Core Viewpoint - Mark Mahaney, a senior analyst at Evercore ISI, has identified his top internet stock picks for 2026, emphasizing investment opportunities in both large-cap and small/mid-cap companies [1] Group 1: Large-Cap Companies - Amazon is highlighted as a key investment opportunity among large-cap stocks [1] - Other large-cap names mentioned include Expedia, indicating a diverse range of potential investments within the sector [1] Group 2: Small/Mid-Cap Companies - Mahaney also points out promising small and mid-cap stocks, suggesting a balanced approach to investment across different market capitalizations [1] - Specific small/mid-cap companies were not detailed in the provided content, but the emphasis on this segment indicates potential growth opportunities [1]

你有没有想过这么个事儿，咱们整天挂在嘴边的那个云端，它到底藏在哪儿。 我问过好几个朋友，大部分人下意识往天上指，或者含糊地说在网络里，好像那就是一团看不见摸不着的空气。要知道，这简直是大错特错，所谓的云端， 根本不是飘在天上的云彩，而是实实在在成千上万吨的钢筋水泥，是那些热得发烫的巨型服务器，还有日夜轰鸣响个不停的冷却风扇，这些东西不但占地 方，还特别沉。 而这堆物理实体的位置分布，那可是相当的不均匀，甚至可以说偏心得厉害。我昨天看了一眼视觉资本网站新出的一组数据，看到那个饼图的时候，我是真 愣了一下，美国现在居然占了全球数据中心总量的百分之三十八。 而且，按照他们的预测，等到2025年，全世界会有超过一万一千个数据中心，这里面接近四千二百个都扎堆在美国这一个国家里。这意味着，全球接近四成 的互联网基础设施，就像钉钉子一样死死钉在同一个国家的土地上。 要是你觉得这无非就是几个枯燥的统计数字，那你可能还没反应过来这事儿有多严重，数据中心这玩意儿，说白了就是互联网的心脏和血管。咱们手机里存 的每一张照片、跟家里人的每一次视频通话、躺在床上刷的每一部剧，甚至现在被炒得火热的人工智能，它们每一次运转，每一次呼吸，都得 ...

Group 1: Meta's Acquisition of Manus - Meta acquired Manus, an AI startup with millions of paying users, for over $2 billion, enhancing its focus on subscription-based consumer AI [3] - The acquisition provides Meta with a revenue-generating AI product that differentiates itself from other consumer AI tools that rely on free tiers or advertising [4][5] - By acquiring Manus, Meta gains immediate exposure to subscription revenue and insights into consumer willingness to pay for AI assistance, shortening the timeline for premium AI offerings [6] Group 2: Google’s AI Developments - Google introduced FunctionGemma, a compact, edge-optimized AI model that translates natural language instructions into structured function calls for mobile and edge devices [6][7] - FunctionGemma emphasizes hybrid AI architectures, combining on-device intelligence with cloud systems for improved responsiveness and privacy [8] Group 3: Amazon's Smart Home Innovations - Amazon launched Alexa+ Greetings, allowing Alexa to interact with visitors through Ring video doorbells, enhancing smart home device interactivity [9][10] - This feature aims to make smart home devices more proactive, moving beyond reactive functionalities [10] Group 4: Microsoft and Climate Data Hub - Microsoft partnered with UN Climate Change to launch the Climate Data Hub, aimed at improving access to national climate data [11] - The hub seeks to unify fragmented climate data into a standardized system, facilitating easier analysis and comparison for policymaking and research [12][13]

智利《信使报》（电子版）12月19日报道，根据高盛集团发布的报告，人工智能 （AI）领域的投资将在未来几年创下新高。报告指出，亚马逊、微软和谷歌等大型超 大规模数据中心服务商在2025年的人工智能资本支出达到3000亿至3800亿美元，到2026 年可能超过5000亿美元，反映出人工智能在其增长战略中所占据的重要地位。预计与 人工智能相关的投资增长，将有力推动大规模技术基础设施和数据中心的进一步扩 张。此类投资的主要受益者包括半导体企业、数据中心运营商、科技硬件供应商以及 能源公司，这些企业的股价表现已超过其每股收益的预期增长。另据国际数据公司 （IDC）的研究报告，到2030年企业使用人工智能将为全球经济带来累计19.9万亿美元 的经济影响，约占当年全球GDP的3.5%。 （原标题：2026年全球人工智能投资或超过5000亿美元） ...

