BABA(US:BABA) 华尔街见闻·2025-09-25 04:09Core Viewpoint - Alibaba Group's CEO, Wu Yongming, announced that the ultimate goal is to achieve Super Artificial Intelligence (ASI), which can self-iterate and surpass human capabilities, positioning General Artificial Intelligence (AGI) as just the starting point [1][2]. Group 1: AI Strategy and Investment - Alibaba is committed to two main paths: open-sourcing Tongyi Qianwen to create "the Android of the AI era" and building a Super AI Cloud as the "next-generation computer" [2]. - The company is advancing a three-year plan to invest 380 billion RMB in AI infrastructure, with ongoing additional investments [3]. - This strategic shift is seen as a critical validation point for the capital market, where the focus is on the business turning point that can ignite investor enthusiasm [4]. Group 2: Market Performance and Transformation - Over the past two years, Alibaba has transformed from a struggling tech giant to a leading player, with its stock price increasing by over 200% due to a clear AI strategy and decisive execution [5][6]. - Wu Yongming's leadership marked a return to a technology-driven focus, addressing previous challenges and signaling a strategic pivot back to the company's foundational principles [8]. Group 3: AI Infrastructure and Development - Wu Yongming's revival plan includes two core actions: improving business health by addressing past issues and building a "full-stack AI" system to secure future advantages [13]. - The "public cloud first" strategy aims to streamline operations by focusing on core public cloud products, leading to a significant increase in revenue quality and profitability [14][15]. - Alibaba's cloud revenue growth has surged from single digits to 26% in the latest quarter, exceeding market expectations [15][17]. Group 4: Full-Stack AI and Applications - The full-stack AI approach aims to create a unique soft and hard integration moat in China, with a focus on comprehensive technology offerings [18]. - The foundational layer consists of robust AI infrastructure and self-developed chips, with a planned investment of over 380 billion RMB for AI hardware and cloud infrastructure over three years [20]. - The Tongyi model family has rapidly evolved, with over 300 open-source models, making it the largest open-source model family globally [24]. Group 5: Financial Performance and Market Leadership - Alibaba Cloud's quarterly revenue has shown a "V-shaped reversal," with a 26% year-on-year growth, marking a significant recovery from previous low growth rates [31]. - AI-related revenue has consistently grown by triple digits for eight consecutive quarters, accounting for over 20% of external commercial revenue [31]. - Reports indicate that Alibaba Cloud holds a 35.8% market share in China's AI cloud market, significantly outpacing competitors [31][32]. Group 6: Market Reaction and Future Outlook - Since Wu Yongming's appointment, Alibaba's stock price has rebounded from approximately $68 to over $165, reflecting strong market confidence [34]. - Major investment banks have raised their target prices for Alibaba, citing its full-stack AI products and robust computing demand as key factors [35]. - The capital market has shown strong support for Alibaba's AI-driven revival, positioning the company as a central player in China's AI technology narrative [36][38].