市场策略丨深度报告 [Table_Title] AI 革命和泡沫分析框架（一）：AI 的 1998—— 科网泡沫再审视 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本文对科网泡沫复盘，希望以史为鉴，对当下 AI 产业演进过程提出一些思考。衡量泡沫是否存 在主要有八大维度，可以分为三个层面。宏观：叙事催化剂和杠杆水平；产业：故事性、应用 场景、未来竞争格局、商业模式；市场：经验不足的投资者、纯粹可投资标的。从宏观环境整 体来讲，美国当前的经济环境不及科网泡沫时期，流动性相比当时更好。产业端来讲，商业模 式能否闭环，企业能否产生最终盈利是市场最为关注的问题。而市场端来看，当前估值水平和 市场构成相比科网泡沫时期更优。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title AI 革命和泡沫分析框架（一 2] ）：AI 的 1998—— 科网泡沫 ...

以下文章来源于星海情报局 ，作者星海老局 星海情报局 . 见证中国科技奔赴星辰大海，专注产业链分析和案例写作，关注AI、互联网、汽车、消费电子、半导 体等前沿科技产业。 本文来自微信公众号： 星海情报局 ，作者：星海老局，原文标题：《"电力克苏鲁"赢得AI竞争？ 中 国发电增量已达美国7倍！》 即使是人类最顶尖的科技，终究也会撞上一堵最古老、也最坚硬的墙：物理定律。 不久前，马斯克在访谈中发出了一针见血的论断："AI发展的制约因素，正在从芯片转向电力供 应。" 这并不是危言耸听，根据国际能源署（IEA）的预测，到2026年，全球电力总消费量将达到29000兆 瓦时的历史新高。 面对即将到来的"电荒"，巨头们纷纷坐不住了。微软重启曾因事故被废弃的三里岛核电站，Meta也 宣布与核电站达成合作，谷歌则联手初创公司自建核反应堆。 2024年9月，微软也宣布了一个震惊业界的消息：它与Constellation Energy达成协议，计划重启三里 岛核电站，并收购未来100%发电量的购电权，期限长达20年。 全球科技巨头，正集体卷入一场"抢电大战"。 科技巨头，卷入"抢电大战" "如果我们无法获得足够的电力，人工智能的 ...

Market Overview - The agentic AI market is projected to grow nearly 10 times by 2030, with global enterprise agentic AI expected to increase from $2.6 billion in 2024 to over $24 billion by 2030 [2] Company Analysis: UiPath - UiPath is positioned as a market leader in agentic AI, with its platform integrating agents and data to enhance productivity and office workflows [3][4] - The company reported an operating profit of $13 million in the third quarter, a significant improvement from a loss of $43 million in the same quarter the previous year [6] - UiPath's stock trades at just over 5 times trailing revenue and has seen an 83% decline from previous highs, with analysts projecting earnings growth at an annualized rate of 26% [7] Company Analysis: Alphabet (Google) - Alphabet operates the infrastructure necessary for agentic AI, including chips, models, and data centers, with its Gemini model being widely adopted [8][10] - Google Cloud experienced a 34% year-over-year revenue increase in the third quarter, driven by enterprise adoption of agentic AI [11] - Alphabet's stock trades at 30 times 2026 earnings estimates, reflecting its strong advertising revenue and growth potential in the cloud sector [12]

