<p>阿里巴巴最新的人工智能芯片讓投資者有了另一個理由忽視短期利潤壓力。</p>
<p>這家中國科技巨頭於 5 月 19 日發佈了 Zhenwu M890，稱其處理器性能是前一代的三倍，配備 144GB 的 GPU 內存，併為重型 AI 工作負載提供更快的芯片間通信。</p>
<p>阿里巴巴在美國上市的股票在 5 月 19 日收盤上漲約 1.8%，報 135.64 美元，而標準普爾全球跟蹤的 41 位分析師將該股票評級為 “強力買入”，12 個月的平均目標價為 190.69 美元，約高出近期交易水平的 40%。</p>
<p>之前一次重大的 Zhenwu 相關公告幫助股票在一個交易日內上漲近 8%，這突顯了華爾街為何密切關注此次發佈。</p>
<p><strong>阿里巴巴股票：華爾街期待的芯片</strong></p>
<p>M890 作為獨立的半導體產品的重要性不如作為阿里巴巴更廣泛 AI 戰略的證明。</p>
<p>其主要規格包括 3 倍性能、144GB 內存和 800GB/s 的芯片間帶寬，旨在滿足需要高內存和快速處理器間通信的智能 AI 工作負載。</p>
<p>對投資者來説，更重要的是，阿里巴巴正在加強對整個 AI 堆棧的控制：通過其 T-Head 部門提供芯片，通過阿里雲提供雲基礎設施，並通過 Qwen 提供大型語言模型。</p>
<p>摩根士丹利對阿里巴巴保持 “增持” 觀點，認為內部芯片發佈鞏固了其在 AI 技術堆棧中的地位，而美國銀行則維持買入評級，目標價為 180 美元。</p>
<p>這種框架將 M890 從硬件更新轉變為阿里巴巴 AI 雄心的可信度測試。</p>
<p><strong>看漲案例背後的數字</strong></p>
<p>此次發佈也恰逢一個已經顯示出 AI 驅動加速的業務。</p>
<p>在 3 月份的季度中，阿里巴巴的雲智能集團收入同比增長 38%，達到 61 億美元。</p>
<p>阿里巴巴表示，外部雲收入增長加速至 40%，而與 AI 相關的產品收入佔外部雲收入的 30%，並連續第 11 個季度實現三位數增長。</p>
<p>首席執行官吳泳銘告訴投資者，阿里巴巴的 AI 已經 “超越了初始投資階段”，並朝着大規模商業化發展。</p>
<p>該公司還表示，其 Qwen 應用已達到 3 億月活躍用户，而超過 560,000 個 Zhenwu 單元已交付給客户。</p>
<p>在這種背景下，M890 看起來不再像一個投機性的冒險，而更像是一個已經獲得 traction 的商業 AI 路線圖中的下一個標誌。</p>
<p><strong>空頭仍有理由</strong></p>
<p>看漲案例伴隨着明確的成本。阿里巴巴在 3 月份的季度報告中顯示運營虧損為 1.25 億美元，而一年前則是大額運營利潤。</p>
<p>資本支出上升至 268.9 億元，盈利能力受到 AI 基礎設施和快速商業化支出的擠壓。</p>
<p>儘管股票因 AI 樂觀情緒而上漲，調整後的每 ADS 收益卻大幅下滑。</p>
<p>分析師普遍預計，利潤增長將在 2026 年前持續承壓，若雲端變現改善且支出變得更高效，2027 年將有更有意義的反彈。</p>

2 倍做多 BABA ETF - GraniteShares

2 倍做多阿里巴巴 ETF - KraneShares

富時中國 3 倍做多 ETF - Direxion

<p>阿里巴巴的新人工智能芯片 Zhenwu M890 於 5 月 19 日發佈，其性能是前一代產品的三倍，激發了投資者的樂觀情緒。分析師將該股票評級為 “強烈買入”，12 個月的目標價為 190.69 美元，意味着潛在的 40% 漲幅。儘管近期出現經營虧損，阿里巴巴的人工智能驅動的收入增長和雲服務正在獲得關注，使公司在人工智能市場中處於有利位置</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讓投資者有了另一個理由忽視短期利潤壓力。</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>這家中國科技巨頭於 5 月 19 日發佈了 Zhenwu M890，稱其處理器性能是前一代的三倍，配備 144GB 的 GPU 內存，併為重型 AI 工作負載提供更快的芯片間通信。</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>阿里巴巴在美國上市的股票在 5 月 19 日收盤上漲約 1.8%，報 135.64 美元，而標準普爾全球跟蹤的 41 位分析師將該股票評級為 “強力買入”，12 個月的平均目標價為 190.69 美元，約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 相關公告幫助股票在一個交易日內上漲近 8%，這突顯了華爾街為何密切關注此次發佈。</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：華爾街期待的芯片</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 作為獨立的半導體產品的重要性不如作為阿里巴巴更廣泛 AI 戰略的證明。</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>其主要規格包括 3 倍性能、144GB 內存和 800GB/s 的芯片間帶寬，旨在滿足需要高內存和快速處理器間通信的智能 AI 工作負載。</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>對投資者來説，更重要的是，阿里巴巴正在加強對整個 AI 堆棧的控制：通過其 T-Head 部門提供芯片，通過阿里雲提供雲基礎設施，並通過 Qwen 提供大型語言模型。</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>摩根士丹利對阿里巴巴保持 “增持” 觀點，認為內部芯片發佈鞏固了其在 AI 技術堆棧中的地位，而美國銀行則維持買入評級，目標價為 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>這種框架將 M890 從硬件更新轉變為阿里巴巴 AI 雄心的可信度測試。</p>
</div><p><strong>Numbers behind the bull case</strong></p>
<div class="lb-trans"><p><strong>看漲案例背後的數字</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>此次發佈也恰逢一個已經顯示出 AI 驅動加速的業務。</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，阿里巴巴的雲智能集團收入同比增長 38%，達到 61 億美元。</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，外部雲收入增長加速至 40%，而與 AI 相關的產品收入佔外部雲收入的 30%，並連續第 11 個季度實現三位數增長。</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>首席執行官吳泳銘告訴投資者，阿里巴巴的 AI 已經 “超越了初始投資階段”，並朝着大規模商業化發展。</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>該公司還表示，其 Qwen 應用已達到 3 億月活躍用户，而超過 560,000 個 Zhenwu 單元已交付給客户。</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>在這種背景下，M890 看起來不再像一個投機性的冒險，而更像是一個已經獲得 traction 的商業 AI 路線圖中的下一個標誌。</p>
</div><p><strong>Bears still have a case</strong></p>
<div class="lb-trans"><p><strong>空頭仍有理由</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>看漲案例伴隨着明確的成本。阿里巴巴在 3 月份的季度報告中顯示運營虧損為 1.25 億美元，而一年前則是大額運營利潤。</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>資本支出上升至 268.9 億元，盈利能力受到 AI 基礎設施和快速商業化支出的擠壓。</p>
</div><p>The adjusted earnings per ADS fell sharply even as the stock rallied on AI optimism.</p>
<div class="lb-trans"><p>儘管股票因 AI 樂觀情緒而上漲，調整後的每 ADS 收益卻大幅下滑。</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>分析師普遍預計，利潤增長將在 2026 年前持續承壓，若雲端變現改善且支出變得更高效，2027 年將有更有意義的反彈。</p>
</div>

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

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阿里巴巴股票可能上漲 40%：新的 AI 芯片為看漲者注入了新的動力