Alibaba Q3_ All-In on AI
2025-02-23 14:59
Price Target BABA 104.00 USD 9988.HK 102.00 HKD Alibaba Q3: All-In on AI AI-libaba? Alibaba's Q3 results were solid… though probably a sideshow compared with guidance for massive AI-related capex, Cloud revenue acceleration "driven by AI", and pursuit of AGI(!). Group revenue of RMB280bn was in-line with our estimate, and slightly ahead of consensus (RMB281bn and RMB277bn), while RMB54.9bn of adjusted EBITA split our estimate and consensus (RMB56.5bn and RMB53.6bn). 9.4% CMR growth (to RMB101bn) was slightl ...