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- Agentic Cloud capex debate: Chinese cloud giants face ROIC test
An analysis by 正见TrueView, republished by 36Kr and TMTPost, says Alibaba, Tencent and Baidu spent a combined 131.852 billion yuan on capital expenditure in Q2 2026, up 114% year on year. It argues that large-scale agent deployment is pushing cloud providers to rewrite stacks across chips, scheduling, storage, runtime and inference platforms, and that the three companies' combined free cash flow was a net outflow of 66.424 billion yuan in the quarter. It notes Alibaba Cloud CEO Wu Yongming's Sept. 22 announcement of a target for more than 20GW of datacenter capacity by 2032; Goldman Sachs estimated current capacity at about 5-6GW and projected related capex. Gartner separately warned that more than 40% of Agentic AI projects could be canceled by end-2027. The piece also cites Morgan Stanley's estimate that Chinese cloud providers' ROIC is in a 13%-20% range.
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