$Alibaba(BABA)$ Under Citi's assumptions, external AI cloud revenue could hit $168 billion by fiscal 2033, which works out to roughly 40% compound annual growth from fiscal 2026. Citi's sensitivity range spans $126 billion to $210 billion.
The tech side is also broadening. T-Head introduced its Zhenwu V900 accelerator and Lingjun Supernode infrastructure to support AliCloud's production-ready agentic cloud platform, Yap said.
At the same time, Alibaba is expanding its Qwen model family, including the 2.4-trillion-parameter Qwen3.8-Max, while also working on smaller models for cheaper real-world deployment and moving into image, audio and world models.
Citi reiterated its Buy rating and $190 price target.
Strong Buy.
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