Core Insights - Multiple Chinese concept stocks surged in pre-market trading in the US due to positive earnings reports, with Alibaba rising nearly 5%, NIO over 9%, and Pony.ai exceeding 11% [1][4]. Alibaba - Alibaba's latest earnings report for the second fiscal quarter of 2026 (July-September 2025) showed revenue of 247.8 billion yuan, a 4.8% year-on-year increase, surpassing market expectations of 245.2 billion yuan [3]. - The Cloud Intelligence Group was a highlight, contributing 39.82 billion yuan in revenue, a 34% year-on-year increase, exceeding the market forecast of 37.99 billion yuan [3][6]. - Adjusted net profit was 10.35 billion yuan, below the market estimate of 16.8 billion yuan, while adjusted EBITDA was 17.26 billion yuan, also below the expected 19.3 billion yuan [3]. - The Chinese e-commerce business group remains the largest revenue source, contributing 132.58 billion yuan, a 16% year-on-year increase, exceeding the market estimate of 128.53 billion yuan [3]. - AI-related product revenue has seen triple-digit year-on-year growth for nine consecutive quarters, with Alibaba Cloud holding a 35.8% market share in China's AI cloud market [6][7]. - Alibaba's capital expenditure on AI and cloud infrastructure over the past four quarters was approximately 120 billion yuan [6]. NIO - NIO reported third-quarter revenue of 21.79 billion yuan, a 16.7% year-on-year increase and a 14.7% quarter-on-quarter increase, with vehicle deliveries reaching 87,071 units, a 40.8% year-on-year increase [9][12]. - Gross profit reached 3.02 billion yuan, a 50.7% year-on-year increase, with a gross margin of 13.9%, up from 10.7% in the same period last year [9][13]. - As of the end of the third quarter, NIO's total cash and equivalents amounted to 36.7 billion yuan, a significant increase of nearly 10 billion yuan quarter-on-quarter [9]. Pony.ai - Pony.ai reported third-quarter revenue of 181 million yuan, a substantial year-on-year increase of 72%, with Robotaxi business revenue reaching 47.7 million yuan, up 89.5% year-on-year [15]. - The company provided optimistic guidance for 2026, expecting to exceed 1,000 vehicles in its fleet by the end of the year and aiming to triple that number by the end of 2026 [15]. - Pony.ai's seventh-generation Robotaxi began commercial operations in major cities, achieving profitability on a per-vehicle basis in Guangzhou, with an average of 23 orders per vehicle per day [18][19].