BABA(US:BABA) 硬AI·2025-10-24 12:40Core Viewpoint - Goldman Sachs predicts that Alibaba's capital expenditure will reach 460 billion yuan in the next few years, significantly higher than the company's previous target of 380 billion yuan, driven by the surge in AI inference demand [2][3]. Group 1: Capital Expenditure and AI Demand - The explosive growth in demand for AI will continue to drive capital expenditure (Capex) for cloud service providers in China [3][6]. - Goldman Sachs has raised its forecast for capital expenditure among leading Chinese cloud companies, expecting Alibaba's total capital expenditure from fiscal years 2026 to 2028 to reach 460 billion yuan [3][4]. - Despite improvements in technological efficiency, the demand for AI is growing exponentially, leading to continued expansion in capital expenditure [6][8]. Group 2: Strategic Differentiation Among Giants - Alibaba focuses on the enterprise-level AI market, leveraging its unique full-stack AI capabilities, while ByteDance is concentrating on consumer-level applications [3][8]. - Alibaba has launched new AI services, such as the Quark AI chatbot, to compete directly with ByteDance's "Doubao" and Tencent's "Yuanbao" [8]. - ByteDance's "Doubao" chatbot leads the consumer market in daily token consumption, indicating its commitment to exploring consumer-facing AI applications [8]. Group 3: Multi-modal Models and Commercialization - Chinese multi-modal models are gaining traction in the global market, with competitive advantages in open-source, low pricing, and high speed [10]. - Alibaba's Qwen model is being utilized by global companies, such as Airbnb, for customer service, showcasing the international recognition of Chinese open-source AI models [10]. - The commercialization of consumer-level AI applications in China is evolving, with both Alibaba and ByteDance integrating e-commerce functionalities into their AI offerings [10].