Nomura analysts say Alibaba (09988.HK) is likely to sustain strong AI and cloud
growth, citing solid positions across the AI value chain — chips,
infrastructure, models and applications. They say management is prioritizing
profitability in other businesses, including e-commerce, to preserve cash for AI
investment. Nomura raised its FY2027 adjusted net profit forecast by 7%, driven
mainly by higher expected e-commerce margins.