看完阿里财报才发现，AI烧越猛，越「养肥」卖铲人

TL;DR - Alibaba’s latest earnings suggest AI infrastructure is currently monetizing faster than models and applications: Alibaba Cloud revenue rose 45% year over year, while adjusted EBITA grew 133%. Strong compute demand, MaaS growth, infrastructure optimization, and Alibaba’s own chips could further improve cloud margins.

• Alibaba Cloud reported quarterly revenue of RMB 48.74 billion and an 11.6% adjusted EBITA margin; management expects revenue growth to accelerate over the next several quarters.
• Training and inference demand is increasing GPU consumption, while AI adoption also drives purchases of adjacent storage, database, and general-purpose cloud services.
• Alibaba says coordinated optimization across chips, networking, storage, and scheduling raises model-output throughput by 2.5%–5.6% without additional hardware.
• Alibaba’s T-Head chips are increasingly replacing externally purchased accelerators; cloud instances using the new Zhenwu M890 chip reportedly serve more than 650 customers.