WisdomTree宏观策略师塞缪尔·赖因斯(Samuel Rines)表示："市场严重低估了Waymo，却高估了特斯 拉。"他指出，Alphabet的估值"几乎未给Waymo赋予任何价值，尽管其技术最先进、已投入运营且与多 家整车厂商(OEM)达成合作"。 投资者对自动驾驶技术的热情源于潜在市场的庞大规模。据彭博智库估算，到2030年，全球叫车服务年 销售额可能超过3250亿美元。分析师曼迪普·辛格(Mandeep Singh)周一在研究报告中称，其中至多200亿 美元可能来自无人驾驶出租车。 Waymo目前在洛杉矶、奥斯汀、凤凰城和旧金山提供付费无人驾驶出行服务，并将于今年晚些时候通 过优步(UBER.US)平台在亚特兰大运营，明年拓展至迈阿密和华盛顿。上周，Waymo申请在纽约市测试 车辆的许可，导致Uber和Lyft(LYFT.US)股价下跌。 智通财经APP获悉，无人驾驶汽车赛道的狂热正持续升温，但即便旗下Waymo无人驾驶出租车已在美国 主要城市迅速铺开，Alphabet(GOOGL.US)的股价却几乎未反映出这种乐观情绪。相比之下，特斯拉 (TSLA.US)显然更"受宠"，仅凭上周末奥斯汀的故障 ...

在上周举行的戛纳国际创意节上，TikTok推出全新的AI广告功能，该功能可以通过上传图片或一个简短的文字 prompt，进而生成一个5秒钟的广告视频。 Veo3很快在广告行业落地了第一个"爆款"。在上周进行NBA总决赛第二场转播期间，一则由Veo3生成的电视广告登上 了转播画面。这则长达30秒的广告，核心视频内容全部由Veo3制作完成，该广告的制作人PJ Ace在社媒表示："整个广 告制作由一个人完成，共花了2～3天。与传统广告相比，成本降低了95%。" 此前，很多广告公司所采用的AI工具，更多是一种针对某些场景加工的提效手段。Veo3的出现，以及近期TikTok和 Meta下场AI广告工具的动态，都显示着AI广告技术门槛正持续降低的新趋势，一键"傻瓜"式生成将成为中小广告公司/ 品牌方的主流制作方式。 无独有偶，Meta上周宣布升级图像转视频广告工具，允许营销人员利用AI将产品图片转化为多场景视频广告。广告主 最多可上传20张图片来创建视频，并可添加背景音乐和文本。 大厂纷纷下场推广AI广告工具背后，是广告业逐渐被AI"入侵"的现状。根据CTR（央视市场研究）发布的《2025中国 广告主营销趋势调查报告》， ...

智通财经6月24日电，花旗集团将谷歌目标价从200美元上调至203美元。 ...

（原标题：剑指谷歌(GOOGL.US)搜索霸权！英国拟首次援引新规强化管控） "这些有针对性且适度的措施将为英国企业和消费者提供更多选择，让他们能更好地掌控与谷歌搜索服 务的互动方式，同时为英国科技行业及整体经济释放更多创新机遇，" 她指出。 智通财经APP获悉，英国竞争监管机构周二表示，正提议将谷歌(GOOGL.US)列为"战略市场地位"企 业，以强化对该美国科技巨头搜索引擎业务的管控。 英国竞争与市场管理局(CMA)表示，这是英国根据新出台的科技巨头监管制度提出的首例认定，此项认 定将授权监管机构强制谷歌确保其搜索结果的商业排名更加公平。 该机构还提出，如果10月最终认定通过，将采取措施要求谷歌简化用户访问竞争对手搜索服务的流程， 并为其内容出现在搜索结果中的出版商提供更高的透明度和控制权。此外，谷歌应提升数据便携性，以 帮助新企业将创新产品推向市场。 作为英国今年获得新监管权限后首例认定对象，谷歌目前占据英国90%以上的搜索市场份额。CMA首 席执行官Sarah Cardell表示，尽管谷歌为市场带来了显著效益，但监管机构发现其市场运作仍有提升竞 争与创新的空间。她补充道，CMA已制定针对谷歌的后续监管 ...