Group 1: Palantir - Palantir is recognized as a leader in AI and data, particularly with defense department approval and corporate adoption [2][3] - The valuation of Palantir is difficult to justify, similar to Tesla, but the compelling narrative can drive stock performance over time [2][3][5] - The company is viewed as transformative, akin to Amazon's early years, indicating potential for significant long-term growth [5][6] Group 2: Tesla - Tesla is highlighted as a transformative AI leader, with strengths in full self-driving technology and robotics [6][7] - Elon Musk's motivation and vision are seen as key factors in Tesla's success, with comparisons made to Apple's ecosystem growth [8][9] - Despite some disappointing car sales numbers, Tesla's broader AI initiatives are expected to drive future growth [9] Group 3: Amazon - Amazon has shown robust earnings, with a significant earnings beat last quarter and AWS business growing at 20% [12][13] - The company is considered fairly valued with a PEG ratio of 1.4, indicating potential for earnings growth and increased free cash flow [13][14] - There is optimism about Amazon's stock potentially rising by 50% next year, supported by strong performance metrics [11][12]

Key Takeaways AMZN, CAH, LRN and EAT show high interest coverage ratios, signaling a solid financial footing for 2026.Stride's EPS and sales are forecast to grow 3.1% and 4.6% despite a 35.9% stock drop this year.Cardinal Health's EPS and sales are projected to grow 19.7% and 16.2%, with the stock up 75.3% in 2025.Equity markets entered the final week of 2025 with a cautious note on Monday, as major U.S. indices retreated from recent highs. The Dow Jones Industrial Average shed 249.04 points, or 0.51%, to c ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by more than 10% [3][28]. Core Insights - The AI sector is significantly enhancing the advertising growth of major internet companies, with Tencent's advertising showing a quarter-on-quarter acceleration. Alibaba Cloud's growth accelerated to 34% year-on-year, up from 26% in the previous quarter. The report suggests that the third quarter of 2025 may represent a temporary profit bottom for the sector, presenting a good opportunity for investment [2][25]. - Major companies in the AI space are actively engaging in strategic moves, such as OpenAI's appointment of George Osborne to lead its "OpenAI for Countries" initiative and Google's acquisition of Intersect for $4.75 billion to support AI development [1][19][20]. Company Dynamics - OpenAI has appointed former UK Chancellor George Osborne to lead its "OpenAI for Countries" project, aimed at enhancing collaboration with nations on AI infrastructure and applications [16]. - Amazon is restructuring its AI department, integrating its chip, quantum computing, and AGI teams under a new leadership structure [18]. - OpenAI is negotiating with Amazon for a financing deal of at least $10 billion, utilizing Amazon's AI chips [19]. - Google has acquired Intersect for $4.75 billion to address the energy demands of AI development [20]. Underlying Technology - Google has launched its latest AI model, Gemini 3 Flash, which enhances performance and cost efficiency while retaining core capabilities [22]. - ByteDance has released the Doubao model 1.8 and upgraded the Seedance model, achieving industry-leading capabilities in multimodal understanding and generation [22]. - Alibaba has introduced a new end-to-end voice interaction model, Fun-Audio-Chat, which has been open-sourced [23]. Industry Policy - The "Shandong Province Artificial Intelligence Terminal Innovation Development Action Plan" has been released, aiming for a core competitiveness enhancement in the AI terminal industry, with a target industry scale exceeding 450 billion yuan by 2027 [24].

