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.

2026-09-22

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.