The ongoing AI boom is definitely positive for the US stock market, but is it a lifesaver or a positive for the cryptocurrency industry? Koreans are no longer investing in the US stock market, and friends in the cryptocurrency industry are also investing in the US stock market. Wu Yongming, CEO of Alibaba, responded to questions at the financial report meeting and said that there was no AI foam in three years. Due to the bottleneck of computing hardware supply, it is difficult for demand and supply growth to increase rapidly, and AI resources will still be in short supply within three years. Since the second half of this year, from wafer fabs to storage plants, from DRAM to CPUs, all aspects of AI servers have been out of stock. The core is driven by AI demand, and supply chain expansion takes time. Alibaba estimates that it will take at least two to three years. "In the industry, including ourselves and the US (cloud manufacturers) we see, not only the new GPUs are basically full, but the GPUs of the previous generation or three or five years ago are all full. We think the so-called AI foam should not exist within three years. ”Wu Yongming said. Wu Yongming stated that the demand side of cloud services is mainly driven by two factors. Firstly, the basic model "Scaling Law" has not yet reached its peak, and there have been many breakthroughs seen in Gemini's progress; Secondly, with the improvement of model capabilities, there will be more and more scenarios and tasks that can be driven, and the penetration rate of large models in various industries will also increase. Wu Yongming stated that the current speed of Alibaba Cloud AI server deployment is "seriously unable to keep up with the growth of customer orders", and the backlog of orders continues to expand. Customer payment demand shows strong growth potential. Wu Yongming also stated that based on current customer demand, the three-year investment plan of 380 billion yuan for AI infrastructure announced by the company in February this year may be relatively small. The company is striving to meet customer needs at the fastest pace in the supply chain, data center, and merchant rhythm. If it is still difficult to cover demand, it is not ruled out that further investment may be required. Xu Hong introduced that in the past four quarters, Alibaba's capital expenditure on AI+cloud infrastructure was about 120 billion yuan. https://www. (caixin.com)/2025-11-26/102386811.html? channel=1022&channelSource=jx_newsletter&originReferrer=jx_newsletter