Moonshot denies dual listing rumors, Ant Digital reports triple-digit AI growth, and Google invests €13 billion in Finland.
On September 10, media reported that leading domestic large model company Moonshot AI was considering listing in both Hong Kong and Shanghai to secure more funding. Insiders responded bluntly to The STAR Market Daily: the reports are false. South China Morning Post had previously cited two sources reporting the same rumor. The rumor itself indicates that the market is waiting for a valuation anchor for a large model IPO. Investors are looking for answers on whether the cash-burning-for-computing-power model of top companies can be sustained long-term, and if going public for capital injection is the next exit route. The denial means Moonshot AI hasn't yet reached the point where it must raise funds publicly; primary market money isn't tight enough for that yet; it also serves as a reminder to be extra cautious about listing rumors regarding domestic companies. This has a calibrating effect on the valuations of the domestic large model tier. If there are actual IPO moves later, it will directly set a comparable price tag for companies in the same tier; now that the rumor has been denied, this anchor cannot be established for the moment, and each company must continue finding their own price in the primary market.
At the Bund Summit media exchange meeting on September 10, Ant Digital Technologies CEO Zhao Wenbiao systematically disclosed the company's business performance since operating independently two years ago: overall business annual average growth near 50%, with enterprise-facing AI business growth reaching triple digits, i.e., year-over-year growth exceeding 100%. This is a sample for observing the substance of AI implementation in China. While large model companies are generally still searching for monetization paths, Ant Digital attributes growth to enterprise-level AI services, indicating that AI procurement is starting to scale up with real money, rather than just staying at the demo stage. Industry clients with budgets in finance, mobility, and retail are moving AI from pilot projects into formal procurement lists. This has reference significance for the valuation of enterprise AI service providers. The market has always been hesitant in pricing the domestic AI application layer, lacking quantifiable delivery metrics. Once numbers like triple-digit growth appear, players with strong revenue delivery capabilities will pull away from those who just tell stories.
Mech-Mind founder Shao Tianlan recently posted two messages on WeChat Moments, publicly naming competitor Galaxy General. The background is a batch of robot companies lining up to sprint towards listing. Investors' tactics have changed; they no longer pay premiums for backflips in demo videos, but start comparing order quantities, delivery acceptance cycles, and gross margins company by company. The era of telling humanoid robot stories is winding down. Primary market money is still hot, but the pricing logic has shifted from "who can make it" to "who can sell it, and how much profit per unit." In the coming months, robot companies submitting materials will have their financial statements examined under a magnifying glass; only those who can clearly account for their finances will get the next valuation. Embodied intelligence implementation scenarios are also required for the first time to provide payback periods; demo videos no longer count.
Google confirmed it will invest at least €13 billion (approx. $15 billion) in Finland to build AI and energy infrastructure. The project is expected to go operational in 2027-2028, supporting approximately 7,000 jobs annually upon completion. This is one of Google's largest AI investments in Europe to date. The bottleneck for AI computing power is shifting from chips to electricity and land. Finland has cheap clean energy and low-temperature cooling conditions. Google betting big here indicates that energy is now the primary factor in hyperscale data center site selection. Data centers in North America queuing for grid connection often delay by more than two years; Finland's shortcut has a demonstration effect for all hyperscalers and is a signal of Europe absorbing the spillover of North American AI capital. Direct positive impact on power equipment, cooling, and European data center supply chains. For Google itself, this capex will pressure short-term cash flow, but the market is currently willing to pay a premium for certain computing power layouts. Alphabet stock rose 0.59% against the trend on the day of the announcement.
After the US Eastern close on September 10, Oracle released its Q1 FY2027 earnings report: Total revenue $19.345 billion, net income attributable to shareholders $4.679 billion (up 60% YoY). Cloud infrastructure revenue more than doubled YoY. The stock jumped as much as 7% after hours. Oracle holds a large number of cloud service orders from AI companies; its cloud revenue has always been a barometer for verifying the authenticity of AI infrastructure demand. Over the past two quarters, the market repeatedly traded on fears of "capex peaking." This earnings report pushed such concerns right back: enterprises' willingness to spend on computing power is still accelerating. This is a shot in the arm for the entire computing power trading chain. Order expectations for chips, optical modules, and data center operators need to be repriced. Before the Asia-Pacific open this morning, it was a key variable for whether A-share computing power stocks could stabilize after consecutive corrections. RBC analysts' comment after the earnings was just one sentence: Better than feared.
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