Son nevertheless sounded an optimistic note today. Even as it sells some Alibaba shares (paywall), the Japanese firm will retain a large stake in Alibaba and Son told investors he’s confident there are one or two “mini-Alibabas” in the firm’s current portfolio, which includes a stake in China’s ByteDance, the world’s most valuable private tech firm with a valuation over $100 billion.

📬 Sign up for the Daily Brief

Our free, fast, and fun briefing on the global economy, delivered every weekday morning.