JPMorgan Chase released a report stating that Alibaba's HK$80 billion (approximately US$10.3 billion) placement completed on August 24 triggered market concerns about the economics of its AI capital expenditure, but the bank believes the market reaction was severely overdone. On August 25, the day after Alibaba's share placement, Hong Kong stocks plunged 8.5%. JPMorgan Chase estimated that only about 0.3% of this could be attributed to the placement discount itself, and the abnormal repricing borne by existing shareholders amounted to approximately US$19 billion, twice the amount raised. JPMorgan Chase maintained its "Overweight" rating on Alibaba, Tencent, and Baidu, and recommended investors buy Alibaba shares before the September quarterly earnings release. The report also analyzed that Alibaba has the largest structural funding gap, Tencent can largely self-fund, and Baidu has the weakest internal financing capability, with the three companies having different financing paths to cope with AI capital expenditure.