Accelerating
Break: growth decelerates
Alibaba AI-cloud re-rating engine: AI demand through Alibaba Cloud substrate into mix, margin and re-rating
AI compute demand
training
inference
agentic / MaaS
Qwen MaaS
model gateway
compute pool
CPU + accelerators
T-Head Zhenwu
proprietary silicon
Alibaba Cloud consumption path
AI mix share
AI run-rate rising
35% of external cloud
Cloud margin
EBITDA 20%+ target
long-run aspiration
Forward-multiple
re-rating
13x fwd / 29x trailing
licensed by the bridge
margin bridge stalls
run-rate or cloud growth
decelerates