寒武纪，大跌！

Core Viewpoint - Alibaba's stock surged over 16% following the release of its quarterly earnings report, driven by strong performance in AI product revenue, which has seen triple-digit growth for eight consecutive quarters [8][10]. Market Overview - On September 1, the A-share market opened with all three major indices rising, with the ChiNext Index increasing by over 1% [1]. - The sectors showing the most significant gains included non-ferrous metals, semiconductor chips, and pharmaceuticals, while insurance, aerospace, military industry, and brokerage sectors experienced fluctuations [3]. Alibaba's Performance - Alibaba reported a revenue of 247.65 billion yuan for Q1 of fiscal year 2026, marking a 2% year-on-year increase, and a 10% increase when excluding the impact of divested businesses [10]. - The company's net profit reached 42.38 billion yuan, reflecting a 76% year-on-year growth, exceeding market expectations [10]. - Alibaba Cloud's revenue grew by 26% year-on-year to 33.40 billion yuan, with AI contributing over 20% to external commercialization revenue [10]. Stock Market Reactions - Alibaba's stock price reached 135.10 HKD, up 16.77%, with a total market capitalization of 2.576 trillion HKD [6]. - Other notable stocks that rose included BYD Electronics (up 5.20%), Baidu Group (up 3.86%), and Alibaba Health (up 3.85%) [6]. Semiconductor Sector - The semiconductor sector showed strong performance, with stocks like Liyang Chip and Allwinner Technology seeing significant gains of 20% and 16.01%, respectively [12][13]. - SMIC's stock rose over 5% during early trading [14]. Cambricon's Market Activity - Cambricon's stock opened down over 6% despite a positive outlook from Goldman Sachs, which raised its target price to 2104 CNY, citing strong Q2 performance and increased AI chip shipments [16].