记者注意到，去年8月曾有报道称，苹果正与谷歌就使用定制Gemini模型驱动新版Siri进行沟通商量。有报道表示，为决定是继续使用内部模型还是转向合 作伙伴，苹果据称同时开发了两个版本的新Siri。 事实上，苹果和谷歌的官宣或许并不意外。在苹果WWDC25开发者大会上，当时并没有新AI硬件推出，说好的AI版Siri"一推再推"。当时，苹果的软件工 程高级副总Craig Federighi在此次WWDC25上承认，Siri的AI功能短期内不会推出。让外界猜测苹果的AI实力。 北京社科院副研究员王鹏认为，苹果与谷歌合作的本质与战略意图是技术互补与生态协同，苹果在AI模型研发上滞后，选择谷歌Gemini可快速补足技术 短板；谷歌则通过苹果设备入口扩大模型应用场景，双方形成"技术换生态"的互利关系。王鹏表示，苹果仅将Gemini作为底层支撑，保留对Siri交互层、 隐私框架的绝对控制，避免核心生态被谷歌渗透，同时通过技术合作换取AI竞赛的时间窗口。 苹果与谷歌官宣大动作。近日，苹果和谷歌已达成一项多年合作协议，根据该协议，下一代苹果基础模型将基于谷歌的Gemin模型和云技术。这些模型将 为未来的苹果智能功能提供支持，包 ...

Market Performance - U.S. stock futures fell slightly, with S&P 500 and Dow Jones Industrial Average futures down nearly 0.1% [1][8] - On Monday, the S&P 500 rose 10.99 points (0.2%) to 6,977.27, the Dow Jones increased by 86.13 points (0.2%) to 49,590.20, and the Nasdaq composite gained 62.56 points (0.3%) to 23,733.90 [5][6] - For the year, the S&P 500 is up 131.77 points (1.9%), the Dow Jones is up 1,526.91 points (3.2%), the Nasdaq is up 491.91 points (2.1%), and the Russell 2000 is up 153.79 points (6.2%) [6] Federal Reserve and Regulatory Concerns - Concerns over the potential weakening of the Federal Reserve's independence in setting interest rates have emerged, with investors speculating that President Trump may push for faster rate cuts [1][8] - Tensions between President Trump and Fed Chair Jerome Powell escalated after the Department of Justice subpoenaed the Fed, threatening a criminal indictment related to Powell's testimony on building renovations [1][8] Sector-Specific Developments - Alphabet, Google's parent company, gained 1% in market value, surpassing USD 4 trillion, following a deal with Apple to enhance Siri using Google's Gemini [7] - Credit card companies experienced significant losses after Trump proposed a one-year, 10% cap on credit card interest rates, impacting their profit margins. Synchrony Financial fell 8.4%, Capital One Financial dropped 6.4%, and American Express decreased by 4.3% [8][9]

Alphabet Inc. broke above a $4 trillion market capitalisation on Monday, becoming one of the few companies to ever cross the threshold as investors increasingly see the Google parent as one of the biggest winners of the artificial intelligence boom.Shares closed up 1% at $331.86, translating to a market cap of just over $4 trillion. The company recently overtook Apple Inc. to become the second-largest firm, behind Nvidia Corp. Only Nvidia, Apple, and Microsoft Corp. have topped the $4 trillion barrier, and ...

克雷西 发自 凹非寺 量子位 | 公众号 QbitAI 兜兜转转，苹果AI最终选择了谷歌。 今天凌晨，两家公司发布联合声明，官宣达成了深度合作协议， 将基于Gemini模型和谷歌的云技术构建下一代苹果基础模型 。 当然这也不是老马第一次对苹果AI进行输出，去年苹果和OpenAI宣布合作的时候，马斯克就提起来反垄断诉讼，指控这两家公司串谋"确保其 在人工智能市场的持续主导地位"。 苹果AI花落谷歌 根据双方声明，这项合作将带来的成果之一就是"更个性化的Siri"，而且今年年内就会上线。 总之，从去年被彭博社古尔曼曝出与谷歌私下接触，双方的合作总算是要尘埃落定。 这则消息无疑对双方都是利好，两家的公司股价齐声上涨，谷歌的市值还首次突破4万亿美元关口。 | 有人欢喜有人忧，隔壁马斯克就是被酸到的一个，他表示考虑到谷歌还有Chrome和安卓，这就是赤裸裸的垄断。 | | --- | 根据双方的合作协议，Gemini将为苹果新版Siri乃至更广泛的Apple Intelligence提供底层技术支持，运行模式将继续采用苹果私有云+端侧结 合的方式，以确保数据隐私。 外界预估苹果每年可能向谷歌支付约10亿美元的授权费用， ...

