Tmall will open Double 11 presales on Oct. 15, sharpening the retail test. AI cloud earnings are accelerating, while infrastructure and quick-commerce spending weighs on returns. Can holiday demand validate the investment cycle?Tmall will open Double 11 presales on Oct. 15, sharpening the retail test. AI cloud earnings are accelerating, while infrastructure and quick-commerce spending weighs on returns. Can holiday demand validate the investment cycle?