Kingsoft Cloud Likely to Benefit from AI, Xiaomi Ecosystem Demand -- Market Talk

Dow Jones11-25

0716 GMT - Kingsoft Cloud Holdings likely benefits from demand in artificial intelligence and the Xiaomi ecosystem, particularly for cloud consumption related to electric vehicles, autonomous driving, and large language model training, Nomura analysts say in a report. The China-based cloud services provider has primarily gained from strong AI training demand over past few quarters, with AI training and inference demand expeted to grow significantly, the analysts add. Nomura raises its 2024-2026 revenue forecasts for Kingsoft Cloud by 7.2%-10.7%. It also lifts the rating for Kingsoft's American depositary receipts to buy from neutral and raises the target price to US$6.70 from US$2.30. The ADRs closed 25% higher at US$7.21 on Friday. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

November 25, 2024 02:16 ET (07:16 GMT)

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