0231 GMT - Alibaba's AI and cloud business is likely to maintain strong growth momentum, Nomura analysts say in a note. The company has established a strong position in almost every critical layer of the AI value chain, including chips, infrastructure, models and AI applications, the analysts say. The company is placing greater emphasis on profitability across its other businesses such as e-commerce to preserve cash flow for AI investment, the analysts say. Nomura raises its FY 2027 adjusted net profit assumption by 7%, mainly driven by higher earnings expectations for the e-commerce business.