(v) This author is a registered US equity research analyst who is subject to US FINRA Rule 2241 and who may write debt research under FINRA Rule 2242. Please see analyst certifications and important disclosures beginning on page 22. Completed: 24-Sep-25, 22:15 GMT Released: 25-Sep-25, 04:00 GMT Restricted - External SIGNATURE Equity Research 25 September 2025 Equity Strategy Lost My Chain-of-Thought: Could the AI narrative stumble? We remain constructive on AI as an investment theme, but explore some 'what- ...

摩根士丹利基于对阿里巴巴云计算业务增长预期的上调，将阿里巴巴目标价从165美元上调至200美元，维持 “增持” 评级。分析师在报告中表示，“在云栖大会之后，我们对阿里云的前景愈发看好”。鉴于云计算业务增长加速及核心业务持续增长，将阿里巴巴2026年和2027年的营收预期上调 1%-2%。 ...

来源：环球市场播报 受资本支出增加、模型升级、战略合作伙伴关系拓展及国际扩张加速推动，摩根士丹利基于对阿里巴巴 云计算业务增长预期的上调，提高了其美国存托凭证（ADR）的目标价。摩根士丹利将阿里巴巴 ADR 目标价从 165 美元上调至 200 美元，维持 "增持" 评级。包括Gary Yu在内的分析师在报告中表示："在 云栖大会之后，我们对阿里云的前景愈发看好"。鉴于云计算业务增长加速及核心业务持续增长，将阿 里巴巴 2026 年和 2027 年的营收预期上调 1%-2%。 ...

Key Points Amazon is a leader in online shopping, but its cloud segment, Amazon Web Services, has been the star of the show. AWS gives the business a strong position as companies look to leverage artificial intelligence tools. Looking ahead, AWS will continue to drive revenue and profit growth. These 10 stocks could mint the next wave of millionaires › In the past decade, Amazon (NASDAQ: AMZN) shares have risen by 714% (as of Sept. 25). It's hard not to be pleased with that kind of return, which p ...

Core Argument - The current data center buildout and artificial intelligence (AI) developments are not analogous to the dot-com bubble, as the companies involved are capable of managing large capital projects effectively [1][2][3] Industry Insights - AI is seen as a transformative technology that has potential applications beyond current capabilities, with significant investments being made by major companies like Nvidia, Microsoft, and OpenAI [1][2] - Walmart's CEO has stated that AI will fundamentally change every job, although tangible changes in customer experience have yet to be observed [1] - The AI infrastructure buildout is compared to the historical internet buildout, with CoreWeave being highlighted as a key player in the current landscape [2][3] Company Analysis - CoreWeave is positioned as a leading AI cloud computing company, utilizing substantial debt to build and maintain data centers, similar to companies during the dot-com era [2][3] - Nvidia's investment in OpenAI is viewed as a strategic move to enhance its market position, with expectations of a high valuation for OpenAI in the future [2][3] - Oracle is identified as a significant competitor to CoreWeave in the data center space, with both companies needing to secure funding to support their operations [3]

Core Viewpoint - Alibaba's stock has experienced a significant recovery, rising 44% in the last month and doubling year-to-date, driven by its investments in AI and cloud computing, despite modest overall growth in revenue [2][4]. Group 1: Stock Performance - Alibaba's stock was previously underperforming, trading below $100 for nearly three years, but has now surged due to a combination of factors [1][2]. - The stock has increased by 110% year-to-date, indicating a strong recovery and investor interest [2]. Group 2: Growth Drivers - The company's strategic focus on artificial intelligence and cloud computing has been pivotal in its stock rally, with a notable investment plan of at least $52 billion over the next three years [4][5]. - Alibaba reported a 26% growth in its cloud intelligence group and triple-digit growth in AI-related product revenue for eight consecutive quarters, showcasing the effectiveness of its AI strategy [6]. Group 3: Recent Developments - CEO Eddie Wu's announcement of increased AI spending and a partnership with Nvidia has further fueled investor confidence [7]. - The launch of the new large language model, Qwen3-Max, with over 1 trillion parameters, highlights Alibaba's commitment to advancing its AI capabilities [8].

Group 1 - The artificial intelligence (AI) revolution is driving investor interest in technologies that could lead to significant growth, with notable beneficiaries being GPU designers like Nvidia, software platforms like Palantir Technologies, and cloud infrastructure providers like Oracle [2] - Attention is increasingly shifting towards emerging applications, particularly quantum computing, which is seen as a frontier technology capable of solving complex problems beyond the capabilities of current supercomputers [3] - D-Wave Quantum has emerged as a key player in the quantum AI space, with its stock rising 216% this year, significantly outperforming major indices and tech companies [4] Group 2 - The rapid rise of D-Wave Quantum has sparked debate about whether it represents a transformational opportunity or a potential bubble, as quantum computing stocks begin to outpace traditional AI leaders [5] - Despite the excitement surrounding quantum AI, its practical utility remains limited, with the technology still largely in the research and development phase rather than achieving commercial success [6] - D-Wave Quantum generated only $22 million in revenue over the past year, with most sales occurring in a single quarter, indicating that market demand for quantum AI services is still inconsistent and sporadic [7]

