Wall Street Comments on Alibaba Earnings: "Profit Inflection Point" Has Arrived! Q3 AI Revenue Growth Guidance Reaches 50%

Goldman Sachs, JPMorgan, and UBS all believe that the core impact of Alibaba's earnings lies in three "certainties": cloud business external revenue growth of 45%, with Q3 guidance exceeding 50%; high visibility of returns on massive Capex, with AI-related revenue growing triple digits for 12 consecutive quarters, and MaaS annualized revenue already exceeding RMB 16 billion, with management confirming an AI investment payback period of under 3 years; core e-commerce stabilizing and new business narrowing losses, with AI application business losses having peaked in the June quarter.