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Alibaba Deepens AI‑Cloud Push With New Spending Pledge and Nvidia Tie‑Up

BofA raised its target as management frames Alibaba Cloud as a full‑stack platform for the coming ASI era.

Overview

  • CEO Eddie Wu said Alibaba will lift AI and cloud spending beyond the prior RMB380 billion (about $53 billion) three‑year plan announced earlier this year.
  • The company unveiled its latest large language model, Qwen3‑Max, with more than 1 trillion parameters, and outlined broader deployment of Qwen across its cloud services.
  • Alibaba announced a partnership with Nvidia in physical AI covering areas such as robotics and self‑driving, alongside continued integration of Nvidia’s AI tools for cloud customers.
  • Management detailed plans to expand global data centers and build a developer‑friendly, full‑stack ecosystem that it believes will be one of only a few global super‑clouds.
  • U.S.-listed shares have more than doubled in 2025, reaching their highest since October 2021, and BofA lifted its price target to $195 with a Buy rating as investors weigh ongoing export and regulatory risks.