The White House memo states that Alibaba is assisting the Chinese military in targeting the United States, and Chinese concept stocks continue to suffer setbacks Motivation analysis: 1. This memorandum was drafted shortly after the two sides reached an agreement on trade easing, with one hand discussing and the other hand striking. This is like a 'combination punch', meaning that we can temporarily 'talk' about trade, but we must 'fight' on technology. 2. Core objective (to control AI technology sovereignty): The core objective of the United States is to maintain the broad framework of technological risks to China. Continuously sending signals to technology companies around the world and in the United States: Chinese technology is unsafe, and the open-source code of Tongyi and DeepSeek has been adopted by many American technology companies and may face potential threats. 3. Precise pressure (controllable strike): The leaked document is a memorandum, not formal sanctions. Leaking a memo is a controllable way of exerting pressure. It can accurately strike Alibaba's stock price and reputation, without really causing a full-scale escalation of trade conflicts. This is a strategy that requires both negotiation and action. The United States attaches great importance to the development of AI and restricts China's development. If necessary, the United States may even release water to maintain the rapid development of AI, but at the same time, it must also suppress its only competitor. The world's top 3 AI rankings are OpenAI, Google, and Alibaba. The first two are closed source, open-source AI, and China has always been the top player. At the same time, many AI tools are also going global, so it is best to internationalize. Once China occupies the market, the share of high-tech companies in the United States will be affected. The message behind it is: 1. US assets: If the US stock market falls, the US government will find ways to rescue the market. 2. Chinese assets: If Chinese concept stocks (such as Alibaba) fall, the United States may even become a pressure actor, causing a setback in the financing difficulties of Chinese companies in the market. Who will be next? This incident undoubtedly sounded the alarm for all Chinese overseas technology companies: If even a company of Alibaba's size could be arbitrarily accused in a memo without sufficient evidence So, it means that all cloud computing in China AI、 Even overseas service companies could theoretically become the 'next card'. Restrictions and sanctions on AI technology have become geopolitical tools. Alibaba is just the protagonist today, but it's clearly not over. Alibaba, as the strongest AI in China, has a dynamic P/E ratio of less than 15, which is not very expensive. It is optimistic for a long time, and will fall back to 130 in the extreme case. In the long run, the market value of China's leading AI will catch up with that of ETH sooner or later.