整理 | 褚杏娟 当地时间 6 月 23 日，在北美开源峰会上，Linux 基金会宣布与亚马逊云科技 (AWS)、思科、谷歌、 微软、Salesforce、SAP 和 ServiceNow 共同成立 Agent2Agent（A2A）项目。该项目将由 Linux 基 金会托管，初始捐赠内容是谷歌开发 A2A 协议规范、相关 SDK 以及开发工具。 A2A 协议是谷歌在今年 4 月份推出的一项开放标准，支持不同 AI 智能体之间的通信与协作，打破目 前限制人工智能潜力的"孤岛化"问题。谷歌联合 Salesforce、Atlassian、LangChain 等共同开发了该 协议，目标是为不同厂商、不同框架的智能体建立一个通用的互操作标准。目前已有超过 100 家企 业支持该协议。 谷歌方面表示，A2A 项目将在 Linux 基金会中立治理模式下进行，这将确保该关键组件始终保持厂 商中立、社区驱动。此举旨在通过一个强大开放的协作框架、知识产权管理机制与长期托管体系，加 速 A2A 协议的开发与普及。 捐赠给基金会其实也是谷歌的"基本操作"，比如其在 2015 年将最初开发的 Kubernetes 捐赠给了 CNCF， ...

YouTube在一篇博客文章中回应称，格兰特的言论忽视了平台为在校学生和教师带来的益处。该公司表 示，"我们敦促政府履行公开承诺，确保澳大利亚青少年能继续在YouTube上获取有价值的内容。" 智通财经APP获悉，澳大利亚在线监管机构呼吁政府撤销一项颇具争议的决定——即允许谷歌 (GOOGL.US)旗下YouTube豁免于针对16岁以下青少年的社交媒体禁令。这一罕见的干预举措，与 Facebook、TikTok等竞争对手此前的呼吁形成呼应。 格兰特列举称，这类危害内容"从厌女言论、仇恨素材到暴力斗殴视频、网络挑战、饮食失调及自杀倾 向内容不等"。她还提到，起初并未料到YouTube会被排除在禁令之外："我很惊讶，但我的职责不是支 持立法，而是执行规则。" 这项法律于去年年底通过，将于2025年底前生效。长期以来，Snap Inc.和旗下拥有Instagram和Facebook 的Meta Platforms(META.US)等竞争对手一直对YouTube享受的特殊待遇感到不满。更令他们愤懑的是， 有消息称澳大利亚政府甚至在就豁免条款启动公众咨询前，就已向YouTube高管作出私人承诺。 澳大利亚电子安全专员朱 ...

Core Viewpoint - Netflix is advised to embrace "high-value short-form content" to compete with YouTube and attract creators by offering exclusive multi-year deals [1][2]. Group 1: Short-Form Content Strategy - Adding shorter videos would complement Netflix's extensive library and cater to viewers with limited time, potentially attracting younger audiences accustomed to platforms like TikTok and YouTube Shorts [2]. - Satisfying the demand for short-form content could help Netflix close the viewership gap with YouTube, despite not being able to replicate YouTube's vast user-generated content [2]. - Netflix's recent upgrades to its mobile experience, including a vertical video feed and AI-powered search, align with this strategy [2]. Group 2: Financial Incentives for Creators - Netflix could provide more financial security for content creators by paying them upfront, unlike YouTube, which compensates creators based on video performance [3][4]. - Cahall estimates that Netflix could pay top creators an average of $60 per 1,000 hours viewed, which is 26% less than its current content payment rates [4]. Group 3: Industry Perspectives - While some analysts support Netflix's move into short-form content, others, like Joseph Bonner from Argus Research, suggest that Netflix should focus on enhancing its advertising technology and ad tier instead [5][6]. - YouTube is investing heavily in long-form content, with its TV app driving more viewership than its mobile app or website, indicating a strategic focus on retaining viewers through longer programming [7][8]. Group 4: YouTube's Long-Term Strategy - YouTube aims to create a comprehensive video platform that retains viewers across both short-form and long-form content, with a significant portion of revenue now coming from its TV app [7][8]. - YouTube's strategy includes ensuring that viewers remain engaged on its platform after watching a single video, rather than navigating to other platforms [9].

