Le operazioni di Alibaba basate sul cloud e basate sulla tecnologia AI
Alibaba Group, il gigante cinese dell'e-commerce, si aspetta una continuazione dell'accelerazione della sua crescita nel cloud, con il segmento del cloud strumentale alla crescita complessiva dell'azienda. Nel Q1 '26, il segmento del cloud ha registrato una crescita anno su anno del 26%, rappresentando il 13% delle entrate consolidate.
Despite the impressive growth, Alibaba's Q1 '26 earnings report showed a miss on both the top and bottom lines. However, this has not deterred investors, as Alibaba's shares soared by approximately 13% following the earnings report.
The company's shares are currently valued at a forward price-to-earnings ratio of 12.9X, which is considered very reasonable given Alibaba's growth potential in both e-commerce and cloud. In Q1 '26, Alibaba spent about $815M on buying back 56M ordinary shares, demonstrating its commitment to shareholders.
Alibaba's cloud business is seeing growing AI product adoption, driven by enterprise clients. The company plans to invest heavily in this area, committing to spend 380.0B Chinese Yuan ($5.0B) on its cloud segment over the next three years.
Alibaba is the single largest public cloud infrastructure platform in China, holding a market share of 33%. While its main competitors in China's cloud industry are Tencent and Baidu, Alibaba is currently seen as the leading hope for AI cloud growth in China.
However, a potential slowdown in Alibaba's Cloud Intelligence Group could impact the company's growth. This is identified as a significant risk for Alibaba, as the Cloud Intelligence Group plays a crucial role in the company's overall strategy.
Despite this risk, the author maintains a strong buy rating for Alibaba's shares. Applying a 15.0X earnings multiplier to a consensus estimate of $10.48/share for FY 2027 implies a fair value of $157.20/share for Alibaba.
In Q1 '26, Alibaba's e-commerce segment generated a 10% year-over-year growth, showing a 1 PP growth acceleration compared to the previous quarter. This growth is a positive sign for Alibaba, as the e-commerce segment continues to be a significant contributor to the company's overall revenue.
In conclusion, Alibaba's cloud segment is driving the company's growth, with the cloud business seeing growing AI product adoption. Despite the potential risks associated with the Cloud Intelligence Group, the company's commitment to share buybacks and its strong position in the Chinese cloud market make it an attractive investment opportunity.
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