$BABA-W(09988)$ Total CapEx by U.S. hyperscalers is around $720 bln, while Chinese hyperscalers are at roughly $120 bln. Chinese AI models are still behind U.S. ones, but the gap is closing. Given how the Chinese market works, they won't use U.S. AI models, only domestic ones — that's a national policy. So BABA will keep scaling and benefiting from the huge Chinese market. It's not a "winner takes it all" race.
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