Core Insights - The year 2025 is anticipated to mark the dawn of the AI industrial era, characterized by unprecedented advancements in model performance and infrastructure investments that will significantly contribute to GDP growth in the U.S. [1][2] Group 1: Capital Expenditure and Energy Challenges - Major tech companies, including OpenAI, Microsoft, Amazon, Meta, and Alphabet, have announced substantial infrastructure investment plans, with each gigawatt of data center capacity costing approximately $50 billion. OpenAI's "Stargate" project, in collaboration with partners, involves a $500 billion investment to build 20 gigawatts of capacity globally [3]. - Microsoft is projected to spend $80 billion on global data centers in 2025 and has signed a 20-year agreement to restart the Three Mile Island nuclear reactor in Pennsylvania by 2028 to ensure a stable power supply [3]. - Bain & Co. estimates that to support this scale of construction, AI annual revenue must reach $2 trillion by 2030, exceeding the total profits of major tech companies in 2024 [3]. - Insufficient grid capacity has led to some data centers in Silicon Valley being underutilized, and concerns over debt levels have caused Blue Owl Capital to withdraw from negotiations to finance a $10 billion data center for Oracle and OpenAI [3]. Group 2: Talent Market Transformation - Meta has disrupted traditional compensation structures by offering lucrative packages, including cash bonuses and substantial equity, to researchers from OpenAI, Google, and Anthropic, with some four-year contracts valued at up to $300 million [5]. - Mark Zuckerberg has personally engaged in the talent acquisition battle, successfully recruiting key researchers from OpenAI [5]. - In response, OpenAI has introduced aggressive stock option vesting schedules and retention bonuses of up to $1.5 million for new employees [6]. Group 3: Proliferation of Reasoning Models and Agentic Coding - 2025 is viewed as the year of widespread application of reasoning models, with advancements such as OpenAI's o1 model and DeepSeek-R1 demonstrating enhanced reasoning capabilities through reinforcement learning [8]. - The integration of tools has led to significant improvements in model performance, with OpenAI's o4-mini achieving a 17.7% accuracy rate in a multimodal understanding test, driving the rise of "Agentic Coding" [10]. - By the end of 2025, tools like Claude Code, Google Gemini CLI, and OpenAI Codex are expected to handle complex software development tasks through intelligent workflows [10]. - Despite some limitations in reasoning models identified by research from Apple and Anthropic, the trend of utilizing AI for code generation and cost reduction in development remains strong [11].

Core Viewpoint - Amazon.com is the worst-performing member of the "Magnificent Seven" in 2025, with a stock gain of less than 6% compared to the ETF tracking the group, which has increased by over 22% [1] Performance Comparison - Since the end of 2020, Amazon's stock has risen 42.5%, underperforming the S&P 500 index, which has advanced by 83.9% during the same period [1] - The Roundhill Magnificent Seven ETF has experienced a significant increase of 172% since its inception on April 11, 2023 [1]

要点提炼： AI工业时代的黎明：2025年标志着AI从"学术探索"正式迈向"工业化基础设施"时代。AI投资成为驱动美国GDP 增长的核心力量，全球年度资本支出突破3000亿美元。 万亿级投入与能源焦虑：科技巨头（如OpenAI、微软、亚马逊）开启"星际之门"等超级数据中心计划，单项投 资动辄数千亿美元。电力供应成为硬约束，科技公司开始通过重启核电站（如三里岛）来保障算力需求。 推理模型与智能体化：以OpenAI o1和DeepSeek-R1为代表的推理模型成为主流，AI具备了"多步思考"能力。 "智能体编码（Agentic Coding）"爆发，AI智能体已能独立处理复杂的软件开发任务，编程效率显著提升。 天价薪酬重塑人才市场：顶尖人才身价比肩体育明星，Meta等巨头甚至开出高达3亿美元的四年期薪酬包。 | The Batch > Weekly Issues > Issue 333 | | --- | | 白 Published 0 Reading tim | | --- | | Dec 26, 2025 16 min read | | Top Stories of 2025! Big AI Poaches ...