Model-generated token-driven agents; this gameplay is more exciting than traditional cloud, and the ARR targets are also aggressive.

Goldman Sachs says Alibaba disclosed, at the Hangzhou Cloud Summit and in its letter to shareholders, that it has entered a new stage of the AI agent era, with the AGI inflection point led by AI agents driven by model-generated tokens. The AI product portfolio may support the MAAS ARR target: 100 billion in the June quarter and 300 billion in the 2027 fiscal year. Goldman Sachs says Alibaba’s valuation has not yet fully reflected the potential of AI and cloud; over the next 12–24 months, it will increase investment in the AI sector and achieve profit growth, maintaining a Buy rating with a target price of HKD 180.