On September 22, Alibaba rose 3.64% in regular trading, trading at $119.94/share, with turnover of $276 million. The rally was driven by a wave of major AI announcements at the Apsara Conference held in Hangzhou.

At the conference, CEO Eddie Wu unveiled the Zhenwei V900, billed as the most powerful domestically developed AI chip, delivering 3x the performance of its predecessor M890. The chip, developed by Alibaba's T-Head semiconductor unit, supports clusters of up to 500,000 chips for frontier model training and inference, with mass production slated for Q1 of next year. Wu also announced a target to expand global data center capacity to over 20GW by 2032 and plans to train models with 5 to 10 trillion parameters. Chairman Joe Tsai emphasized the shift from AI experimentation to scaled industrial deployment through a five-layer full-stack AI architecture spanning chips, cloud infrastructure, foundation models, model services, and agent applications.

Morgan Stanley maintained an Overweight rating, forecasting Alibaba Cloud revenue growth exceeding 50% in the next fiscal year's second quarter. Citi maintained a Buy rating with a HK$189 target price, estimating the 20GW target could translate into $160 billion in external cloud revenue. Goldman Sachs and UBS also issued supportive notes, though flagged capex scale and AI monetization pace as key uncertainties.

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