为什么说阿里巴巴正转身“AI科技公司”

Core Viewpoint - Alibaba is undergoing a significant transformation into an AI-driven technology company, moving beyond its original e-commerce model, which may lead to a new valuation wave in the market [2][4]. Group 1: Financial Performance and Investment - In the first fiscal quarter of 2026, Alibaba's capital expenditure (Capex) reached 38.6 billion yuan, a year-on-year increase of 220% and a quarter-on-quarter increase of 57.1%, marking a historical high for a single quarter [3]. - Alibaba Cloud's revenue growth accelerated from 18% in the previous quarter to 26%, achieving the highest growth rate in 14 quarters since 2022 [4]. - Over the past four quarters, Alibaba has invested over 100 billion yuan in AI infrastructure and product development, with a commitment to invest 380 billion yuan over the next three years, surpassing the total investment of the past decade [4][5]. Group 2: AI Strategy and Implementation - Alibaba's AI-related products have seen triple-digit year-on-year growth for eight consecutive quarters, with AI revenue now accounting for over 20% of external commercial revenue [4]. - The company is focusing on building a full-stack AI capability, investing in AI infrastructure, large models, and applications, positioning itself alongside global tech leaders like Google [5]. - Alibaba's CEO emphasized that AI technology will drive significant changes across all industries, and the integration of AI with cloud computing represents the largest industry opportunity in the next decade [4][6]. Group 3: Business Model Evolution - Alibaba is transforming its core e-commerce business into a comprehensive consumer platform, aiming to meet the one-stop needs of 1 billion consumers in the AI era [4][6]. - The company has initiated a comprehensive AI transformation across its existing businesses, with performance evaluations in 2025 focusing on how AI can drive growth [7][9]. - Alibaba's recent restructuring of its business segments into four groups reflects a clearer focus on AI-driven operational efficiency and the potential emergence of AI applications as super applications in the market [9].