智通财经APP获悉，中金发布研报称，目前阿里巴巴(09988,BABA.US)港股和美股均交易于22和18倍的 FY26和FY27非通用准则市盈率。该行维持收入和利润预测不变，采用SOTP估值，基于FY27给予电商 业务15x P/E和云计算业务7x P/S，对应美股和港股目标价204美元和197港币，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，较目前港股和美股股价有24% 和25%的上行空间。 阿里表示正在积极推进3800亿元的AI基础设施建设，并计划追加更大投入，对比2022年，到2032年阿 里云全球数据中心的能耗规模将提升10倍。英伟达指引每1GW的增量能耗需要500亿美元的AI基础设施 投入，即使考虑到中美建设成本差异和使用芯片差异，该行预计数据中心能耗规模的上行意味着 CAPEX的大幅投入和AI相关收入的大幅上行。 通义发布系列新模型，打造AI时代的操作系统 近期通义发布万亿参数旗舰模型Qwen MAX、原生全模态大模型 Qwen3-Omni、视觉理解模型Qwen3- VL、开源图片编辑模型 Qwen-Image、升级版Qwen3-Coder、音画同 ...

Core Viewpoint - The rapid growth of artificial intelligence (AI) is positioning Oracle as a strong candidate to join the trillion-dollar market cap club, with significant revenue growth and a robust backlog supporting this potential [1][2][4]. Revenue Growth and Market Position - Oracle's stock has surged by 88% in 2025 through September 23, leading to a market cap of nearly $877 billion, just 14% shy of the $1 trillion milestone [4]. - The company has raised its fiscal 2026 revenue guidance to at least $67 billion, reflecting a nearly 17% increase from the previous year, which is double the growth rate of the prior fiscal year [5]. - Oracle's Oracle Cloud Infrastructure (OCI) business is experiencing substantial demand due to companies renting data center capacity for AI workloads, with a global presence across more than 50 regions [6]. Backlog and Future Expectations - Oracle's remaining performance obligations (RPO) reached $455 billion, a 359% increase year-over-year, indicating strong future revenue potential [7][8]. - The company anticipates OCI revenue to grow by 77% in fiscal 2026 to $18 billion, with projections of further growth to $32 billion the following year [8]. - By fiscal 2028, OCI revenue is expected to exceed $73 billion, driven by increased cloud computing capacity [9]. Market Cap Projections - Analysts have set a median 12-month price target of $350 for Oracle, suggesting a potential 13% increase from current levels, which could facilitate entry into the trillion-dollar market cap club [10]. - The stock is currently trading at 15 times sales, which, while high compared to the U.S. technology sector average, is justified by Oracle's improving growth profile [11]. - Sustaining this sales multiple and achieving $70 billion in revenue could enable Oracle to reach a $1 trillion market cap [11]. Investment Consideration - Investors are encouraged to consider Oracle as a potential addition to their portfolios, given its capacity for accelerated growth in the coming years [12].

Core Insights - Alibaba Cloud's capacity roadmap indicates a significant transformation in the industry, with CEO Wu Yongming highlighting a doubling of token usage every two to three months, reflecting explosive AI demand [1] - The company plans to invest an additional 380 billion RMB over the next three years to strengthen its computing infrastructure, with expectations that global data center electricity usage will increase tenfold by 2032 compared to 2022 [1] - Morgan Stanley forecasts that Alibaba Cloud will add over 3 GW of data center capacity annually from 2026 to 2032, equating to the total new capacity expected for the entire Chinese market in 2025 [1][2] - UBS believes Alibaba Cloud's investment intensity and sustainability exceed market expectations, estimating annual capital expenditures could reach 100 to 200 billion RMB based on projected capacity growth [1][4][5] Investment and Capacity Expansion - Morgan Stanley projects Alibaba Cloud's capacity will grow from approximately 2.5 GW in 2022 to 25 GW in ten years, indicating sustained high investment levels [2] - The firm anticipates that from 2026 to 2032, Alibaba Cloud will need to add over 3 GW of capacity each year, which is comparable to the predicted new capacity for the entire Chinese market in 2025 [2] - UBS estimates that Alibaba Cloud's total data center capacity in 2022 was around 1.5 GW, with a target of reaching 15 GW in ten years, implying an average annual increase of at least 1-2 GW [4] Capital Expenditure Implications - UBS links capacity growth to capital expenditure, estimating that each GW of data center demand requires approximately 100 billion RMB in IT equipment investment, leading to a potential annual capital expenditure of 100 to 200 billion RMB for 1-2 GW of new capacity [4] - This capital expenditure forecast is significantly higher than current market expectations, challenging doubts about the sustainability of AI capital expenditure cycles and the intensity of spending by large-scale vendors [5]

