硬AI·2025-09-25 02:18Core Viewpoint - Alibaba Cloud is expected to experience significant growth in data center capacity, with annual additions projected to exceed 3 GW from 2026 to 2032, which is comparable to the entire Chinese market's expected growth in 2025 [2][6][9]. Investment and Capacity Expansion - Morgan Stanley estimates that Alibaba Cloud will add over 3 GW of data center capacity annually from 2026 to 2032, equating to the total expected growth of the Chinese market in 2025 [2][6]. - UBS predicts that Alibaba Cloud's investment intensity and sustainability guidance exceed market expectations, estimating annual capital expenditures of 100 billion to 200 billion RMB due to the anticipated 1-2 GW annual capacity growth [4][9][10]. - The total data center capacity of Alibaba Cloud in 2022 was approximately 1.5 GW, with projections indicating a tenfold increase to 15 GW by 2032, necessitating an average annual net increase of at least 1-2 GW [9]. Market Implications - The anticipated growth in Alibaba Cloud's capacity and investment is expected to provide sustained growth momentum for data center operators and infrastructure suppliers [3][7]. - The report emphasizes that Alibaba Cloud's capital expenditures alone could support the growth of the data center industry for years to come [7]. - UBS's analysis suggests that the projected capital expenditures significantly surpass current market expectations, addressing concerns about the sustainability of AI capital expenditure cycles and the intensity of spending by large-scale vendors [10].