Nebius is working to bring more data center capacity online, which should eventually allow it to win more business and sustain strong revenue growth levels. Even before Nebius announced the Microsoft contract, it was on track to secure more than 1 gigawatt (GW) of contracted data center capacity by the end of 2026.What's more, investors can expect Nebius to land more such contracts. Due to a shortage of cloud computing capacity to run AI workloads, companies like Microsoft are sitting on huge backlogs . Eve ...

Core Viewpoint - CoreWeave has experienced significant growth since its IPO, driven by the increasing demand for AI computing power and its unique business model of renting Nvidia GPUs [1][5][6] Company Overview - CoreWeave went public in March 2023 at an initial price of $40 per share, which later surged to $183 in June before stabilizing around $133 [5] - The company secured a substantial order of $6.3 billion in GPUs from Nvidia, indicating its status as a major customer and validating its business model [6] Financial Performance - In Q2, CoreWeave reported a revenue increase of 207% year-over-year, reaching $1.2 billion, while its revenue backlog grew by 86% to $30.1 billion [7] - Despite the impressive revenue growth, CoreWeave is currently not profitable, posting a net loss margin of 24% in Q2 [8][9] Business Model and Challenges - CoreWeave's business model involves purchasing Nvidia GPUs and renting out their computing power, but the high operational costs and the short lifespan of GPUs (1 to 3 years) pose challenges to profitability [10] - The increasing internal capabilities of major AI hyperscalers may reduce their reliance on CoreWeave's services over time, potentially impacting future growth [11] Investment Outlook - While CoreWeave is currently benefiting from the AI boom, there are concerns about its long-term sustainability and profitability, leading to skepticism about its potential as a million-dollar stock [12]

Core Investment Insights - High-profile investors are backing CoreWeave, an AI cloud infrastructure company, indicating strong institutional interest in the stock [2][11] - CoreWeave has seen significant growth since its IPO in March, with a revenue increase of 207% to $1.21 billion in the second quarter [7][10] Investor Profiles - Nvidia holds 24.3 million shares of CoreWeave and has a dual role as both a customer and supplier, reflecting a strategic partnership [3][11] - Cathie Wood's Ark Invest owns 340,000 shares, focusing on disruptive growth stocks, while Citadel Securities holds 156,000 shares along with options, showcasing diverse investment strategies [4][11] Business Model and Market Position - CoreWeave operates data centers filled with Nvidia hardware, renting them to customers, positioning itself as a pure-play AI stock [6][10] - The company faces challenges with $11 billion in debt and over $1 billion in interest expenses, leading to deep unprofitability despite strong demand growth [7][8] Competitive Landscape - CoreWeave's neocloud model is seen as disruptive, with only one significant competitor, Nebius, which is much smaller [10] - The partnership with Nvidia, including a $6.3 billion deal, provides reassurance about CoreWeave's market position and reduces perceived risks [11][12] Stock Performance and Outlook - CoreWeave's stock has experienced volatility, peaking at $187 in June after an undersubscribed IPO, indicating a dynamic market response [9][10] - The ongoing AI boom could favor CoreWeave, making it an attractive option for growth investors despite inherent risks [12]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.01% and the Shenzhen Component Index up by 0.67% [1] - The total trading volume across Shanghai and Shenzhen markets reached 23,918 billion yuan, an increase of 446 billion yuan compared to the previous day [1] Sector Performance - AI concept stocks resumed their upward trend, with CPO, liquid cooling, and intelligent body concepts leading the gains [1] - The gaming, controllable nuclear fusion, copper metal, and film and television sectors also saw increases [1] - The semiconductor industry chain experienced a general pullback, while gold, oil and gas, and real estate sectors remained sluggish [1] Index Performance - The Shanghai Composite Index closed at 3,853.30, down 0.01% [2] - The Shenzhen Component Index closed at 13,445.90, up 0.67% [2] - The ChiNext Index rose by 1.58%, closing at 3,235.76 [2] ETF Performance - The cloud computing sector led the ETF market with significant gains, including the Xinhua Fund Cloud 50 ETF rising by 4.02% [3] - The Huabao Fund Big Data Industry ETF and the CMB Cloud Computing ETF both increased by 3.6% [3] - The semiconductor equipment sector saw a decline, with the semiconductor equipment ETF dropping by 1.42% [3]

