CITIGROUP analysts say Alibaba could extract further upside from AI-driven
growth. CEO Wu Yongming’s target of 20 GW of AI infrastructure by FY2033 could
imply external cloud revenue of roughly $160bn, above CITIGROUP’s current $100bn
forecast for FY2031. The bank also expects elevated capex in coming years and
retains a Buy rating with a HK$189.00 PT.