Core Insights - Google has introduced a new "universal commerce protocol" aimed at enhancing interactions between digital agents and potential shoppers during AI chat sessions [1][2] - The protocol has been developed in collaboration with major retailers like Shopify, Target, and Walmart, and is endorsed by around 20 significant payment players including Adyen, PayPal, Stripe, Worldpay, Mastercard, and Visa [2] Group 1: Protocol Development - The universal commerce protocol establishes a common language for agents and systems to operate together, facilitating smoother transactions [2] - The protocol will enable shoppers using Google's AI mode to purchase items directly from retailers such as Best Buy, Lowe's, and Walmart, initially through Google Pay [4] Group 2: Future Capabilities - Google plans to work with retailers to expand the protocol globally and add features like discovering related products, applying loyalty rewards, and creating custom shopping experiences [5] - The protocol is designed to streamline operations for various digital agents, allowing them to interact easily without needing unique connections for each agent [6] Group 3: Integration with Existing Standards - Google's AP2 protocol will work alongside the universal commerce protocol to facilitate agentic purchases, enabling agents to make purchases on behalf of users [7]

美国零售巨头沃尔玛(WMT.US)成为最早"尝鲜"谷歌这一技术的零售商。沃尔玛上周日与谷歌联合宣 布，消费者将可通过Gemini，更便捷地在沃尔玛及其旗下仓储会员店山姆会员店中探索商品并完成购买 流程。沃尔玛指出，UCP解决了三个客户需求：1)品类与价格：Gemini将包含与搜索相关的沃尔玛产 品，且互动的持续性使得产品可以在整个对话过程中展示。2)个性化：当沃尔玛产品在Gemini中显示 时，互补产品也会一并展示。3)快速配送：重申配送条款(非AI相关创新)。 智通财经APP获悉，汇丰近日发布的研报表明，零售商对token需求的增加、谷歌(GOOGL.US)旗下大模 型Gemini将人工智能(AI)引入购物体验、以及此前微软(MSFT.US)等公司的早期动作表明，AI电子商务 正迎来发展，尽管技术尚处于验证阶段。 汇丰指出，1月11日，谷歌首席执行官桑达尔·皮查伊在美国零售联合会发表演讲，开场即强调，仅零售 商群体在Vertex AI(面向商业的API)上处理超过90万亿个token，而2024年12月为8.3万亿个。基于零售商 token输入量的大幅增长，谷歌已向它们推出了AI工具。这包括用于客户体验的G ...

Dealmaking and Industry Consolidation - Dealmaking activity may increase due to potential interest rate cuts and a favorable regulatory environment, with agencies forming strategic partnerships, such as Publicis and LiveRamp [1] - Omnicom's acquisition of Interpublic Group indicates a trend towards further agency consolidation, with expectations of more mergers and sell-offs in the advertising holding companies [2] Marketing Trends and Consumer Behavior - Investment in emerging channels to reach economically influential audiences, including Gen Alpha, is expected to rise, with major events like the Super Bowl and FIFA World Cup providing platforms for testing new marketing tactics [3] - The marketing landscape is shifting towards two extremes: high-touch, personalized services and AI-driven, plug-and-play models, impacting job markets and employee experiences [5] AI and Content Creation - The rise of generative AI in marketing may lead to a homogenization of content, prompting brands to adopt bolder messaging strategies to stand out [4] - Brands are increasingly utilizing AI-generated content, with predictions that 50% of Super Bowl ads will incorporate generative AI elements [10] Data and Measurement Challenges - The focus on data transparency and ownership is critical as AI complicates existing challenges in ad visibility and effectiveness, particularly with the rise of zero-click searches [14] - Marketers are encouraged to shift from merely collecting data to connecting it effectively to gain a unified view of consumers [15] Sports Marketing and Audience Engagement - Sports marketing is anticipated to be a key strategy for reaching consumers, with significant events like the FIFA World Cup and Winter Olympics providing valuable advertising opportunities [32] - Women's sports are gaining momentum, presenting brands with opportunities to engage early as audiences grow [34][35] Economic Factors and Tariffs - Tariffs and economic uncertainties are expected to continue affecting marketing strategies, with a focus on value and deals becoming increasingly important as consumers face tighter budgets [39][40] - Despite challenges, global ad revenue is projected to grow by 8.8% in 2026, indicating resilience in the advertising industry [37]

