BABA(US:BABA) 日经中文网·2025-09-02 08:00Core Viewpoint - Alibaba is significantly increasing its investment in artificial intelligence (AI) and cloud computing, aiming to establish AI as a major growth pillar alongside its e-commerce business [2][4][6]. Investment and Financial Performance - Alibaba's capital expenditure for the period of April to June 2025 has surged to 386 billion yuan, which is 3.2 times higher than the same period last year [6]. - In comparison, Tencent's capital expenditure during the same period was 191 billion yuan, which is 2.2 times its previous year's spending, indicating that Alibaba's investment is double that of Tencent [6]. - Alibaba's sales revenue for the same period grew by 2% to 247.6 billion yuan, while net profit increased by 78% to 43.1 billion yuan [4]. Cloud Business Growth - The growth of Alibaba's cloud business is primarily driven by generative AI, with the "Tongyi Qianwen" series being widely adopted and downloaded over 400 million times [6]. - The company plans to invest 380 billion yuan over three years to strengthen its AI and cloud business [6]. - Alibaba aims to maintain a growth rate above the industry average and expand its market share in the cloud computing sector [6]. AI Development and Market Strategy - Alibaba is developing its own AI chips to reduce reliance on U.S. suppliers like Nvidia, especially in light of export controls [7]. - The Chinese government is promoting the integration of AI across various sectors, which presents growth opportunities for private enterprises like Alibaba [7]. Competitive Landscape - Alibaba's stock price has increased by over 60% since the end of 2024, but its total market value remains only 40% of its peak and is half that of Tencent [9]. - The e-commerce sector, a major profit source for Alibaba, faces intense competition, particularly from JD.com, which is expanding into food delivery and quick delivery services [9]. - To counter competition, Alibaba plans to invest 50 billion yuan in its e-commerce sector over the next year, which may increase promotional expenses and compress profits [9]. Dual Strategy - Alibaba is navigating a dual strategy of pursuing growth through AI and cloud services while simultaneously working to improve profitability in its e-commerce business [9].