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Nomura's report points out that Alibaba's 2026 Yunqi Conference showcases its ambition to build an integrated AI infrastructure stack, covering models, chips, and cloud capacity. Alibaba CEO Wu Yongming stated that AI is still in the early stages of infrastructure expansion, and the development of intelligent agents will significantly increase computing power and token consumption. Alibaba plans to expand its global operational data center capacity to 20 gigawatts by 2032, controlling capital expenditures through a combination of self-owned, leased, and third-party-funded infrastructure. Nomura believes this move will enhance the long-term growth potential of Alibaba Cloud and its external AI cloud revenue, projecting related revenue to reach USD 168 billion by fiscal year 2032. It maintains a 'Buy' rating on Alibaba with a U.S. stock target price of USD 178.
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