看完阿里财报才发现，AI烧越猛，越「养肥」卖铲人

TL;DR - Alibaba Cloud reported 45% year-over-year revenue growth and a 133% increase in adjusted EBITA, suggesting that AI’s clearest near-term monetization is accruing to cloud infrastructure and chip providers. Continued compute shortages, rising MaaS usage, and Alibaba’s vertically integrated stack could sustain growth and improve margins.

• AI training and inference demand drove Alibaba Cloud quarterly revenue to RMB 48.737 billion; Alibaba expects growth to accelerate over the next several quarters.
• Adjusted EBITA margin reached 11.6%, supported by expanding MaaS revenue, infrastructure optimization, and greater use of in-house chips.
• Alibaba says its chip, networking, storage, and scheduling optimizations improved model-output throughput by 2.5%–5.6% without adding hardware.
• Its new T-Head Zhenwu M890-based supernode instances were serving more than 650 customers, strengthening Alibaba’s full-stack position across chips, cloud, models, and applications.