Chairman Jack Ma (Kin Cheung / AP Photo)

Shares of Alibaba, the Chinese e-commerce and mobile pay company, are up 85% this year, catapulting it alongside the big U.S.-based tech icons as a global juggernaut.

  • Led by its charismatic founder, Jack Ma, Alibaba is now worth $392 billion, moving up on Amazon, whose market value is about $475 billion and share price is up about 27% this year. Alibaba shares rose 2.7% on Thursday alone.
  • It's not quite Amazon: Alibaba commands an estimated three-quarters of on-line sales in China, but its $7.4 billion in second-quarter revenue was dwarfed by Amazon, which reported $38 billion, five times as much.
  • But why it still matters: Alibaba's quarterly revenue, reported Thursday, was up 56%, and profit increased by 94% — to $2.17 billion — from a year ago. Alibaba has more than 500 million monthly active users for its online shopping apps, per the NYT, 42% more than the entire U.S. population. Similar to Amazon chief Jeff Bezos, Ma is enormously ambitious, pushing into competition, for instance, with Amazon, Microsoft and Google for business in cloud services.

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New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.

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A D.C. appeals court on Friday allowed House Democrats to continue their case for testimony from former White House counsel Don McGahn before the House Judiciary Committee.

Why it matters: The ruling has broader implications beyond this specific instance, agreeing that Congress has the standing to sue to enforce subpoenas against executive branch officials even if the White House refuses to comply.

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Illustration: Aïda Amer/Axios

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The big picture: Much of what D.C. fears about TikTok is fear itself, and that's reflected in President Trump's executive order to ban the app by Sept. 20 if it's not sold by parent company ByteDance — alongside another focused on Chinese messaging app WeChat and its parent company Tencent.