Oracle  (ORCL) , the multi-billion-dollar cloud applications and platform service provider, is again in the news, for negative cash flow and a new $15 billion bond sale to fund its AI ambitions. In January, Oracle, OpenAI and Softbank announced a $500 billion Stargate project to boost U.S. AI infrastructure. To help fulfil the terms, Oracle intends to raise $15 billion through a corporate bond sale. The company is also discussing a potential $20 billion cloud computing agreement with Meta Platforms. ...

甲骨文成功完成180亿美元投资级债券发行，认购需求高峰时接近880亿美元。此次发债含一只罕见的40年期债 券，最终收益率较同期美债高出1.37个百分点。此次融资主要用于AI基础设施建设，为支持扩张，公司现金流自 1992年来首次转负，债务水平上升。融资时机恰逢CEO Safra Catz更换，引发市场对未来财务策略的关注。 甲骨文正在大规模举债，以满足人工智能热潮带来的巨额资本开支需求。 周三，甲骨文公司成功完成一笔180亿美元的投资级债券发行，这是今年以来美国债券市场第二大规模的交易， 认购需求在高峰时一度接近880亿美元。 此次发行正值甲骨文需要巨额资金，以履行与OpenAI和Meta等科技巨头签订的大型云基础设施合同。 这笔巨额融资将为甲骨文的AI基础设施建设提供关键弹药，但同时也将其财务状况推向一个新拐点。 为支持扩 张，公司今年的现金流自1992年以来首次转为负值，其债务水平也将进一步攀升。 财务数据显示，这种激进的扩张策略已对公司财务产生直接影响。 甲骨文的现金流今年转为负值，为近三十年来首次。分析师预测，该指标在未来数年将持续下滑，预计到2029 年才能恢复正值。 根据发行文件，此次债券销售所得 ...

Core Insights - The core message emphasizes that AGI is not the endpoint of AI development but rather a new starting point, leading towards ASI, which surpasses human intelligence and can self-evolve [1][2]. Group 1: AI Development Stages - The journey to ASI is divided into three stages: from "learning human" to "assisting human," and finally to "surpassing human" [2]. - In the first stage, AI acquires generalized intelligence by learning vast amounts of human knowledge, enabled by the internet's development over the past decades [2]. - The second stage sees AI capable of using tools and connecting with digital tools to perform real-world tasks across various industries, moving beyond mere language interaction [2][3]. Group 2: Future of AI and ASI - In the third stage, AI will achieve "surpassing human" capabilities through continuous interaction with the physical world, allowing it to gather real-time data and optimize its learning processes [3]. - The future models will utilize reinforcement learning and continuous learning mechanisms to self-iterate and enhance their intelligence beyond human capabilities [3]. Group 3: Infrastructure and Investment - Alibaba Cloud is actively pursuing a three-year plan to invest 380 billion in AI infrastructure, with expectations of a tenfold increase in global data center energy consumption by 2032 compared to 2022 [3]. - This substantial investment aims to propel the AI industry forward and prepare for the arrival of the ASI era [3]. Group 4: Technological Advancements - On the first day of the conference, Alibaba Cloud introduced significant updates in large models, achieving breakthroughs in intelligence levels, tool usage, coding capabilities, and multi-modal functions [4]. - The flagship model Qwen3-Max was unveiled, outperforming competitors like GPT-5 and Claude Opus 4, and is expected to achieve further performance enhancements [4][5]. - New models, including Qwen3-Next and Qwen3-Coder, were also launched, showcasing significant improvements in various applications, including visual understanding and speech recognition [4][5].

