Alibaba reported FQ4 2026 revenue of RMB 243,380 million, up 3% YoY, with Cloud Intelligence revenue growth accelerating to 40% and AI product revenue triple-digit. It unveiled the Zhenwu M890 AI chip as a domestic Nvidia alternative amid US export curbs. Susquehanna raised its price target to $185 with a Positive rating. However, a CSRC crackdown on cross-border trading caused shares to fall alongside other Chinese stocks.