阿里CEO吴泳铭：至少三年内，AI泡沫是不太存在的

Core Insights - Alibaba's flash purchase business is expected to significantly reduce its overall investment in the next quarter, indicating a strategic shift towards improving unit economics and profitability [1][2] - The CEO of Alibaba, Wu Yongming, stated that the AI demand remains strong and that the AI bubble is unlikely to exist for at least the next three years, as supply chain expansions are driven by high demand [4][5] Financial Performance - Alibaba's China e-commerce group's adjusted EBITA fell by 76% year-on-year to 10.497 billion yuan, a decrease of 33.83 billion yuan, primarily due to heavy investments in flash purchases and user experience [1] - The flash purchase business incurred losses exceeding 30 billion yuan in the third quarter, but excluding these losses, the e-commerce group's EBITA showed a modest year-on-year growth in the single digits [1] Strategic Focus - The CEO of Alibaba's China e-commerce division, Jiang Fan, highlighted that the unit economics of instant retail have significantly improved, achieving a 50% reduction in per-order losses compared to July and August [2] - Flash purchases are considered a core strategy for the Taotian platform upgrade, with rapid scale expansion and unit economics optimization laying a foundation for sustainable growth in the delivery business [2] AI Demand and Supply Chain - Wu Yongming emphasized that the demand for AI remains robust, with shortages in global storage manufacturers, CPUs, and AI servers, indicating a production expansion cycle driven by AI demand [4][5] - The company plans to accelerate its supply chain and data center pace in response to current and future AI demand, suggesting that previous infrastructure investment plans may need to be increased [5]