法庭文件显示，历经五年多激烈且艰难的诉讼，才终于形成一份和解方案。2020年，原告用户诉称，在谷歌应用程序被关闭、位置共享功能被禁用、屏幕被 锁定等情况下，谷歌仍能通过对安卓用户手机进行特殊设置，收集其移动蜂窝数据。 值得关注的是，与类似案件通常主张侵犯用户隐私不同，原告律师格伦·萨默斯（Glen Summers）认为，谷歌非法收集用户数据并用于产品研发和个性化广 告推送的行为构成了"非法侵占财产"，即一方未经允许占有他人财产。萨默斯表示，一旦和解协议达成，此案将成为史上和解金额最高的"侵占财产案"。 和解协议提到，谷歌将支付1.35亿美元（折合人民币约9.4亿元），赔偿对象包括自2017年11月12日起，所有使用搭载安卓系统移动设备的用户，每位成员的 赔偿金上限为100美元。据第三方公司的估测，美国安卓系统用户约占整个移动市场的40%。 和解协议明确了针对谷歌的一系列整改措施。包括停止被用户指控的非法数据收集和传输行为；修改谷歌应用商店的服务条款，披露数据收集的相关情况， 并为用户提供数据传输"一键关闭"按钮；在修改安卓系统手机初始设置时，必须获得用户的明确同意等。 1月29日，谷歌同意支付1.35亿美元解 ...

Group 1: Google Project Genie - Google DeepMind has launched Project Genie, an AI tool that allows users to create interactive virtual worlds using text prompts or images [1] - The tool is currently available to users with a Google Ultra account in the U.S. who are 18 years or older [1] - Project Genie is based on the previously showcased Genie 3 model and integrates Google's Nano Banana Pro image generation model and Gemini multimodal model [1] Group 2: Apple AirPods Pro 3 Demand - Apple CEO Tim Cook stated that the demand for AirPods Pro 3 has exceeded the company's expectations since its release in September 2025 [3] - The "Wearables, Home, and Accessories" category saw a revenue decline of approximately 2% year-over-year in Q1 of fiscal year 2026 [3] - Cook clarified that the revenue drop does not reflect true market demand, attributing it to production constraints affecting AirPods Pro 3 [3] Group 3: Apple Siri Development - Apple initially considered using Anthropic's Claude model for the new Siri but ultimately chose Google's Gemini platform due to cost negotiations [5][7] - Anthropic's proposal included high fees, demanding tens of billions annually from Apple, which led to the decision to switch to Gemini [7] - Despite not being selected for Siri, Anthropic continues to play a significant role in Apple's internal systems [7] Group 4: Xiaomi's UK Expansion - Xiaomi plans to open 150 stores in the UK over the next four years, having generated approximately 1 billion RMB in revenue last year [10] - The company has diversified its product lines, including smartphones, wearables, home appliances, and vehicles [10] Group 5: Tencent's AI Research - Tencent has appointed Pang Tianyu as the Chief Research Scientist for its AI division, focusing on multimodal reinforcement learning [12] - Pang has a strong academic background in machine learning and has published multiple papers in top conferences [12] Group 6: Apple iPhone 18 Pro Features - Apple is negotiating with SpaceX to integrate Starlink satellite communication into the upcoming iPhone 18 Pro, allowing users to connect without additional hardware [14] - Currently, Apple offers emergency SOS satellite services through Globalstar, but this is limited to urgent situations [14] Group 7: Alibaba's DeepPlanning - Alibaba Qianwen has launched a new benchmark test called DeepPlanning, which focuses on complex real-world planning tasks for AI [13] - Current top AI models still show limitations in global optimization and long-term consistency, indicating a gap in achieving full autonomous decision-making capabilities [13] Group 8: Robotics and AI Insights - Yu Shu Technology's CEO Wang Xingxing emphasized the importance of developing large models for robots, suggesting that success in this area could lead to significant recognition [17] - The company reported a production output of over 5,500 humanoid robots in 2025, with plans for further advancements [18]