2025年，AI正式进入大规模商业落地的关键时刻。当AI不再是实验室里的新奇玩具，而是要真正融入企业的核心业务流程时，整个科技界达成了前所未有的共识： AI安全不再是可有可无的"加分项"，而是落地的必要一环 。 谷歌发布了一份《AI智能体安全方法白皮书》，聚焦了当前AI落地的最前沿领域——AI智能体（AI Agent）面临两大的核心风险： • 失控行为风险： 当AI智能体被赋予发送邮件、修改文件、进行交易等实际操作权限后，一旦被恶意"提示注入"攻击，或因误解指令而失控，可能造成不可挽回的 损失。 • 敏感数据泄露： 智能体在处理企业内部数据时，可能被诱导将机密信息通过各种隐蔽方式（如编码在URL参数中）泄露给攻击者。 面对这些挑战，文章提出了系统性的解决方案—— "混合式纵深防御"体系 ，巧妙融合了传统的确定性安全措施与基于AI的动态防御，在保留智能体效用的同时构 建多层安全屏障。 文章认为，传统的安全范式在AI时代已经失效。 为传统软件设计的访问控制过于僵化，会扼杀智能体的效用，而完全依赖AI自我约束同样不可靠，因为当前的LLM仍易受提示注入等攻击手段操纵。这种"效用与 安全"的根本性矛盾，催生谷歌提出了" ...

Core Insights - Baidu and Alphabet are both major players in the AI and cloud services sectors, leveraging their search engine roots to expand into advanced AI technologies and autonomous driving [2][3] - The competition between Baidu and Alphabet is intensifying as both companies aim to monetize their AI innovations, with investors keen to identify which company is better positioned for growth [3] Baidu Overview - Baidu holds approximately 60% of China's search engine market, providing a substantial user base and advertising platform [4] - The Apollo initiative, including the Apollo Go ride-hailing service, has seen a 75% year-over-year increase in rides in Q1 2025, while Baidu's AI Cloud division reported a 42% revenue growth in the last quarter [4] - Baidu's AI infrastructure improvements, such as ERNIE 4.5 Turbo and ERNIE X1 Turbo, have reduced inference costs and enhanced performance, making its AI Cloud offerings competitive [5] - Despite its strengths, Baidu's online marketing revenue declined by 6% year-over-year, indicating challenges in monetizing its AI-powered search [6] - Baidu reported negative free cash flow of RMB9.2 billion due to rising investments in AI and autonomous driving [6] - The company faces competition from Alibaba and Tencent in the AI cloud space, and U.S. restrictions on AI chips could disrupt its growth [7] Alphabet Overview - Alphabet has a more diversified and resilient business model, with a larger revenue base compared to Baidu [8] - The company generates significant revenue from YouTube, which alone is a $30+ billion business, and operates the world's third-largest cloud computing platform [9] - Alphabet has a strong financial position, ending the last quarter with $95.3 billion in cash and marketable securities, and generating approximately $19 billion in free cash flow [11] - The company is investing heavily in AI, with a CapEx set at $75 billion for 2025, although it faces rising operating expenses and cost pressures [12] - Alphabet's advertising growth may slow due to regulatory changes and competition, but it continues to integrate AI across its products [13] Stock Performance and Valuation - Baidu's stock performance has been constrained by China's economic challenges, while Alphabet's performance has been steady [14] - Alphabet's forward price-to-sales ratio is 5.89, significantly higher than Baidu's 1.51, reflecting its diversified business and growth potential [17] - Earnings estimates indicate a 10.5% decline for Baidu, while Alphabet is projected to grow by 18.3% [19] Investment Outlook - Alphabet is viewed as the stronger investment option due to its diversified revenue, global scale, and robust AI integration, despite facing some valuation concerns [23] - Baidu, while undervalued and ambitious in AI, is hindered by execution challenges and policy hurdles [23]

智通财经6月23日电，谷歌削减智能电视部门预算10%并裁员。 ...