Goldman Sachs Asia Research team's memo, released on September 1, noted that Alibaba's management remains highly confident in the conversion of AI investments into revenue growth and shareholder returns. They anticipate a three-year payback period for AI infrastructure investments, with potential for further reduction as business scales. Management also projects that MaaS annualized recurring revenue (ARR) will reach RMB 30 billion by FY27 and has set a mid-term cloud business profit margin target of 20%. Goldman Sachs believes that Alibaba Cloud is well-positioned to amplify its first-mover advantage in the AI era, leveraging its full-stack capabilities and extensive customer base.