Alibaba Tumbles, Extending Tech Selloff on Crackdown

The transcript discusses the uncertainties facing Internet companies in China due to potential regulatory actions, including curbs and fines. It highlights concerns about profitability and market expectations, with companies focusing on user acquisition for long-term growth. The lack of clarity from regulators makes it challenging to value these companies accurately, as ongoing uncertainties affect profit and sales projections.

How are Internet companies expected to invest in user acquisitions for long-term growth?

What is the significance of the question regarding the 'new normal' in terms of margins and profitability?