Group 1 - Investors are witnessing a significant ramp-up in artificial intelligence (AI) capital spending, with major companies like OpenAI, Oracle, and SoftBank announcing new U.S. data center sites under the Stargate program, targeting nearly 7 gigawatts of capacity and over $400 billion in investments over the next three years [1] - CoreWeave disclosed a multibillion-dollar contract with OpenAI, indicating a strong spending backdrop that is creating potential investment opportunities in the AI sector [2] - CoreWeave and Oracle are identified as direct beneficiaries of the rising demand for AI infrastructure, with CoreWeave being a pure-play AI cloud company and Oracle providing a scaled enterprise platform with high demand for its cloud infrastructure [3] Group 2 - CoreWeave's revenue surged to approximately $1.21 billion in Q2 2025, up from $395 million a year ago, with a reported revenue backlog of $30.1 billion and significant wins across AI labs and enterprises [5] - CoreWeave's contracts with OpenAI have expanded significantly, with a total contract value of roughly $22.4 billion for 2025, indicating strong demand visibility if deployments proceed as planned [6] - Despite strong adjusted EBITDA, CoreWeave remains unprofitable on a GAAP basis, reporting a net loss of about $291 million in Q2, highlighting the gap between GAAP losses and non-GAAP profitability [7] Group 3 - Customer concentration risk exists for CoreWeave, as OpenAI constitutes a growing portion of its backlog, and the company's buildout requires substantial ongoing capital [8] - Both CoreWeave and Oracle present interesting opportunities for small positions, but their valuations and concentration risks warrant caution [9]

Core Insights - The demand for computing power in the AI cloud sector is surging, with Alibaba Cloud's executives claiming that global data center energy consumption will increase tenfold by 2032 compared to 2022 [1][3] - Kingsoft Cloud announced a fundraising of HKD 2.7 billion to invest in its AI business, but its stock price fell, indicating market skepticism despite the growth in revenue [3][5] Company Performance - Kingsoft Cloud's revenue grew by 17.8% year-on-year in the first half of 2025, with AI business revenue skyrocketing by 120% to CNY 729 million, accounting for nearly 40% of public cloud revenue [3][5][10] - Despite revenue growth, Kingsoft Cloud has not turned a profit since its establishment in 2012, accumulating losses of CNY 8.4 billion from 2021 to 2024, with a loss of CNY 770 million in the first half of 2025, which is an increase of 7.81% year-on-year [5][6] Financial Structure - Kingsoft Cloud's reliance on external financing is increasing, with a debt ratio rising from 68.7% to 71.6% [5][6] - The company recently raised over HKD 2 billion in April 2025 and is now seeking an additional HKD 2.7 billion, raising concerns about its cash flow sustainability [6] Strategic Partnerships - Kingsoft Cloud has a strategic partnership with Xiaomi, being the only cloud platform in Xiaomi's ecosystem, which provides a stable demand for its services, particularly in smart driving and AIoT devices [8][10] - The revenue from Xiaomi and Kingsoft's ecosystem reached CNY 630 million in Q2 2025, a year-on-year increase of 69.5%, representing 26.8% of total revenue [10] Market Positioning - Kingsoft Cloud's strategy focuses on deepening its ecosystem rather than competing directly with larger players like Alibaba and Tencent, which allows it to avoid homogenized competition [12][16] - The company is leveraging its partnerships to create a stable customer base and test its technology in various verticals, which is crucial for long-term growth [12][16] Long-term Outlook - The long-term value of Kingsoft Cloud will depend on its ability to monetize its ecosystem and convert enterprise clients from WPS into AI cloud users [14] - The successful implementation of new technologies, such as the ninth-generation cloud server and data management platform, is essential for sustaining growth and mitigating losses [14][16]

Summary of Key Points from the Conference Call Industry or Company Involved - The discussion primarily revolves around the **artificial intelligence (AI)** industry, particularly focusing on **Nvidia** and **OpenAI** partnerships, as well as implications for the broader tech sector. Core Points and Arguments 1. **Nvidia's Investment in OpenAI**: Nvidia announced plans to invest up to **$100 billion** in OpenAI to expand data-center capacity, which could be the largest investment in a private company if fully committed [78] 2. **AI Infrastructure Deployment**: The partnership between Nvidia and OpenAI is described as "the biggest AI infrastructure deployment in history," with OpenAI set to purchase up to **5 million** of Nvidia's graphic processing units [78] 3. **Stock Market Reactions**: Following the news of Nvidia's investment, stock markets rose, indicating positive investor sentiment towards AI advancements and Nvidia's earnings, which grew by **46%** year-on-year [87] 4. **Alibaba's AI Strategy**: Alibaba's share price reached a four-year high after announcing a partnership with Nvidia and forecasting increased investment in AI infrastructure, contributing to a **40%** rise in Hong Kong's Hang Seng TECH Index in 2025 [79] 5. **Apple's Market Position**: Despite lagging in the AI race, Apple's focus on core products has resulted in a stock jump, driven by strong demand for new devices [88] 6. **Pfizer's Acquisition**: Pfizer's agreement to buy Metsera for up to **$7.3 billion** marks a significant move into the weight-loss drug market, showcasing the pharmaceutical industry's ongoing consolidation [82] 7. **Porsche's Profit Warning**: Porsche announced a **€5.1 billion ($6 billion)** hit to operating profit due to market conditions, indicating challenges in the automotive sector, particularly in transitioning to electric vehicles [83] Other Important but Possibly Overlooked Content 1. **AI Security Concerns**: The discussion highlighted the inherent security issues with large language models (LLMs), emphasizing the need for better engineering practices to mitigate risks associated with AI systems [132][134] 2. **Global Talent Competition**: The race for top talent in AI and tech sectors is intensifying, with firms competing aggressively for skilled individuals, reflecting a broader trend of talent concentration among elite performers [104][106] 3. **Economic Context in Britain**: The UK economy is facing challenges, with high inflation and public sentiment indicating mismanagement, yet it is not in recession, showcasing a complex economic landscape [143][144] This summary encapsulates the key discussions and insights from the conference call, focusing on the AI industry's developments, market reactions, and broader economic implications.