The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Alibaba

Capital · operating

FY2026 revenue ¥1,023,670M (~$142B); operating income collapsed ¥141B->¥50B absorbing AI capex (profitable, unlike the US pure-plays)

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

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the working

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