Alibaba Group Holding and Tencent Holdings, China’s largest tech companies, have gained $66 billion in market value since May’s end, propelled by expectations of a gradual return to pre-crackdown growth and a litany of official promises to unshackle the private sector. Yet some investors warn the celebration may be premature.

For the first time since 2021, China’s technology leaders head into an earnings season with what appears to be the wind at their backs. They’re set to report their strongest growth rates in over a year.

Driven by a need to rejuvenate the word’s No. 2 economy, Xi Jinping has in recent months led party cadres and state media in proclaiming Beijing’s support for a trillion-dollar sector wracked by two years of unpredictable diktats. And in July, Beijing signaled it’s ready to unfetter the sector when it wrapped up a probe into Jack Ma-backed Ant Group.