@dyz_ob If capital can displace Alibaba Cloud's leadership position, then Tencent, Bytedance's Volcano Engine, Kingsoft Cloud and Huawei would have see similar market share today since 5 years ago
@pandawatch88@TidefallCapital My hunch is probably Temu growth offset by massive drop in penalty income from merchant exploitation. Market probably then sees it as ex growth for Temu or whatever geopolitical cross border risks