Nasdaq Hits Record High as AI Trade Reignites; Alibaba Cloud Targets 20GW of Data Centers

Alibaba's 20GW target and the Zhenwu V900 matter less as product news than as a signal that China's largest cloud provider is scaling AI infrastructure on domestic silicon, which is the piece that determines whether its capacity ambitions are achievable under export constraints. The Nasdaq record and copper's move toward an all-time high, set against a fifth straight decline in crude, point to a market pricing an electrification-and-compute cycle rather than broad commodity demand. Whether that divergence persists is the open question.