Feeling uneasy about some of the recent tech rallies, especially BABA

It's hard to ignore the move in $BABA today, up over 11% and hitting highs around $109.82. While I get that there's always a narrative for these surges, sometimes I just look at the charts and think about the fundamentals vs. the hype. Are we seeing genuine shifts, or just a lot of hot money chasing the latest news cycle without much substance underneath? I'm curious to hear what others are seeing – am I being too bearish, or is anyone else a bit wary about the sustainability here?