Core Insights - Alibaba Cloud emphasizes the importance of creativity over computational power in achieving breakthroughs in the AI era [1] - The company encourages cross-disciplinary collaboration and open communication to foster innovation [1] - AI is seen as a tool to enhance individual capabilities, with significant improvements in efficiency and productivity reported [2][3] Group 1 - Alibaba Cloud founder Wang Jian highlights that many disruptive innovations stem from long-term persistence and "unreliable" explorations [1] - The company advocates for embracing imperfection and encourages entrepreneurs to start with less-than-perfect ideas to stand out [1] - Employees at Alibaba Cloud are encouraged to become their own "large models" through continuous learning and iteration [1] Group 2 - The proportion of Alibaba Cloud's R&D personnel using AI to generate code has increased to 50%, resulting in a 20% efficiency boost [2] - The translation cycle for product documentation has been reduced from 18 days to just 1 day due to AI [2] - The most valuable asset in the AI era remains the individual, characterized by dreams and a willingness to break through limitations [3]

Core Insights - Nasdaq and Amazon Web Services (AWS) have expanded their strategic partnership to offer Nasdaq Calypso as a fully managed service on AWS, aiming to modernize capital markets and treasury infrastructure [1][3] - Nasdaq Calypso is designed to streamline front-to-back-office workflows, manage risk, and ensure compliance with regulatory requirements, thus eliminating the need for institutions to maintain their own infrastructure [2][4] Group 1: Partnership and Technology - The collaboration between Nasdaq and AWS is positioned to lead the transformation of capital markets infrastructure, addressing the urgent need for innovation and regulatory compliance [3] - The deployment of Nasdaq Calypso on AWS will provide a unified environment for managing trading, risk, margin, collateral workflows, and data analytics, enhancing operational efficiency [4] Group 2: Benefits of Managed Services - Financial institutions will benefit from accelerated technology modernization, access to enhanced capabilities in digital assets and AI, and optimized risk calculations through AWS's elastic data grid [4] - The managed services model allows for standardized implementation and regular updates, ensuring compliance with evolving regulations and flexibility for business expansion [4] Group 3: Market Reach and Impact - Nasdaq's technology is utilized by 97% of global systematically important banks (G-SIBs), half of the top 25 stock exchanges, and over 3,800 clients in the financial services industry, showcasing its extensive market reach [5] - The partnership aims to reduce friction in real-time data flows, simplify data architecture, and empower advanced AI analytics, unlocking new growth opportunities for financial institutions [3][4]

该行认为，阿里云具备人工智能时代的全栈能力，从通义大模型、百鍊和PAI等AI服务平台到中国第一 的AI基础设施和计算网络，阿里云具备领先的供给侧优势和开发者黏性，随着AI需求持续发展，阿里 云将在各个维度受益，看好阿里云商业价值的持续释放和对公司估值的持续提振。 中金维持对阿里收入和利润预测不变，采用SOTP估值，基于2027财年给予电商业务市盈率15倍，和云 计算业务市销率7倍，对应美股目标价204美元，港股目标价197港元，主要系云计算进展积极和估值中 枢上移，较前次目标价分别上调34%和35%，维持"跑赢行业"评级。 中金发表研究报告指，受邀参加2025年阿里云栖大会，会上阿里巴巴集团CEO、阿里云智能集团董事长 兼CEO吴泳铭提及了超级人工智能之路的三个阶段，阿里云的定位是全栈人工智能服务商，宣布阿里加 大基础设施投入力度。 ...

