The role of tech leading the way through COVID-19 was once again confirmed last week when Alibaba beat estimates. Here was the headlines:
- commerce business jumped 34% to 133.2 billion yuan ($19.27 billion)
- cloud computing revenue grew 59% y/y
Alibaba's stock has risen 23% this year as a 'stay at home' stock which investors have been backing as winners in a COVID-19 shut down world. Alibaba is also seen as a potential target for President Trump after he placed restrictions on Chinese owned TikTok and Tencent's WeChat.