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Alibaba Group’s share price reflects only its e-commerce business, ignoring its AI potential, says Christian Heck, manager of First Eagle’s $17bn fund. Global AI spending concerns and China’s price competition have weighed on tech stocks, with Alibaba’s Hong Kong shares down 26% from October. Its online retail offers a “margin of safety,” while AI is a “free call option.” Alibaba’s broad AI portfolio—from infrastructure to models—sets it apart from focused firms like OpenAI and Oracle. Heck sees AI as a potentially large, profitable business.

以色列国防军探测到来自伊朗的新一轮弹道导弹袭击。预计未来几分钟内，以色列中部地区将响起警报。