New trend in low margin businesses
Alibaba is currently undergoing a process that is opposite to Amazon (AMZN). Amazon started with a low-margin retail business and added the profitable AWS and advertising business which now form the core of its valuation. On the other hand, Alibaba started with a highly profitable e-commerce business and is now adding lower-margin businesses like physical retail, delivery, digital media, and others. This has led to a significant fall in overall margins for Alibaba as the new businesses cannot match the margins of the core e-commerce business.
We can see from the above image that there was a whopping 82% YoY growth in Others segment. This is the revenue from physical retail stores, which is generally a very low-margin business. It has also had an impact on the employee numbers of the company. The consolidation of Sun Art has increased the headcount of the company to over 250,000 in the last quarter compared to close to 120,000 in the previous quarter.
The revenue share of Others segment has increased from 20% in the year-ago quarter to 27% in the last quarter. If Alibaba continues to acquire other physical retail chains, we could see the revenue share from Others segment increase further.
Importance of standalone valuation
Due to the above trend, it is very important to look at the standalone valuation of different segments. We can see that Alibaba's core Customer Management business reported 14% YoY growth, which is quite good considering the revenue base of this segment. This is the business that contributes most of the profits for Alibaba.
Alibaba has also reported 29% YoY growth rate in the cloud segment. The annualized revenue from this segment is close to $10 billion, which makes it one of the main players in this industry. The revenue share of cloud business is only 8%, but Alibaba has managed to report profitability within this segment. The operating margin of Amazon's AWS is 30% while Alibaba's cloud business has a margin close to 2%. It is likely that Alibaba will be able to narrow this gap in margins in the next few quarters, which can improve the sentiment for the overall stock.
Alibaba's Digital media business had modest growth of 15% compared to the year-ago quarter. However, Alibaba was able to improve the margins from negative 19% in the year-ago quarter to negative 5% in the previous quarter. This is a 14 percentage point improvement in a single year, which has helped the company save close to $0.8 billion on an annualized basis. Even though the revenue growth is quite low in this business, Alibaba has reported a healthy 30% growth rate in average daily subscribers for Youku. According to Variety, Youku's membership base is at 90-100 million compared to 112 million for Tencent Video and 119 million for $爱奇艺(IQ.US)$ . Rapid membership growth in Youku could help Alibaba replicate Amazon Prime's success and also build better loyalty for its retail platform to defend against competition from $京东(JD.US)$ and $拼多多(PDD.US)$.

$Chase Corp.(CCF.US)$ $Affirm Holdings(AFRM.US)$
在本周的财报电话会议上，大通首席执行官被问及BNPL公司的情况，他是这样说的：
你看到一家公司出来了，它不再只关乎BNPL。他们将有一张借记卡和附属的银行账户。因此，这些都是我们必须应对的不同形式的竞争。因此，这就是为什么当我们谈论开支时，我们会花任何我们所花的钱来与我们所在领域的所有人竞争。
你认为这是 $AFRM 的利弊吗？不利的一面是，大通刚刚宣布，他们将花费他们需要的一切来参加比赛。

$Paysafe(PSFE.US)$
（MT Newswire）——Paysafe（PSFE）和Glory Ltd周一表示，他们已建立合作伙伴关系，提供支付技术解决方案。两家公司表示，此次合作将把Paysafe的paysafe卡数字技术与Glory的现金处理解决方案相结合，使消费者能够将现金转换为电子价值。PaySafe的股价在最近的盘前活动中上涨了2.4％。

$BB — 股票和期权游戏
更多上涨趋势的关键指标 11.75 美元
确认上升趋势-11.92美元
迷你突围-12.63美元
全面突破-13.31 美元
止损和支撑位-11.05 美元。 $黑莓(BB.US)$

$Boxlight(BOXL.US)$ 不能错过与大家分享的时间...CEO 在我们买的时候买了
“Boxlight Corporation（BOXL）（首席执行官）教皇迈克尔·罗斯在12月9日以平均1.65美元的价格共购买了287,942股股票。此次收购的费用估计为66,000美元。”

$逸仙电商(YSG.US)$ my new money maker💰💰💰

$维视图像(MVIS.US)$
HoloLens 1： $奇景光电(HIMX.US)$
HoloLens 2：微视
HoloLens 3:？？？
微软可以为HoloLens 3选择不同的公司。没有 HoloLens，MVIS 什么都不是。
Himax 出现在 HoloLens 1 中

$Teladoc Health(TDOC.US)$ 180