Alibaba's Q2 2026 revenue grew 9% YoY to 268.9 billion yuan, but net profit fell 75% due to heavy AI infrastructure investments. The standout performer is Alibaba Cloud, which delivered 48.4 billion yuan in revenue (up 45%) with triple-digit growth in AI products alone. This signals Alibaba's aggressive pivot to cloud and AI services, though core e-commerce in China declined 8%, making cloud the company's primary growth engine.