JB Global Capital released its second-quarter 2026 investor letter, highlighting Alibaba Group Holding Limited as its largest holding and detailing the company’s strategic shift toward AI infrastructure. The fund declined 12.1% in the quarter, largely due to Alibaba, but has returned 109.7% since inception on January 3, 2023, compared with 94.4% for the S&P 500. The letter noted that Alibaba’s March-quarter and fiscal year 2026 results showed a deliberate redirection of capital into AI, with near-term profitability impacted by investments and quick commerce losses, while customer management revenue and Cloud returned to growth, with Cloud’s external revenue growth reaching 40% and management expecting further acceleration. CEO Eddie Wu indicated that demand already exceeds capacity, with no server cards sitting idle. Alibaba’s stock closed at $132.28 per share on August 10, 2026, with a one-month return of 13.70% and a market capitalization of $306.21 billion.
