The company missed Q2 earnings estimates with a 71% profit plunge and negative free cash flow, driven by aggressive discounts to defend market share and heavy investments in AI and quick commerce. Despite a 15% revenue growth, margins were crushed. The stock is up 85.5% year-to-date but fell 12.2% recently. The Pentagon suggested the company should be added to a list of firms aiding China's military, creating a short-term overhang. However, its AI push is showing growth, with new consumer hardware launches and cloud acceleration.