---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/28344427.md"
description: "今天，$Alibaba(BABA.US) 董事局主席蔡崇信在 HSBC 峰会上的话，明显被断章取义了，看一下前后文：a.I start to see the beginning of some kind of bubble......I start to get worried when people are building data centers on speculation. There are a number of people coming up, funds coming out, to raise billions or millions of dollars without uptake agreements.b. I am still astounded by the type of numbers that's being thrown around in the US about investing into AI.c. People are talking, literally talking about  US$ 500bn, several hundred billion dollars,. I don't think that's entirely necessary. I think in a way, people are investing ahead of the demand that they are seeing today, but are projecting much bigger demand.似乎蔡崇信的话，与阿里财报时候宣布的未来 3800 亿投资额矛盾。从上下文来看，整体说的还是美国那边的 AI 投资有泡沫化的迹象。这个跟国内关系并不算大。国内整个 AI 投资更多是 DeepSeek 出现之后才刚刚启动，而且数据中心建设过程中，更偏禁令下的算力供给不足，本质上没什么过程。阿里的激进，更像是蛰伏了几年之后，面对 AI 机会的激动，但投资额是三年期，中间是有很大的调整空间。这样的宣布更带提振士气。腾讯就更偏保守了，整体投资逻辑更偏自建逻辑下的内部消化，是需要先看到应用的爆发。（这两天海豚君会详细点评一下腾讯和阿里在 AI 算力上的投资逻辑差异，敬请关注。）由于整个算力产业链中，有不少中国资产是供给美国的 AI 链条中的一环，会因为这句话被连坐。"
datetime: "2025-03-25T08:52:47.000Z"
locales:
  - [en](https://longbridge.com/en/topics/28344427.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/28344427.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/28344427.md)
author: "[Dolphin Research](https://longbridge.com/zh-HK/news/dolphin.md)"
---

> 支持的語言: [English](https://longbridge.com/en/topics/28344427.md) | [简体中文](https://longbridge.com/zh-CN/topics/28344427.md)


# 今天，$Alibaba(BABA.US) 董事局主席蔡崇信在 HSBC 峰会上的话，明显被断章取义了…


### 相關股票

- [BABA-WR (89988.HK)](https://longbridge.com/zh-HK/quote/89988.HK.md)
- [Alibaba (BABA.US)](https://longbridge.com/zh-HK/quote/BABA.US.md)
- [BABA-W (09988.HK)](https://longbridge.com/zh-HK/quote/09988.HK.md)
- [Tencent (TCEHY.US)](https://longbridge.com/zh-HK/quote/TCEHY.US.md)
- [Tencent Holdings Limited (TCTZF.US)](https://longbridge.com/zh-HK/quote/TCTZF.US.md)
- [TENCENT-R (80700.HK)](https://longbridge.com/zh-HK/quote/80700.HK.md)
- [TENCENT (00700.HK)](https://longbridge.com/zh-HK/quote/00700.HK.md)
- [HSBC (HSBC.US)](https://longbridge.com/zh-HK/quote/HSBC.US.md)
- [HSBC HOLDINGS (00005.HK)](https://longbridge.com/zh-HK/quote/00005.HK.md)
- [Alibaba HK SDR 5to1 (HBBD.SG)](https://longbridge.com/zh-HK/quote/HBBD.SG.md)
- [Tencent HK SDR 10to1 (HTCD.SG)](https://longbridge.com/zh-HK/quote/HTCD.SG.md)
- [HSBC HK SDR 5to1 (HSHD.SG)](https://longbridge.com/zh-HK/quote/HSHD.SG.md)

## 評論 (18)

- **Gee777 · 2025-03-25T09:59:56.000Z · 👍 2**: Alibaba should learn from JD.com's Richard Liu on how to treat employees first.
  - **码农资本** (2025-03-26T01:30:20.000Z): Not only Alibaba, all Chinese companies should learn from Huawei and JD.com on how to do ethical PR
  - **我爱华夏** (2025-03-26T07:18:24.000Z): Learning from Huawei's 996? Leading the way in ruining the workplace atmosphere?
  - **poorcf** (2025-03-26T13:05:37.000Z): Alibaba's benefits are much better than JD.com's. I've worked at Alibaba, JD.com and Tencent.
- **Gee777 · 2025-03-25T09:47:57.000Z**: The U.S. is already in a bubble, why is China still investing?
- **伟大的中华文明 · 2025-03-25T09:29:16.000Z · 👍 2**: What's your take on tomorrow?
  - **[已注销]** (2025-03-25T10:06:21.000Z): Hit the 10cm daily limit-up, triggered a trading halt 😆
- **[已注销] · 2025-03-25T09:23:19.000Z · 👍 7**: Don't blame others for taking things out of context, blame yourself for not being precise with your words. Joseph Tsai is suitable for the second-in-command, but the top leader still has to be Jack Ma.
  - **Wkdgh** (2025-03-25T09:28:11.000Z): As soon as Jack Ma spoke, he even had the bell for the second day of IPO carried away overnight.
  - **凡股皆利于我** (2025-03-25T09:34:53.000Z): Guess how many times Alibaba's PR team has cleaned up after Jack Ma
  - **新用户_HBy9x** (2025-03-25T09:43:06.000Z): You think it's just his words, but it's actually been forbidden long ago
- **Dolphin Research · 2025-03-25T09:05:03.000Z · 👍 3**: This is the difference in capex between the two countries.
  - ***烟火声*** (2025-03-25T10:07:36.000Z): How to understand this picture
  - **花甲** (2025-03-25T10:37:53.000Z): Just look at the absolute value intuitively, and also consider it together with capex density.
  - ***烟火声*** (2025-03-25T11:18:11.000Z): Oh I just don't quite understand the meaning of these two pictures