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<Research>CMSI: Alibaba Cloud In-house Chip Progress Beats; Certainty of High Growth in AI Cloud Revenue Heightens
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Alibaba Cloud Summit 2026 was held yesterday (20th), focusing on full-stack technology upgrades in the Agentic era and announcing four major initiatives, CMSI said in its report. The four initiatives are (1) Infrastructure: T-Head unveiled its new-generation Zhenwu M890 training-inference integrated AI chip and the 128-card supernode server Panjiu AL128, which has been connected to the Bailian platform. The company also disclosed its chip iteration roadmap: Zhenwu V900 and Zhenwu J900, accelerating its upgrade cycle from once every two years to once per year. (2) Model capabilities: the flagship Qwen3.7-Max ranked first among domestic models in global blind tests on Arena, surpassing Kimi-K2.6, DeepSeek-v4-pro and GLM-5.1. Its coding, reasoning and long-horizon task capabilities improved impressively, enabling autonomous completion of complex tasks lasting up to 35 hours. (3) Qianwen Cloud platform: For the first time among domestic cloud vendors, Alibaba Cloud completed a full-stack Agent upgrade across chip-cloud-model-inference. Traditional cloud products were transformed with Skill-based, MCP-based and CLI-based to match the irregular elasticity, short lifecycle and instantaneous surge characteristics of Agent workloads. (4) Ecosystem openness: The Bailian platform has partnered with leading large-model companies including MINIMAX-W (00100.HK), Kimi, SENSETIME-W (00020.HK), KNOWLEDGE ATLAS (02513.HK) and StepFun. CMSI maintained its Overweight rating and USD188 TP on Alibaba Group Holding Limited (BABA.US). The broker believed Alibaba Cloud's full-stack Agent upgrade is a critical strategic move. The trinity - accelerated in-house chip iteration + MaaS platform ecosystem + Agent-native system - forms a deep moat, strengthening the certainty of high growth in AI cloud revenue. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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