According to a research report published by Nomura, Alibaba's 2026 Yunqi Conference highlighted the company's ambition to build an integrated AI infrastructure stack covering models, chips, and cloud capacity. CEO Wu Yongming believes that AI is still in the early stages of infrastructure expansion, and intelligent systems with increasing capabilities are driving a sharp increase in computing power and token consumption. Ali aims to have a global operating data center capacity of 20 gigawatts by 2032, compared to the bank's current estimate of about 4 gigawatts. Capacity is expected to combine owned, leased, and third-party funded infrastructure to limit direct balance sheet capital expenditure requirements. The bank believes that this target enhances the long-term growth potential of Alibaba Cloud and foreign AI cloud revenue, and estimates that when the operating capacity reaches 20 gigawatts, external AI cloud revenue may reach 168 billion US dollars by fiscal year 2032. The bank maintained Ali's “buy” rating, and the target price of US stocks remained unchanged at 178 US dollars, which is equivalent to 22 times the price-earnings ratio for the calendar year 2027, compared to about 15 times the current one.

According to a research report published by Nomura, Alibaba's 2026 Yunqi Conference highlighted the company's ambition to build an integrated AI infrastructure stack covering models, chips, and cloud capacity. CEO Wu Yongming believes that AI is still in the early stages of infrastructure expansion, and intelligent systems with increasing capabilities are driving a sharp increase in computing power and token consumption. Ali aims to have a global operating data center capacity of 20 gigawatts by 2032, compared to the bank's current estimate of about 4 gigawatts. Capacity is expected to combine owned, leased, and third-party funded infrastructure to limit direct balance sheet capital expenditure requirements. The bank believes that this target enhances the long-term growth potential of Alibaba Cloud and foreign AI cloud revenue, and estimates that when the operating capacity reaches 20 gigawatts, external AI cloud revenue may reach 168 billion US dollars by fiscal year 2032. The bank maintained Ali's “buy” rating, and the target price of US stocks remained unchanged at 178 US dollars, which is equivalent to 22 times the price-earnings ratio for the calendar year 2027, compared to about 15 times the current one.