Group 1 - Alibaba Cloud announced a new global infrastructure expansion plan, establishing cloud computing regional nodes in Brazil, France, and the Netherlands, and expanding data centers in Mexico, Japan, South Korea, Malaysia, and Dubai to meet the growing demand for AI and cloud computing [1] - Currently, Alibaba Cloud operates 91 availability zones across 29 regions, making it the largest cloud service provider in China and the leading provider in the Asia-Pacific region [1] - In 2023, Alibaba Cloud has already launched 8 new AI and cloud data centers and availability zones in Beijing, Shanghai, Hangzhou, Thailand, South Korea, Malaysia, Dubai, and Mexico to support the surge in AI demand [1] Group 2 - To further accelerate the AI ecosystem, Alibaba Cloud launched the "AI Catalyst Program," aimed at providing top global AI startups with technical, market resources, and financial support, including up to $120,000 in cloud resource vouchers and 2 billion free model tokens [2]

Market Overview - Stocks opened modestly higher but enthusiasm faded due to a sell-off in AI heavyweights and concerns over a potential government shutdown [1] - At the close, the Dow Jones Industrial Average was down 0.4% at 46,121, the S&P 500 was off 0.3% at 6,637, and the Nasdaq Composite was 0.3% lower at 22,497, although all three indexes are set to end the quarter and month with impressive gains [2] Sector Performance - The materials sector was the worst performer among the S&P 500 sectors, impacted by a 17% decline in Freeport McMoran (FCX) after the company cut its third-quarter sales guidance due to halted operations at its Grasberg Block Cave mine in Indonesia [3] - The technology sector also closed in the red, with major AI stocks Nvidia (NVDA) down 0.8% and Oracle (ORCL) down 1.7% for the second consecutive day [6] Company Highlights - Micron Technology (MU) reported higher-than-expected earnings and revenue for its fiscal fourth quarter, with strong guidance for the first quarter. Analyst Quinn Bolton noted robust AI demand and tightening DRAM supply, reiterating a Buy rating and raising the price target to $200 from $150, indicating over 33% upside [7] - Alibaba Group Holding (BABA) shares rose 8.2% after announcing plans to increase AI spending, with CEO Eddie Wu stating a three-year, 380 billion yuan AI infrastructure initiative [9][10] - Lithium Americas (LAC) surged 95.8% after confirming reports of a potential 10% stake from the Trump administration, as the company renegotiates a $2.26 billion loan for its Thacker Pass mine, expected to be a major lithium source in North America [11][12] Economic Indicators - New home sales surged 20.5% from July to August, reaching a seasonally adjusted annual rate of 800,000, the highest in three years, attributed to lower mortgage rates and increased builder incentives [13]

CoreWeave, Inc. (NASDAQ:CRWV) is one of the AI Stocks on Market Radar. On September 23, Wells Fargo analyst Michael Turrin upgraded the stock from Equal Weight to Overweight with a price target of $170.00 (from $105.00). In an investor note, the analysts highlighted how Coreweave is poised to benefit from the elevated build cycle and hyperscale industry shortages into 2026. These constraints and shortages create the potential for CoreWeave to win market share. Moreover, CoreWeave is given the opportunity ...

Alibaba (BABA) stock soared to its highest level in almost four years after the e-commerce and cloud giant said it will boost AI spending beyond its original commitment of more than $50 billion, joining the ranks of US Big Tech players' escalating bets on artificial intelligence. US-listed American Depository Shares (ADRs) jumped 8% after CEO Eddie Wu said during a conference in China that a worldwide investment in artificial intelligence is estimated to reach $4 trillion over the next five years, and Ali ...