瑞银：阿里巴巴路演要点-投资者正将关注点从核心商业转向阿里云业务

First Read Alibaba Group NDR takeaways: investors shifting focus to cloud from TTG We hosted a post-result NDR on Alibaba with investors. Key areas discussed below are arranged in order of investors' interest. Global Research ab 17 March 2025 AIiCloud: Growth outlook, monetization scenario & margin Growth: Management sees capacity as the key constraint on strong growth. With a lower inferencing cost and requirement for chips, management believes AI is now more affordable and sees growth opportunities from t ...