Alibaba announced a roadmap to increase data center capacity to 20 gigawatts by 2032, and Citi raised its capital expenditure forecast for the next three years. Analysts including Alicia Yap wrote in the report that based on CEO Wu Yongming's statement on “investing through industrial cooperation” at the Yunqi conference, Citi assumes that Alibaba will share the investment with partners. Citi raised its capital expenditure forecast for 2027 to 2029 to RMB 258 billion, RMB 283 billion, and RMB 282 billion, respectively, up 13%, 41%, and 57% from its previous estimates.

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