK gas delivered next month also eased, down 2% to 153p a therm on Friday from highs of 180p on Thursday, but also remain almost double the level before the Iran war began. Meanwhile, Brent crude traded at about $107 a barrel after falling from highs of $119 on Thursday. The international benchmark remains almost 50% higher than before the conflict began. The £1,641 cap for April to June – set by the industry regulator for Great Britain, Ofgem, represents a £117 cut from the January-March cap for millions of households, but prices are then expected to rise sharply from the summer. Households also face the prospect of higher mortgage costs, after the Bank of England kept interest rates on hold on Thursday but si...

Key Points Sezzle evolved from an app into a profitable fintech, generating 97% repeat usage. LegalZoom's AI-plus-attorney model captures small businesses at $50/month. This is a liability moat no chatbot can replicate. Braze is already powering customer messaging for brands like Burger King, Canva, and HBO. 10 stocks we like better than Sezzle › When I've got the free time to do so, I often think about what it actually takes to retire a millionaire. The experience of millions of investors suggests that it's usually not one lucky trade; it's finding a few good stocks early in their existence and then letting them compound for years. The three stocks featured below represent the kinds of businesses investors should look for: profitable, evolving, and building platforms that could be much bigger in the next decade. Each of these stocks could add to a diversified portfolio that will help you eventually build a seven-figure retirement nest egg through long-term investment. Here's why. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » 1. Sezzle I used Sezzle (NASDAQ: SEZL) a lot back in college. Back then, it was a buy now, pay later app. It allowed users to split purchases of various items into four payments spread out over a short period, making the purchases a bit more affordable and allowing the user to move on with their lives. It was a simple business model. But the company I used in 2019 effectively no longer exists. Sezzle has rebuilt itself into a full financial app. It now offers cellular plans through its platform. It has an artificial intelligence (AI)-driven budgeting tool. It launched an Earn tab, a feature that lets users make money through the app. The new program is helping users pull in over $1 million a month in rewards and savings. The repeat purchase rate is 97%, which suggests peopl...

The S&P 500’s break below its 200-day average is a red flag, but whether it stays below, or quickly recovers, will determine how bad this could get.

2025年12月，Anthropic做了一项前所未有的研究：让Claude亲自担任访谈者，与每一位愿意参与的用户进行真实的、开放性的深度对话。 一周之内，80508人参与进来。他们来自全球159个国家和地区，使用70种语言。这可能是迄今为止规模最大、语种最多的一次AI用户定性研究。 人们讲述了自己与AI的故事：有人被误诊九年后终于找到答案，有人在炮火中靠着AI熬过漫漫长夜，也有人因为与AI交流太多而失去了现实中的朋友。 以下是八万人讲述的AI故事以及由此带来的启示。 01 九个愿望，一个归宿 访谈的第一个问题是：如果你能挥动魔法棒，希望AI为你做什么？ 答案被归纳为九个方向。其中，追求“专业卓越”的群体最为庞大，占比达到18.8% 。这一人群主要希望AI能接手繁琐的日常任务，从而让他们能够腾出精力专注于更重要的事务 。约有8.7%的人将AI视为创业伙伴，寄希望于它能协助建立并扩展业务规模。 受访者最希望AI提供的帮助 除了工作效率的提升，生活质量的改善也是受访者关注的焦点。约13.5%的人希望通过“生活管理”来减轻现代生活的行政与后勤负担，特别是对于存在执行功能挑战的人群，AI被视为规划、记忆和任务跟进的“外挂大脑”。 与此同时，11.1%的受访者追求“时间自由”，他们认为生产力的提高最终应转化为陪伴家人和休闲的时间 。另有9.7%的人则希望利用AI实现“财务独立”。 在个人成长与社会层面，“个人转变”占据了13.7%的比例，涵盖了从认知协作（24%）、心理健康支持（21%）到身体健康（8%）甚至建立浪漫联系（5%）的多元需求。 在更广泛的视野下，社会变革（9.4%）、学习与成长（8.4%）以及创意表达（5.6%）也都是人们对“魔法棒”挥动后的美好憧憬。 综合来看，尽管出发点各异，但大众的共同诉求是希望人工智能能成为助力，帮自己通往更美好、更愉快的生活。 02 当AI成为生命中的支点 在调研中，高达81%的受访者确认，AI确实在某些时刻向着他们理想中的愿景迈出了实质性的一步。 受访者反馈，AI已经提供了多方面帮助 这种进步在不同领域呈现出截然不同的叙事逻辑。在占比最高的“生产力”（32%）类别中，开发者们分享了如何利用AI实现技术加速，从而独立完成原本需要整个团队协作的项目。 然而，在“技术可及性”（18.9%）的视角下，叙事重心从“速度”转向了“门槛”：许多人正借...

格隆汇3月20日｜俄罗斯联邦航空运输署署长德米特里·雅德罗夫表示，MS-21客机是俄罗斯航空工业的关键项目，该机型未来将取代波音737和空客A320。MS-21是一款中程干线窄体客机，由雅科夫列夫公司（隶属于俄罗斯国家技术集团旗下的联合飞机制造公司）研制。该机型可搭载163至211名乘客。预计该机型的认证工作将于今年年底前完成。

J Studios Alibaba Group ( BABA ) and Tencent ( TCEHY ) shed about $66B in market value in a day as investors reacted to a lack of clarity on how the companies plan to monetize AI. Alibaba’s U.S.-listed shares posted their steepest drop since October, while Tencent saw its worst decline in nearly a year on Thursday, reversing a recent rally fueled by optimism around AI agents. Alibaba’s Hong Kong stock was down as much as 7.3% on Friday. The selloff highlights growing investor concern over rising AI spending, without a clear path to revenue. Alibaba ( BABA ) has pledged more than $53B in AI investment over several years, outpacing domestic peers, though still a fraction of the roughly $650B U.S. hyperscalers like Meta Platforms ( META ) and Amazon ( AMZN ) are expected to spend in 2026. These investments are ramping up as China’s consumer slowdown pressures margins. Alibaba ( BABA ) reported a 67% drop in quarterly net income, adding to concerns about profitability. Total revenue rose only 1.7% to RMB 284.84B ($41.3B) and missed the consensus estimate of RMB 289.79B. The company is now targeting $100B in annual cloud and AI revenue within five years to offset slowing growth in its core e-commerce business. CEO Eddie Wu outlined the goal following the weak results, underscoring the urgency to generate returns from heavy AI spending. “Investors are not pushing back on AI spending itself, but on the lack of near-term visibility on monetization,” Bloomberg Intelligence analyst Catherine Lim said. “The key inflection will be when companies can show that AI is driving measurable revenue uplift, whether through cloud, advertising, or transaction conversion. Until then, markets will likely stay cautious.” More on Alibaba, Tencent Alibaba Group Holding Limited (BABA) Q3 2026 Earnings Call Transcript Alibaba: Mixed Quarter, But I'm Staying The Course Alibaba Group Holding Limited 2026 Q3 - Results - Earnings Call Presentation Alibaba targets $100B in AI and cloud revenue withi...