The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital Buybacks

PARENT-LEVEL capital return, distinct from Qwen-attributable thrust — FY2026 buyback collapsed to ¥7,638M (~$1.06B, buyback yield 0.43%) from ¥86,662M (~$12B, yield 5.11%) in FY2025, as capital redirects from repurchases to AI capex. Cumulative FY2022-FY2025 buybacks ~¥311,378M (~$43.2B), roughly matching press reports of a '~$45B buyback' program

high confidence · as of 2026-07-28 · about Alibaba

Sourced figures 3


the working

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Alibaba.