《GTA》 开发商 Take-Two Interactive缩水10%，在线游戏平台Roblox 下跌了超过12%，最惨的是游戏引擎制造商Unity下跌了21%。 还在等GTA6的朋友，可以先别急了。 梦瑶 发自 凹非寺 量子位 | 公众号 QbitAI 谷歌正式开放世界模型 Genie 3 的实验性研究原型Project Genie。 一夜间暴打了游戏公司市值。 因为AI版的「GTA世界」，已经被谷歌提前搓出来了（震惊.jpg）： 好嘛，消息一出，全网已经玩疯了，脑洞大开的网友们在3D世界里反手就是一个：搓！ 光有GTA6哪儿够啊，下面这位网友直接搓出来了个AI版《塞尔达传说·旷野之息》： 还有这位朋友，几秒钟就搓出一个粘土风的「赛博瓢虫」。 好神奇，它竟然能根据指令实时转向、主打一个旋转跳跃不停歇： 甚至……你还能搓出一个1664年的新阿姆斯特丹。 无尽的大海、细节拉满的NPC和纹理感超强的帆船和建筑，这是一样不少啊： 话不多说，咱们直接看看这个Project Genie到底能把3D世界玩到什么程度！ Project Genie 被网友玩出了花 在看网友们的各种神操作之前，咱们先简单捋一下：Project ...

Group 1 - Eli Lilly's stock performance is influenced more by new reports on GOP-1 clinical trials than by its earnings [1] - Alphabet is highlighted as a strong performer, with significant contributions from its products like Gemini, YouTube, and self-driving cars [2] - The healthcare sector is facing scrutiny from the president, particularly targeting companies in the healthcare chain [3] Group 2 - The drug distribution sector is criticized for high profits with minimal contributions to healthcare, with McKesson being implied as a key player [4] - Amazon's stock has become volatile, with earnings reports leading to significant fluctuations in its stock price [5] - The travel sector is mentioned as a focus for investment, despite recent underperformance [6]

Meta could soon be the world's largest advertising business.Meta Platforms (META 2.96%) has been a big winner in the AI era, up 8x since the stock bottomed out in 2022, and its latest results delighted investors.Revenue jumped 24% in the fourth quarter to $59.9 billion. Ramped-up spending weighed on margins, but investors had expected that, and net income still rose 9% to $22.8 billion, or $8.88 per share.Looking ahead, Meta also issued better-than-expected revenue guidance for the first quarter, calling fo ...

"21世纪关键技术"关注科技未来发展趋势，研究21世纪前沿科技关键技术的需求，和影响。将不定期推荐和发布世界范围重要关键技 术研究进展和未来趋势研究。 前言：在上一篇文章中，我们发表了 《大自然规律不允许！德国物理学家指出量子计算可能永远无法成功》， 在本篇将进一步介绍美 国国防高级研究计划局 DARPA 验证量子计算真实性的举措。为验证量子计算的可靠性做出的工作。 美国国防高级研究计划局正在通过一项雄心勃勃的验证计划重新定义全球量子计算竞赛的规则。该机构的量子基准测试计划已将11家 来自美国、加拿大和澳大利亚的企业推进到第二阶段，这些公司必须证明他们能够在2033年前开发出"效益超过成本"的实用级量子计 算机。这一严格的筛选机制标志着量子技术发展从科学探索转向工程验证的关键转折点。 DARPA的量子基准测试计划设定了一个明确且具有挑战性的目标：到2033年实现量子计算的实际商业和军事价值。该计划项目经理乔 ·阿尔特彼得明确表示，他们的"开场立场是怀疑主义"，旨在通过科学严谨性来终结量子计算领域的过度炒作。这种制度化的怀疑态度 反映了美国政府对新兴技术泡沫的警惕，以及对确保联邦投资获得实际回报的坚持。 进入第 ...

Core Insights - Alphabet's Google successfully convinced a federal judge in San Francisco to dismiss a consumer request for over $2 billion in penalties related to the company's past data collection practices, specifically concerning users who had disabled a key privacy setting [1] Group 1 - The federal judge's ruling indicates a legal victory for Google in the ongoing scrutiny over its data collection methods [1] - The case highlights ongoing concerns regarding user privacy and data management practices within the tech industry [1] - The dismissal of the penalty request may set a precedent for similar cases involving data privacy and user consent [1]