财富FORTUNE·2026-01-30 04:49Core Viewpoint - Alibaba has completed a crucial piece in its AI strategy with the launch of the "Zhenwu 810E" chip, marking its full-stack self-research capability in AI, encompassing AI models, cloud computing, and core hardware [1][3]. Group 1: AI Chip Development - The "Zhenwu 810E" chip is a high-end AI chip developed entirely by Alibaba, which has already been validated in real-world applications, serving over 400 external clients including State Grid and Xiaopeng Motors [1]. - This chip signifies Alibaba's position among a select few companies globally that possess a complete self-research capability in AI, integrating AI models, computing platforms, and core hardware [3]. Group 2: Competitive Advantage - Alibaba's full-stack capability allows for significant cost advantages by eliminating supplier premiums across various segments such as computing power, networks, models, and software stacks, leading to lower marginal costs and higher iteration speeds [3][4]. - The importance of cost in AI competition is highlighted, with investors noting that companies with full-stack capabilities, like Google, have a unique edge in the market [4]. Group 3: Sustainability and Risk Management - Full-stack capabilities also imply sustainability; reliance on external resources can amplify systemic risks, while having controllable alternatives in key areas mitigates these risks [4]. - Alibaba's approach is increasingly resembling Google's, with both companies building comprehensive technology ecosystems, although their ecological positions differ [4][5]. Group 4: Distinct Market Position - Despite structural similarities, Alibaba is unlikely to become a second Google; it has its own strengths in integrating mature technologies into complex business systems, focusing on efficiency and cost reduction [5][6]. - Google has established itself as a rule-maker in the AI industry over the past two decades, while Alibaba's strength lies in embedding AI deeply within Chinese commercial scenarios rather than becoming a global knowledge processing standard [6][7]. Group 5: Future Outlook - Alibaba is evolving into a different type of AI giant, potentially serving as the intelligent infrastructure for China's commercial ecosystem, aligning with the country's economic structure [9].