Morningstar: Alibaba's capital expenditure forecast indicates strong demand for AI infrastructure.

Morningstar senior stock analyst Tan Qixing said that Alibaba's revised capital expenditure expectations indicate a stronger demand for AI infrastructure than expected. The company, based in Hangzhou, plans to increase spending on AI and cloud infrastructure on top of the promised 380 billion yuan in February, and unveiled a new large language model at its 2025 Yunqi Conference held in Hangzhou. Tan Qixing said that increased demand means a more optimistic outlook, and emphasized that AI and cloud are Alibaba's highlights.