为什么投资人不担心阿里云有泡沫？

Core Viewpoint - Alibaba has committed to investing at least 380 billion yuan in AI infrastructure over the next three years, which has significantly boosted its market value and stock price [1][2][11]. Investment and Market Response - Alibaba's market capitalization doubled from approximately 1.5 trillion HKD at the beginning of the year to 3.32 trillion HKD, driven by strategic announcements related to AI investments [2][11]. - The announcement of the 380 billion yuan investment led to a 35% increase in Alibaba's stock price within ten trading days [2]. - Following the Q2 earnings call, where Alibaba's cloud performance exceeded expectations, the stock surged by 13.5% overnight [2]. - The recent Cloud Summit saw Alibaba's stock rise by 9.16%, adding nearly 300 billion HKD to its market value in a single trading day [11]. AI Investment Logic - The current investment logic in the capital market favors companies making substantial AI capital expenditures, as investors prefer to invest in AI rather than miss out on potential gains [4][7]. - Despite concerns about AI investment returns, the enthusiasm for AI Capex continues to drive Alibaba's market value [5][9]. AI Infrastructure and Future Goals - Alibaba's CEO, Wu Yongming, outlined a three-phase path towards achieving Artificial Superintelligence (ASI), emphasizing the need for significant infrastructure investment [10][11]. - The company plans to enhance its global data center energy consumption by tenfold by 2032 compared to 2022 levels, indicating a long-term commitment to AI infrastructure [11]. - Alibaba aims to position itself as a full-stack AI service provider, with a focus on open-source models and a robust AI cloud computing platform [10][11]. Industry Context and Competition - The AI industry is experiencing a surge in capital investment, with projections of 2.9 trillion USD in infrastructure spending from 2023 to 2028 [12]. - The Cloud Summit showcased a shift towards Alibaba's own products and models, moving away from previous focuses on external AI models like ChatGPT [14]. - The competitive landscape emphasizes the importance of unique core competencies beyond just capital expenditure, as companies seek to attract smart money [12][19].