The weak economy and impending U.S. technology sanctions could negatively impact Alibaba's business operations and future growth. The potential espionage concerns at its European logistics hub could also harm its reputation and customer trust. The company's heavy reliance on star influencers in its live commerce model is posing risks, as seen with the backlash faced by influencer Austin Li Jiaqi. Despite these challenges, Alibaba's stock traded higher, indicating investor confidence.