Core Viewpoint - Alibaba Group is actively expanding its investments in cloud services and overseas e-commerce, driven by the increasing demand for AI-related products and services, as evidenced by its recent fundraising activities [2][4]. Group 1: Fundraising Activities - On September 11, Alibaba announced the issuance of convertible preferred notes (CB) to raise approximately $3.2 billion, with 80% of the funds allocated for the construction of new data centers to meet the growing demand in cloud services, and the remaining 20% for overseas e-commerce [2]. - In recent activities, Alibaba raised $5 billion through CB in 2024 and 12 billion HKD through exchangeable bonds (EB) in July 2025, aimed at stock buybacks and cloud business investments [4]. Group 2: Investment Plans - Alibaba has announced a plan to invest 380 billion yuan in cloud and AI sectors over the next three years, reflecting its commitment to enhancing its technological capabilities [4]. - The capital expenditure for equipment investment in the period from April to June 2025 reached 38.6 billion yuan, which is 3.2 times higher than the same period last year, indicating a significant increase in investment activity [4].