In the AI era, open - source large - language models are reshaping cloud demand, and Alibaba is well - positioned. In the short term, the open - sourcing of DeepSeek - R1 has brought about "parity" for large - language models, and also led to an overflow of short - term computing power demand. The high traffic of large - language models has boosted the demand for cloud invocations. In the medium - to - long term, Internet clouds will compete in three dimensions: "cloud computing + large - language models + application scenarios". It is believed that PaaS capabilities will be the decisive factor for cloud providers in the AI era, triggering new growth curves and competitive landscapes for them. As the cloud service provider with the largest market share in domestic IaaS + PaaS, Alibaba Cloud has both a first - tier self - developed large - language model foundation and a wide range of application scenarios accumulated during the Internet era. It is the leader in the development of "AI + Cloud" in China, with irreplaceable ecological value, and is expected to become a benchmark for the valuation repair of Chinese AI assets in this round.
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