<p>阿里巴巴最新的人工智能芯片让投资者有了另一个理由忽视短期利润压力。</p>
<p>这家中国科技巨头于 5 月 19 日发布了 Zhenwu M890，称其处理器性能是前一代的三倍，配备 144GB 的 GPU 内存，并为重型 AI 工作负载提供更快的芯片间通信。</p>
<p>阿里巴巴在美国上市的股票在 5 月 19 日收盘上涨约 1.8%，报 135.64 美元，而标准普尔全球跟踪的 41 位分析师将该股票评级为 “强力买入”，12 个月的平均目标价为 190.69 美元，约高出近期交易水平的 40%。</p>
<p>之前一次重大的 Zhenwu 相关公告帮助股票在一个交易日内上涨近 8%，这突显了华尔街为何密切关注此次发布。</p>
<p><strong>阿里巴巴股票：华尔街期待的芯片</strong></p>
<p>M890 作为独立的半导体产品的重要性不如作为阿里巴巴更广泛 AI 战略的证明。</p>
<p>其主要规格包括 3 倍性能、144GB 内存和 800GB/s 的芯片间带宽，旨在满足需要高内存和快速处理器间通信的智能 AI 工作负载。</p>
<p>对投资者来说，更重要的是，阿里巴巴正在加强对整个 AI 堆栈的控制：通过其 T-Head 部门提供芯片，通过阿里云提供云基础设施，并通过 Qwen 提供大型语言模型。</p>
<p>摩根士丹利对阿里巴巴保持 “增持” 观点，认为内部芯片发布巩固了其在 AI 技术堆栈中的地位，而美国银行则维持买入评级，目标价为 180 美元。</p>
<p>这种框架将 M890 从硬件更新转变为阿里巴巴 AI 雄心的可信度测试。</p>
<p><strong>看涨案例背后的数字</strong></p>
<p>此次发布也恰逢一个已经显示出 AI 驱动加速的业务。</p>
<p>在 3 月份的季度中，阿里巴巴的云智能集团收入同比增长 38%，达到 61 亿美元。</p>
<p>阿里巴巴表示，外部云收入增长加速至 40%，而与 AI 相关的产品收入占外部云收入的 30%，并连续第 11 个季度实现三位数增长。</p>
<p>首席执行官吴泳铭告诉投资者，阿里巴巴的 AI 已经 “超越了初始投资阶段”，并朝着大规模商业化发展。</p>
<p>该公司还表示，其 Qwen 应用已达到 3 亿月活跃用户，而超过 560,000 个 Zhenwu 单元已交付给客户。</p>
<p>在这种背景下，M890 看起来不再像一个投机性的冒险，而更像是一个已经获得 traction 的商业 AI 路线图中的下一个标志。</p>
<p><strong>空头仍有理由</strong></p>
<p>看涨案例伴随着明确的成本。阿里巴巴在 3 月份的季度报告中显示运营亏损为 1.25 亿美元，而一年前则是大额运营利润。</p>
<p>资本支出上升至 268.9 亿元，盈利能力受到 AI 基础设施和快速商业化支出的挤压。</p>
<p>尽管股票因 AI 乐观情绪而上涨，调整后的每 ADS 收益却大幅下滑。</p>
<p>分析师普遍预计，利润增长将在 2026 年前持续承压，若云端变现改善且支出变得更高效，2027 年将有更有意义的反弹。</p>

2 倍做多 BABA ETF - GraniteShares

2 倍做多阿里巴巴 ETF - KraneShares

富时中国 3 倍做多 ETF - Direxion

<p>阿里巴巴的新人工智能芯片 Zhenwu M890 于 5 月 19 日发布，其性能是前一代产品的三倍，激发了投资者的乐观情绪。分析师将该股票评级为 “强烈买入”，12 个月的目标价为 190.69 美元，意味着潜在的 40% 涨幅。尽管近期出现经营亏损，阿里巴巴的人工智能驱动的收入增长和云服务正在获得关注，使公司在人工智能市场中处于有利位置</p>

