Flip who wins the race between the depreciation + share-compensation burn and the cloud-AI revenue conversion.

Funding the AI capex wall: new equity vs the depreciation burn new equity HK$80B · 2026-08-23 AI / cloud capex RMB 380B · 3-yr buildout depreciation + SBC the burn claims EBITA & FCF cloud + AI revenue the conversion EBITA & FCF break-even bull bear bear case more dilution deeper compression bull case margins recover no new raises