September 2, 2025 08:00 PM GMT Greater China Semiconductors | Asia Pacific M Idea Cloud Semis: Spending Smartly in China Despite various solutions/spending timing, China CSPs continued to emphasize the AI investment. Highlight is the upside from BABA, with monetization being a clear positive. Reiterate our bullish view on cloud semis. Key Takeaways China cloud capex mixed, but still emphasizing AI investment: BABA's result shows the most upside among all the China CSPs. The company reported 2Q25 capex at Rm ...