A c t i o n | Confident in Cloud growth — Strong demand in AI model training and inferencing contributed to 26% yoy growth in cloud revs this quarter. We model cloud revs at +28%/30% yoy for FY3Q/FY4Q26 with margins stable qoq as mgmt sounded confident on growth acceleration. Three-year Rmb380bn capex budget reiterated. Strategic Investment in AI+Cloud & Quick Commerce Bearing Synergy CITI'S TAKE | | | | | | | | | | | | | | | | Current Fiscal Year | | Next Fiscal Year | | | --- | --- | --- | --- | --- | --- ...