阿里巴巴：过去4个季度在AI+云基础设施的资本开支约1200亿元人民币

Core Insights - Alibaba's core business revenue continues to show strong growth, with AI revenue increasing its share in external cloud commercialization [1] - Customer management revenue has grown by 10% year-on-year [1] - The company is investing profits and free cash flow into future initiatives, anticipating short-term fluctuations in profitability [1] - Over the past four quarters, Alibaba's capital expenditure on AI and cloud infrastructure has reached approximately 120 billion RMB [1]