<p>Alibaba’s latest AI chip has given investors another reason to look past near-term profit pressure.</p>
<div class="lb-trans"><p>阿里巴巴最新的人工智能芯片让投资者有了另一个理由忽视短期利润压力。</p>
</div><p>The Chinese technology giant unveiled the Zhenwu M890 on May 19, a processor it says delivers three times the performance of its predecessor, with 144GB of GPU memory and faster chip-to-chip communication for heavy AI workloads.</p>
<div class="lb-trans"><p>这家中国科技巨头于 5 月 19 日发布了 Zhenwu M890，称其处理器性能是前一代的三倍，配备 144GB 的 GPU 内存，并为重型 AI 工作负载提供更快的芯片间通信。</p>
</div><p>Alibaba’s US-listed shares closed up about 1.8% at $135.64 on May 19, while 41 analysts tracked by S&amp;P Global rate the stock a “Strong Buy,” with an average 12-month price target of $190.69, roughly 40% above recent trading levels.</p>
<div class="lb-trans"><p>阿里巴巴在美国上市的股票在 5 月 19 日收盘上涨约 1.8%，报 135.64 美元，而标准普尔全球跟踪的 41 位分析师将该股票评级为 “强力买入”，12 个月的平均目标价为 190.69 美元，约高出近期交易水平的 40%。</p>
</div><p>A previous major Zhenwu-related announcement helped send the stock up nearly 8% in one session, underscoring why Wall Street is watching this launch closely.</p>
<div class="lb-trans"><p>之前一次重大的 Zhenwu 相关公告帮助股票在一个交易日内上涨近 8%，这突显了华尔街为何密切关注此次发布。</p>
</div><p><strong>Alibaba stock: Chip that Wall Street has been waiting for</strong></p>
<div class="lb-trans"><p><strong>阿里巴巴股票：华尔街期待的芯片</strong></p>
</div><p>The M890 matters less as a standalone semiconductor product than as proof of Alibaba’s broader AI strategy.</p>
<div class="lb-trans"><p>M890 作为独立的半导体产品的重要性不如作为阿里巴巴更广泛 AI 战略的证明。</p>
</div><p>Its headline specifications include 3x performance, 144GB memory and 800GB/s interchip bandwidth, which are designed for the kind of agentic AI workloads that demand high memory and fast communication across processors.</p>
<div class="lb-trans"><p>其主要规格包括 3 倍性能、144GB 内存和 800GB/s 的芯片间带宽，旨在满足需要高内存和快速处理器间通信的智能 AI 工作负载。</p>
</div><p>More importantly for investors, Alibaba is tightening control over the full AI stack: chips through its T-Head unit, cloud infrastructure through Alibaba Cloud and large language models through Qwen.</p>
<div class="lb-trans"><p>对投资者来说，更重要的是，阿里巴巴正在加强对整个 AI 堆栈的控制：通过其 T-Head 部门提供芯片，通过阿里云提供云基础设施，并通过 Qwen 提供大型语言模型。</p>
</div><p>Morgan Stanley has kept an “Overweight” view on Alibaba, arguing that in-house chip launches reinforce its position across the AI technology stack, while Bank of America has maintained a Buy rating with a $180 target.</p>
<div class="lb-trans"><p>摩根士丹利对阿里巴巴保持 “增持” 观点，认为内部芯片发布巩固了其在 AI 技术堆栈中的地位，而美国银行则维持买入评级，目标价为 180 美元。</p>
</div><p>That framing turns the M890 from a hardware update into a credibility test for Alibaba’s AI ambitions.</p>
<div class="lb-trans"><p>这种框架将 M890 从硬件更新转变为阿里巴巴 AI 雄心的可信度测试。</p>
</div><p><strong>Numbers behind the bull case</strong></p>
<div class="lb-trans"><p><strong>看涨案例背后的数字</strong></p>
</div><p>The launch also lands on top of a business that is already showing AI-driven acceleration.</p>
<div class="lb-trans"><p>此次发布也恰逢一个已经显示出 AI 驱动加速的业务。</p>
</div><p>In the March quarter, Alibaba’s Cloud Intelligence Group revenue rose 38% year over year to $6.1 billion.</p>
<div class="lb-trans"><p>在 3 月份的季度中，阿里巴巴的云智能集团收入同比增长 38%，达到 61 亿美元。</p>
</div><p>Alibaba said external cloud revenue growth accelerated to 40%, while AI-related product revenue accounted for 30% of external cloud revenue and posted triple-digit growth for the 11th consecutive quarter.</p>
<div class="lb-trans"><p>阿里巴巴表示，外部云收入增长加速至 40%，而与 AI 相关的产品收入占外部云收入的 30%，并连续第 11 个季度实现三位数增长。</p>
</div><p>CEO Eddie Wu told investors that Alibaba’s AI had “moved beyond the initial investment phase” and progressed toward commercialization at scale.</p>
<div class="lb-trans"><p>首席执行官吴泳铭告诉投资者，阿里巴巴的 AI 已经 “超越了初始投资阶段”，并朝着大规模商业化发展。</p>
</div><p>The company has also said its Qwen app has reached 300 million monthly users, while more than 560,000 Zhenwu units have already been delivered to customers.</p>
<div class="lb-trans"><p>该公司还表示，其 Qwen 应用已达到 3 亿月活跃用户，而超过 560,000 个 Zhenwu 单元已交付给客户。</p>
</div><p>In that context, the M890 looks less like a speculative moonshot and more like the next marker in a commercial AI roadmap already gaining traction.</p>
<div class="lb-trans"><p>在这种背景下，M890 看起来不再像一个投机性的冒险，而更像是一个已经获得 traction 的商业 AI 路线图中的下一个标志。</p>
</div><p><strong>Bears still have a case</strong></p>
<div class="lb-trans"><p><strong>空头仍有理由</strong></p>
</div><p>The bull case comes with a clear cost. Alibaba reported an operating loss of $125 million, in the March quarter, compared with a large operating profit a year earlier.</p>
<div class="lb-trans"><p>看涨案例伴随着明确的成本。阿里巴巴在 3 月份的季度报告中显示运营亏损为 1.25 亿美元，而一年前则是大额运营利润。</p>
</div><p>Capital expenditures rose to 26.89 billion yuan, and profitability has been squeezed by spending on AI infrastructure and quick commerce.</p>
<div class="lb-trans"><p>资本支出上升至 268.9 亿元，盈利能力受到 AI 基础设施和快速商业化支出的挤压。</p>
</div><p>The adjusted earnings per ADS fell sharply even as the stock rallied on AI optimism.</p>
<div class="lb-trans"><p>尽管股票因 AI 乐观情绪而上涨，调整后的每 ADS 收益却大幅下滑。</p>
</div><p>Analysts broadly expect profit growth to remain under pressure through 2026, with a more meaningful rebound pencilled in for 2027 if cloud monetization improves and spending becomes more efficient.</p>
<div class="lb-trans"><p>分析师普遍预计，利润增长将在 2026 年前持续承压，若云端变现改善且支出变得更高效，2027 年将有更有意义的反弹。</p>
</div>

Alibaba stock could jump 40%: new AI chip gives bulls fresh momentum

Invezz

阿里巴巴

阿里巴巴-W

标普全球

摩根士丹利

美国银行

阿里巴巴-WR

Alibaba HK SDR 5to1

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

阿里巴巴股票可能上涨 40%：新的 AI 芯片为看涨者注入了新的动力