高盛点评“中国AI大厂之战”：阿里 vs 腾讯 vs 字节

| | | lıtl ByteDance | Tencent | | --- | --- | --- | --- | | | Alibaba | ByteDance | Tencent | | Infrastructure layer | - | VolcanoEngine | | | | Alibaba Cloud | | | | Large model public cloud market share (IDC) | 27.0% | 49.2% | NA | | Al cloud services market share (Omdia) | 35.8% | 14.8% | 7.0% | | FY26E Cloud Revenue (Rmb mn) | 156,388 | NA | 54,746 | | FY26E Cloud Revenue growth % | 33% | NA | 30% | | Capex over next 3 years (Rmb bn, GSe) | 460 | 612 | 346 | | Model layer | | DOUBAO | | | | Open-source ...