阿里巴巴过去的承诺未兑现；仅剩AI承诺。
逐段跳播
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。
这是每个大型云服务提供商的梦想，而世界上只有一家公司拥有它，那就是腾讯。他们在一个综合应用里集成了社交、通讯、营销、游戏和支付系统，而阿里巴巴不幸没有。这只是个比较，没有别的意思。
因此，他们可以大力投资，但如果无法落地，他们只是为别人落地降低成本，这对互联网服务提供商相对于用户构成风险，比如利用互联网力量的微软公司。对于电子商务，没有真正的竞争优势；投资很多，利润率却在下降。
他们并没有在中国国内扩张。承诺是更好的客户和不断增长的利润率。没有国际趋势，竞争激烈，像Timo之类的公司，欧洲的监管，还有人工智能。它的价格会是多少，盈利能力会怎样？所以，肯定有一些价值，但要投资阿里巴巴，我需要它非常便宜，可能比过去更便宜。
所以，这是一个冒险的赌注，不是真正值得追求的东西。现在，如果价格跌到个位数，我们会重新考虑这件事。
Next arrow is Alibaba. The stock has been extremely volatile over the past five years , then booming on AI, then falling again on AI and capital expenditures. We discussed this recently in this analysis video. I have revised my assessment of Alibaba's stock because the promises made 5 years ago simply haven't been fulfilled , and therefore all that remains now are promises regarding artificial intelligence. They release new models and better models, etc. This is good, but the pricing is very low, which means there will likely be a race to the bottom with all these models. If you have these models, in order to operate at those low prices, you need a competitive advantage. You need something that you can assemble and then make money using that artificial intelligence. Something that is the dream of every large cloud service provider and is only owned by one company in the world, and that is Tencent. They have Facebook, communications, marketing, gaming, and a payment system all in one comprehensive app, which Alibaba, unfortunately, does not have . Just a comparison, nothing more. Therefore, they can invest heavily, but if they cannot implement it, they simply cut costs for others to implement, which poses a risk to internet service providers versus users, such as Microsoft companies that exploit the power of the internet. For e-commerce, there is no real competitive advantage; there is a lot of investment, and the profit margin is decreasing. They are not expanding that within China. The promise was better customers and growing profit margins. There is no international trend, there is high competition, companies like Timo and the like, regulations in Europe, and artificial intelligence. What will its price be, and what will the profitability be? So, there is definitely some value, but to invest in Alibaba, I need it at a really cheap price, probably cheaper than it used to be. So, it's a risky gamble, and not something really worth pursuing. Now, if the price drops to the single digits , we will reconsider the matter.
那家公司从腾讯、阿里巴巴和其他中国投资方筹集了28亿美元。
That company raised $2.8 billion from Tencent, Alibaba and other Chinese investments.
这个频道对 $BABA 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上共 2 条判断，这里只列相邻的几条。