BABA·Alibaba Group Holding Limited

Alibaba's core business is experiencing double-digit growth, and its Cloud Intelligence segment is expanding with healthy margins, which has led to a substantial increase in valuation. This improved performance and positive sentiment toward Chinese tech have driven the change. The market implication is that investors are recognizing the company's improved fundamentals. However, risks persist, including China exposure and competition, leading to a hold rating. Investors should watch for further developments in the Cloud Intelligence segment's margin expansion and any shifts in sentiment toward Chinese tech.