According to a research report published by Lyon, Agentic AI is moving from experiments to a next-generation infrastructure layer. The Chinese AI model is rapidly narrowing the performance gap and seizing global share through cost efficiency; enterprises are shifting from simply pursuing model capabilities to balance performance, cost, and deployment flexibility. Multiple model adoption will become a future trend, and it is expected that hyperscale cloud operators in the chip, model, computing power, and application layer can seize maximum opportunities. Lyon expects the surge in AI applications to ignite the next global cloud supercycle. The global public cloud market will double to 2.3 trillion US dollars by 2028, bringing annual revenue opportunities of more than 1 trillion US dollars. In the market, they are more optimistic about full-stack cloud and AI vendors. Because they combine their own chips, models, cloud infrastructure, development tools and applications, they can form a strong moat. It is expected that fields such as software, video streaming, in-store services, recruitment and online travel are weak, and Tencent and Alibaba are preferred. The bank gave Tencent a “Highly Confident Outperform” rating and Alibaba a “Outperform the Market” rating.

According to a research report published by Lyon, Agentic AI is moving from experiments to a next-generation infrastructure layer. The Chinese AI model is rapidly narrowing the performance gap and seizing global share through cost efficiency; enterprises are shifting from simply pursuing model capabilities to balance performance, cost, and deployment flexibility. Multiple model adoption will become a future trend, and it is expected that hyperscale cloud operators in the chip, model, computing power and application layer can seize maximum opportunities. Lyon expects the surge in AI applications to ignite the next global cloud supercycle. The global public cloud market will double to 2.3 trillion US dollars by 2028, bringing annual revenue opportunities of more than 1 trillion US dollars. In the market, they are more optimistic about full-stack cloud and AI vendors. Because they combine their own chips, models, cloud infrastructure, development tools and applications, they can form a strong moat. It is expected that fields such as software, video streaming, in-store services, recruitment and online travel are weak, and Tencent and Alibaba are preferred. The bank gave Tencent a “Highly Confident Outperform” rating and Alibaba a “Outperform the Market” rating.