格隆汇9月25日｜阿里概念股杭钢股份拉升涨超8%，报11.32元。消息面上，阿里云扩建全球基础设施，将新增巴西、法国和荷兰数据中心。此外，9部门 表示支持在自贸试验区、海南自由贸易港、国家服务业扩大开放综合试点示范地区等建立国际数据中心和云计算中心。 ...

Group 1 - The computer sector experienced a significant rise, with the Computer ETF (159998) increasing by over 2% and a trading volume exceeding 140 million yuan, while the Cloud Computing ETF (517390) rose nearly 4% with a turnover rate of over 11% [1] - Major stocks in the Computer ETF included Inspur Information, which hit the daily limit, along with other companies like Yonyou Network and Huqin Technology showing gains [1] - The Cloud Computing ETF closely tracks the CSI Hong Kong-Shanghai Cloud Computing Industry Index and includes major holdings such as Tencent Holdings and Zhongke Shuguang [1] Group 2 - The Ministry of Industry and Information Technology and the National Development and Reform Commission issued guidelines to enhance new information infrastructure, promoting the deployment of 5G, gigabit optical networks, and industrial internet in parks [2] - Alibaba launched Qwen3-Max, its largest and most capable model to date, which has achieved a high ranking in the LMArena text leaderboard, surpassing GPT-5-Chat [2] - Continuous growth in demand for AI and cloud services in China is supported by recent industry events, indicating an upward trend in model capabilities and infrastructure optimization [3]

Summary of Alibaba Group (BABA) Conference Call Company Overview - **Company**: Alibaba Group (BABA) - **Event**: Alibaba Cloud APSARA Conference, Day 1 - **Date**: September 24, 2025 - **Location**: Hangzhou Key Industry Insights - **AI Development**: Alibaba is currently at Stage 2 of 4 in its roadmap to achieve Artificial Superintelligence (ASI), with predictions that Large Language Models (LLMs) will become the next operating system and AI Cloud will be the next computer [1][14] - **Investment in AI**: The global AI industry has seen over US$400 billion in investments in the past year, with expectations to exceed US$4 trillion in the next five years [14] - **Data Center Expansion**: Alibaba anticipates a 10x increase in total data center power consumption by 2032 compared to 2022 [4][18] Financial Performance and Projections - **Stock Performance**: Following the conference, Alibaba's shares reacted positively, with a 10% intra-day increase. The stock has seen a year-to-date increase of over 110% [1] - **Valuation Scenarios**: The refreshed bull case valuation implies a potential upside of over 40%, with a target price of US$179/HK$174. The bear case valuation stands at US$106/HK$103 [1][5] - **Revenue Growth**: Alibaba Cloud's AI revenues have seen triple-digit growth for eight consecutive quarters, now accounting for 20% of total cloud revenues [5] Product and Service Developments - **AI Model Releases**: Alibaba has released over 300 AI models, achieving 6 million downloads and serving over 1 million customers with 170,000 derivative models [18] - **Flagship Model**: The Qwen3-Max model, with 1 trillion parameters, has surpassed competitors like GPT-5 and Claude Opus 4, ranking third on the Chatbot Arena leaderboard [18] - **Agent Development**: The upgraded low-code Agent development platform has seen over 200,000 developers build 800,000 agents, indicating strong adoption across various sectors [23] Strategic Focus Areas - **Global Expansion**: Alibaba Cloud is expanding its international presence, with new data centers planned in regions including Japan, South Korea, France, UAE, Brazil, Malaysia, Netherlands, and Mexico within the next 12 months [24] - **AI Infrastructure**: The company has significantly increased its AI computing power by 5x and storage capacity by 4x over the past year [23] Risks and Challenges - **Market Risks**: Key risks include lower-than-expected GMV growth due to macroeconomic factors and competition, as well as potential deceleration in cloud revenue growth [7] - **Profitability Concerns**: The quick commerce segment is expected to impact group EBITA negatively in the near term, although improvements in unit economics are anticipated [6] Conclusion - **Investment Recommendation**: The company is rated as a "Buy" with a focus on its growth potential in AI and cloud services, differentiating itself from other platforms through its unique offerings and strategic investments [5][6]