Stock Track | Kingsoft Cloud Soars Nearly 13% on Analyst Upgrade, AI and Xiaomi Demand Outlook

Stock Track11-23

Shares of Kingsoft Cloud Holdings Ltd (KC) surged nearly 13% on Friday in the intraday session, following a significant analyst upgrade and positive outlook for the company's growing artificial intelligence (AI) and cloud business.

Nomura upgraded Kingsoft Cloud to a "Buy" rating from "Neutral" and raised its price target to $6.70 from $2.30. The upgrade was driven by strong expectations around Kingsoft Cloud's increasing exposure to AI and demand from major Chinese tech conglomerate Xiaomi and its expanding ecosystem.

Analysts cited Kingsoft Cloud's accelerating AI-related revenue growth, which more than doubled from the first quarter to reach 31% of its public cloud revenue in Q3. They believe the company will continue benefiting from rising AI training and inference demand, particularly from Xiaomi's large language model initiatives, autonomous driving projects, and Kingsoft Office's AI integration.

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