Under the impact of the epidemic, the cloud computing market is expanding rapidly. According to data released by China's e-commerce giant Alibaba on August 20, revenue and profit for the quarter ended June 30 were higher than expected, and the company’s core business and cloud computing businesses continued to grow. Among them, commercial business increased by 34% year-on-year and has fully recovered to the pre-epidemic level. Alibaba's cloud computing revenue has increased by 59% year on year, and the company's stock has soared by 23% this year, Alibaba Group Chief Financial Officer Wu Wei emphasized in a statement. Alibaba's cloud computing business hit a new high in the first quarter of fiscal 2020 (the quarter ending June 30, 2019), with revenue up 66% to 7.787 billion yuan in the latest quarter. Benefiting from cloud computing and strong growth in China's retail market, Alibaba's overall revenue increased by 42% year on year to 114.9 billion yuan. Alibaba's market value jumped US$23.8 billion in two trading days after the release of the quarterly report. Its latest market value stands at US$454.6 billion, making it the most valuable company in Asia. It should be noted that Alibaba's cloud services business is now the world's third largest, after Amazon and Microsoft. In 2019, Amazon Cloud Services (AWS) generated revenue of US$35 billion and profits of US$9.2 billion, accounting for 63% of Amazon's overall annual profits. Microsoft's Intelligent Cloud business, which includes Azure Public Cloud services, GitHub, Windows Server, SQL Server, and Enterprise services, had revenue of US$13.37 billion, up 17% from a year earlier.