On July 3, Kingsoft Cloud (03896.HK) rose 5.24% in regular trading, trading at HKD 4.97/share, with turnover of HKD 138 million. The rally was driven by reports that the company will accelerate GPU computing cluster construction in the second half to meet surging demand from anchor clients.

Specifically, Xiaomi's GPU computing requirements have upgraded from a 10,000-card cluster to an ultra-large-scale computing cluster, with its related investment budget rising from approximately RMB 4 billion to over RMB 10 billion. Additionally, Alibaba's large model team has signed a 5-year computing lease contract with Kingsoft Cloud covering more than 3,000 eight-GPU servers, with estimated annualized revenue exceeding RMB 4 billion upon full delivery. Neither Xiaomi nor Alibaba has publicly confirmed the details.

Furthermore, the company previously announced AI computing product and service price increases of approximately 15%-50%, set to take effect on July 12. Analysts view this as confirmation of the industry's shift from aggressive pricing to supply-demand-driven pricing, reinforcing expectations for margin improvement.

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