Citigroup: Alibaba-W (09988) promotes Yiqianwen 3.8 Max, leveraging its full-stack advantage to reaffirm the “buy” rating

The Zhitong Finance App learned that Citibank released a research report saying that Alibaba-W (09988) published a preview version of the flagship model Tongyi Qianwen (Qwen) 3.8 Max on July 19, which has 2.4 trillion parameters and will be open source in the short term. Citi gave Alibaba a “buy” rating, with a target price of HK$191.

The bank believes that competition in the field of artificial intelligence in China is accelerating, and companies are rapidly surpassing each other. This rapid iteration promotes a “model-agnostic” (model-agnostic) environment, where companies adopt a multi-model strategy to select the best performance and price. This trend reduces the barriers to a single model of defense and shifts the competitive focus to platforms and infrastructure that can be seamlessly hosted and managed. Companies with full-stack capabilities, from chips and cloud infrastructure to models and applications, such as Ali, will be in a better leading position. The bank also believes that the market may have underestimated the value of Tencent Holdings' (00700) artificial intelligence applications in the real world, such as WorkBuddy, and the app has recently shown a good market response.