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Analyst

Gary Yu

Morgan Stanley · covers Consumer Cyclical

Period: Reporting periods mapped to calendar 2024 Q3 – 2026 Q1 (7 quarters).

Limited coverage. Only 7 questions of coverage. Treat these numbers as directional — sample too small for reliable averages.
Questions
7on tracked calls
Challenge rate
0%none of 7 questionsLimited sample
Companies
1questioned at least once
Reporting periods
7with questions

These figures cover the whole profile: every tracked question, all reporting periods.

How to read these numbers

Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right. See how we grade analysts on earnings-call questions.

Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.

No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.

Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.

Small samples. Profiles with fewer than 10 questions are marked Limited sample.

Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.

Questions asked

Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.

Showing 7 of 7 questions from 1 company

BABAAlibaba Group Holding Limited7 questions · 7 reporting periods · 0 of 7 challenging
BABA company page →

Calendar 2026 Q1

what kind of level of CapEx investment is required in order to satisfy the demand from both MaaS

Capex InvestmentCloud & AIInnovation & R&DTranscript · FY2026 Q4 →
Show response

Yu asked about the CapEx needed for MaaS/cloud demand and T-Head penetration; management said compute needs are ~10x 2022 levels, CapEx will likely overshoot the RMB 380 billion plan, and T-Head penetration is still low but margin-accretive.

Calendar 2025 Q4

Are we aiming for market share or hoping to take this opportunity to improve unit economics, reduce loss

Competitive DynamicsMarginTranscript · FY2026 Q3 →
Show response

Wu said UE keeps improving on fulfillment efficiency, monetization and order mix; reaffirmed the RMB 1 trillion GMV target by FY '28, positive cash flow at that point and profitability in FY '29.

Calendar 2025 Q3

My question is related to cloud business. How should we look at the growth outlook going forward?

Cloud & AIRevenue GrowthTranscript · FY2026 Q2 →
Show response

Eddie Wu answered directly that AI demand is accelerating and outpacing server deployment, citing enterprise adoption across operations, though he gave no specific cloud growth number.

Calendar 2025 Q2

how should we look at the rate of return on invested capital from these investments?

Capital AllocationCapex InvestmentTranscript · FY2026 Q1 →
Show response

Toby Xu defended pursuing both AI and consumption and balancing short- vs long-term returns, but gave no specific ROIC figures for the retail-vs-AI trade-off.

Calendar 2025 Q1

provide some guidance for the FY 2026 fiscal year in terms of cloud service revenues

Cloud & AIDemandGuidance ReliabilityTranscript · FY2025 Q4 →
Show response

Eddie Wu detailed the AI-driven migration of new industries onto the cloud and voiced strong conviction in a significant cloud revenue growth track, but gave no specific FY2026 cloud revenue guidance figure; Jiang Fan outlined AI's role in search, recommendation and advertising without quantifying market-share gains.

Calendar 2024 Q4

how should we think about Alibaba's strategy to tap into the application or software layer?

Cloud & AICompetitive DynamicsCapex InvestmentTranscript · FY2025 Q3 →
Show response

Eddie Wu answered the application-layer question via AI-agent-driven enterprise software but declined a chip-mix breakdown, saying multi-chip design insulates the plan from export policy.

Calendar 2024 Q3

I'm wondering if that would mean that in the next quarter, CMR could actually grow faster than GMV is growing.

Revenue GrowthPricingCapex InvestmentTranscript · FY2025 Q2 →
Show response

Toby Xu reiterated the offsetting take-rate factors without committing to CMR outpacing GMV; Eddie Wu defended aggressive AI CapEx on explosive short- and long-term demand.

Challenge rate by company

Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.

CompanyQuestionsChallenge rate
BABA Alibaba Group Holding Limited70%none of 7 questions
  • BABA
    Alibaba Group Holding Limited · 7 questions
    0%none of 7 questions

Activity by reporting period

Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.

Questions by calendar reporting period
Calendar periodQuestionsChallenge rateCompanies
2024 Q310%none of 1 question1
2024 Q410%none of 1 question1
2025 Q110%none of 1 question1
2025 Q210%none of 1 question1
2025 Q310%none of 1 question1
2025 Q410%none of 1 question1
2026 Q110%none of 1 question1
  1. 2024 Q31 question · challenge rate 0% (none of 1 question) · 1 company
  2. 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
  3. 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
  4. 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
  5. 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
  6. 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
  7. 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company

Topics

Topics tagged on this analyst’s questions.

  • Capex Investment4
  • Cloud & AI4
  • Competitive Dynamics2
  • Revenue Growth2
  • Innovation & R&D1
  • Margin1
  • Capital Allocation1
  • Demand1
  • Guidance Reliability1
  • Pricing1