Cambricon(SH:688256) Zheng Quan Shi Bao·2025-09-01 03:04Core Viewpoint - Alibaba Cloud has denied rumors regarding a large-scale GPU purchase from Cambricon, clarifying that the reported acquisition of 150,000 units is false [1] Group 1: Financial Performance - Alibaba's Q1 FY2026 financial report shows a 10% year-on-year revenue growth, with a net profit increase of 76% [3] - Cloud computing revenue reached 33.4 billion RMB, marking a 26% year-on-year growth, significantly up from the previous quarter's 18% growth [3] - AI-related product revenue has seen triple-digit year-on-year growth for eight consecutive quarters [3] Group 2: Strategic Investments - Alibaba plans to invest 380 billion RMB over the next three years in AI and cloud infrastructure, averaging over 120 billion RMB annually [3] - The company is developing a new AI chip aimed at filling the gap left by NVIDIA in the Chinese market, currently in the testing phase [3] Group 3: Market Reaction - Following the strong financial performance and AI chip news, Alibaba's stock surged nearly 13% in the US market on August 29 [3] - The stock price in Hong Kong rose by over 18% in early trading on the same day [3][4] Group 4: Industry Implications - The geopolitical disruptions affecting overseas chip supply have not deterred Alibaba's commitment to AI infrastructure investment, indicating a steady progress in the self-sufficiency of domestic AI chips [4] - Analysts recommend focusing on domestic cloud vendors benefiting from AI demand-driven capital expenditures, particularly in AIDC, server and network equipment, and upstream switching chip manufacturers [4]