The Zhitong Finance App learned that Alibaba-SW (09988) fell nearly 5% in the intraday period. As of press release, it was down 4.52% to HK$79.25, with a turnover of HK$1,888 billion.

According to the news, the big model price war is heating up. On May 21, Alibaba Cloud announced that Qwen-Long, the main model of Tongyi Qianwen GPT-4, will reduce the price by 97%, and you can buy 2 million tokens for 1 yuan. On the afternoon of the same day, Baidu announced that its two main models, its flagship model, were completely free and effective immediately. On May 22, Tencent Cloud announced a comprehensive price reduction for the big model. The mixed yuan-lite is now free. Earlier, ByteDance's Douban Big Model was the first to announce that the price of the mainstream big model in the corporate market is 0.0008 yuan/thousand tokens. 0.8 cm can process more than 1,500 Chinese characters, which is 99.3% cheaper than the industry.

Alibaba's revenue for the fourth fiscal quarter of fiscal year 2024 was 221.9 billion yuan, up 7% year on year, higher than market expectations of 1%; adjusted net profit was 24.4 billion yuan, down 11% year on year, lower than market expectations of 4%; adjusted net interest rate was 11%, compared with 13% for the same period last year. SPDB International believes that although the company's business is showing signs of recovery, considering the current competitive environment and business development, it is expected that the company's short-term profit side will still be under pressure. Furthermore, Pinduoduo's high revenue and net profit growth performance in the first quarter “crushed” Ali. Overnight, Pinduoduo's stock price soared, and the total market value once again surpassed Alibaba.