高盛：中国互联网巨头季报看点，AI云的增长有多快？外卖的拖累有多大？

Core Viewpoint - Goldman Sachs predicts a significant acceleration in AI cloud business growth in Q2, driven by surging demand for AI inference and rapid development of AI applications, while competition in the food delivery sector is expected to lead to a substantial decline in platform profits [1][3][4]. Group 1: AI Cloud Business Growth - The AI cloud business of Chinese internet giants is expected to see a notable acceleration in growth during Q2, with Alibaba Cloud's revenue growth forecasted to increase from 18% in Q1 to 23% in Q2 [5][6]. - Despite being lower than Google Cloud's 32% and Microsoft Azure's 39% growth rates, this increase indicates a positive trend driven by the surge in AI inference demand [6]. - In June, ByteDance's daily token processing reached 15 trillion, while Alibaba's was around 4-5 trillion, highlighting the rapid growth in AI inference demand [6][7]. Group 2: Impact of Food Delivery Competition - Intense competition in the food delivery market is significantly impacting the performance of transaction platforms [8]. - As a result, Alibaba's EBITA is expected to decline by 16% year-on-year, while Meituan and JD's EBIT are projected to drop by 58% and 70%, respectively [9]. - Goldman Sachs estimates that Alibaba's food delivery business incurred losses of 11 billion yuan in Q2, which is expected to expand to 19 billion yuan in Q3 [9]. Group 3: Performance Disparities Among Companies - The report anticipates a divergence in performance among major platforms, with gaming and ride-hailing sectors expected to show resilience [11]. - Tencent is projected to report a revenue growth of 11% in Q2, with adjusted EBIT growth of 15%, driven by strong performance in its gaming segment [11][12]. - Meituan is expected to see a revenue increase of 16%, but its adjusted EBIT is forecasted to plummet by 58% due to intensified competition in food delivery [12]. - JD is also expected to grow revenue by 16%, but its adjusted EBIT is anticipated to decline by 70% [12].