“短期内没人会说估值过高！”，投资者热议“阿里FOMO”

Group 1 - Alibaba's market capitalization surged by $250 billion this year, driven by the AI boom, leading to a growing "fear of missing out" (FOMO) among investors, although fund managers believe there is still room for further stock price increases [2] - Alibaba's stock price recently rose 1.7%, reaching its highest level since August 2021, yet it remains over 65% lower than its historical peak, while major US tech stocks are nearing their highs [2] - Investors find Alibaba's valuation attractive and believe that the low allocation by global funds leaves room for continued stock price growth [2] Group 2 - Alibaba's CEO announced plans to expand the previously set $53 billion AI investment budget over the next three years, contrasting with the $344 billion expected investment by the top four US cloud service providers this year for AI data center construction [3] - The AI transformation strategy is showing results, with Alibaba Cloud achieving a 26% revenue growth in the latest quarter, making it the fastest-growing business unit within the group [4] - Alibaba is one of the few Chinese companies with leading capabilities in large language models, AI chip acquisition, cloud infrastructure experience, and a data-rich core business [4] Group 3 - Alibaba's current expected price-to-earnings (P/E) ratio in the Hong Kong market is approximately 22 times, which is double its three-year average but in line with the Hang Seng Tech Index and significantly lower than its historical peak of nearly 29 times [6] - Compared to global large-cap tech stocks, Alibaba's valuation appears more moderate, with its current P/E ratio being much lower than that of Amazon and Microsoft [6] - International funds remain underweight in Alibaba by 1.3% compared to the MSCI China Index, with some foreign fund managers, like Cathie Wood, recently re-entering Alibaba's American Depositary Receipts for the first time in four years [6]