25 November 2025 | 8:08PM HKT Equity Research Alibaba Group (BABA): 2QFY26 First Take: Solid Cloud/CapEx beat; In-line eCommerce with eyes on quick commerce; Buy Alibaba reported a solid beat in cloud growth (+34% yoy) and AI capex intensity (+80% yoy), while delivered broadly in-line eCommerce CMR (+10% yoy) and group EBITA (-78% yoy) on the back of (peak) quick commerce investments over the last quarter. Key positive surprises came from cloud revenue growth (+34% yoy overall/+29% from external, vs. GSe: + ...