Goldman Sachs' August 6 bombshell report exposes China's internet giants facing their biggest profit crisis since Q2 2022, with sector-wide earnings down 10% while AI cloud services surge 23%. The Big Three—Alibaba, Meituan, JD—are hemorrhaging profits (16%-70% decline) as they pour 30B+ yuan into instant delivery warfare. Tencent emerges victorious with 15% profit growth fueled by Delta Force's 9B yuan blockbuster and AI innovations. Market dynamics shift from duopoly dominance to three-way battle as competition intensity peaks in September quarter.