寒武纪大跌

Core Viewpoint - The article highlights the strong performance of the A-share and Hong Kong stock markets, particularly focusing on the significant rise of Alibaba's stock following its quarterly earnings report, which exceeded market expectations and showcased robust growth in AI-related revenues [2][8][10]. Market Performance - On September 1, A-shares opened high with all three major indices rising, particularly the ChiNext Index which surged over 1% [2]. - The sectors that performed well included non-ferrous metals, semiconductor chips, and pharmaceuticals, while insurance, aerospace, military industry, and brokerage sectors experienced fluctuations [4]. Alibaba's Earnings Report - Alibaba's Q1 FY2026 revenue reached 247.65 billion yuan, a 2% year-on-year increase, with a 10% growth when excluding the impact of divested businesses [10]. - The net profit for the quarter was 42.38 billion yuan, marking a 76% increase, surpassing market expectations [10]. - Alibaba's cloud business reported a 26% year-on-year revenue growth to 33.40 billion yuan, with AI contributing over 20% to external commercialization revenue [11]. AI Investment and Market Reaction - Alibaba has invested over 100 billion yuan in AI infrastructure and product development over the past four quarters, with plans to continue investing 380 billion yuan over the next three years [11]. - Following the earnings report, stocks related to AI and Alibaba surged, with companies like Bojie Co., Sanjiang Shopping, and Dataport hitting their daily limit [11]. Semiconductor Sector Performance - The semiconductor sector showed strong performance, with stocks like Liyang Chip and Allwinner Technology seeing significant gains, with Liyang Chip hitting a 20% limit up [13][15]. - Hong Kong's semiconductor stocks also performed well, with SMIC rising over 5% in early trading [15]. Cold Chain and AI Chip Market Insights - Reports indicated that Alibaba Cloud supports a domestic supply chain for AI chips, but rumors about a large GPU purchase from Cambrian Technology were deemed inaccurate [18]. - Goldman Sachs raised Cambrian's target price to 2,104 yuan, citing strong Q2 performance and increased AI chip shipments as reasons for the positive outlook [18].