Alibaba's Joe Tsai Highlights Xi's Entrepreneur Meeting's Impact on Business Confidence and AI Investment, VNET Plans RMB 10-12 Billion Capex

Alibaba's chairman, Joe Tsai, emphasized the significance of Chinese President Xi Jinping's recent entrepreneur meeting, stating that it has boosted business confidence and solidified Alibaba's commitment to investing in artificial intelligence (AI). Tsai's remarks were made during discussions involving notable figures such as Marc Benioff and Ray Dalio, who also addressed the relationship between the U.S. and China regarding AI advancements. The meeting is seen as a positive signal for the tech industry, with Tsai urging that its importance is often underestimated. Additionally, there are indications of a capital expenditure boom in China's AI sector, as evidenced by VNET's announcement of a projected capital expenditure increase to RMB 10-12 billion, significantly above market expectations.