野村：云栖大会凸显建立模型、芯片及云端容量一体化AI基建野心，维持阿里“买入”评级

同花顺09-23

9月23日，野村发表研报指，阿里巴巴（BABA）(BABA.US)2026年云栖大会凸显公司构建涵盖模型、芯片及云端容量的一体化AI基建堆栈野心。首席执行官吴泳铭认为，AI仍处于基建扩张早期，能力日增的智能体料带动算力及token(词元)消耗大幅增长。阿里目标于2032年全球营运数据中心容量达20吉瓦，对比该行目前估计约4吉瓦。容量料结合自有、租赁及第三方出资基建，限制直接资产负债表资本开支需求。...

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