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Chief Executive Eddie Wu's messages of a 20-gigawatt AI infrastructure target by fiscal 2033 could translate to $160 billion in external cloud revenue by then, the bank says. That compares with Citi's current forecast of $100 billion in fiscal 2031. The bank also expects Alibaba to continue its high capital expenditure in the coming years. Citi keeps a buy rating on the stock with a target price of HK$189.00. 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