BABA(HK:09988) Sou Hu Cai Jing·2025-09-29 02:52Market Overview - US stock market showed positive performance last Friday, supported by controlled inflation data, which favors continued interest rate cuts by the Federal Reserve [2] - The three major US indices recorded gains at closing, with the US dollar retreating and the ten-year Treasury yield maintaining at 4.17% [2] - Gold prices remained strong, and oil prices also showed upward movement [2] - Hong Kong pre-market securities generally rose, indicating a likely higher opening for the market [2] - Mainland Chinese stock market declined last Friday, with the Shanghai Composite Index opening high but closing down by 0.7% [2] - Hong Kong stocks experienced a pullback due to a lack of new positive news, leading to profit-taking by investors, with the index briefly touching 26,000 points [2] - Overall market activity remained active, but the index is expected to fluctuate between 26,000 and 27,000 points in the short term [2] Industry Insights - Alibaba's CEO, Wu Yongming, stated that large models represent the next generation of operating systems, and AI Cloud is the next generation of computing [3] - Alibaba is actively promoting an investment of 380 billion RMB in AI infrastructure, with plans for further significant investments [3] - By 2032, the energy consumption of Alibaba Cloud's global data centers is expected to increase tenfold compared to 2022, indicating an exponential increase in computing power investment [3] - The transition to Super Artificial Intelligence (ASI) is seen as a certainty, with the ultimate goal being the development of self-iterating AI that can surpass human capabilities [3] - The path to ASI is divided into three stages: emergence of intelligence, autonomous action, and self-iteration [3] - Alibaba's Tongyi Qianwen team has launched Qwen3-Max, its largest and most capable model to date, which has shown exceptional potential in high-difficulty reasoning benchmark tests [3] - The market has responded positively to Alibaba's increased investment in AI infrastructure, positioning the company as a potential industry leader and enhancing its valuation [3]