Group 1 - The core viewpoint of the article is that Apple and Google have entered into a long-term artificial intelligence collaboration, with Apple Intelligence, including Siri, adopting Google's AI technology, particularly the capabilities of the Gemini model [1] - Citigroup highlights Google's leading position in the core AI field, emphasizing the growing computational infrastructure and hardware technology advantages [1] - Google's AI ecosystem continues to expand, with the monthly active users (MAUs) of the Gemini core product experiencing a 10% growth in December of last year [1] Group 2 - Since the launch of Gemini 3 and related products in November, Google's market share has steadily increased, raising its global search market share to 90.8%, despite a slight decline in the U.S. search market during the same period [1] - Google is integrating the results of AI-O, AI-M, and Gemini into its products, such as Gmail and Agentic Commerce [1] - By the fourth quarter of 2025, Google is expected to process over 90 trillion AC tokens, with the search volume growth momentum anticipated to accelerate as commercialization progresses [1] Group 3 - Citigroup maintains that Google remains a top choice in the internet sector, reiterating a "buy" rating with a target price of $350 [1]

Core Investment Logic - Google's core investment value lies in its comprehensive AI ecosystem, which integrates the capabilities of the Gemini model to drive growth in both cloud and advertising businesses [2] - The competitive advantage has evolved from a single search entry point to a closed-loop system encompassing self-developed chips (TPU), general-purpose large models (Gemini), and a global application ecosystem [2] Key Pillars: Advertising Business - Google's robust performance in 2025 validated its operational resilience during the AI transformation, alleviating market concerns about generative AI impacting search business [4] - In Q3 2025, Google's revenue surpassed $100 billion for the first time, with a stock price increase of 66% for the year, driven by the vertical synergy of "TPU-Gemini-search advertising" [4] - The search business entered a new phase of "volume and price increase," with Gemini improving intent analysis accuracy to 92%, leading to a 45% increase in average click-through rates for advertisers [4] YouTube's Revenue Growth - YouTube's advertising revenue exceeded $10.26 billion in Q3 2025, marking a 15% year-over-year increase, primarily driven by the monetization efficiency of YouTube Shorts [5] - The integration of short videos, long videos, and live streams has solidified YouTube's dominance as the largest video media platform globally, converting traffic into profit [5] Google Cloud's Growth - Google Cloud's revenue reached $15.16 billion in Q3 2025, with a year-over-year growth rate of 34.9%, significantly outpacing competitors like Amazon AWS and Microsoft Azure [8] - The management aims to increase market share to 18%-20% within the next 3-5 years, transitioning the global cloud ecosystem to a "three-way competition" [8] Other Business Developments - Waymo's operational scaling from 2025 to 2026 indicates a shift from experimental to a commercially viable entity, with Q3 2025 revenue of $388 million, a 31% increase [13] - The management's focus on resource restructuring and capital return discipline reflects a commitment to improving financial metrics across non-core projects [14][15] Valuation and Future Outlook - Based on the ongoing optimization of monetization efficiency and operational leverage, Google is projected to achieve $457.2 billion in revenue and $131.4 billion in net profit by 2026 [17] - The comprehensive AI layout positions Google as an indispensable "heart of computing power" in the AI era, redefining its long-term value [17]

Core Viewpoint - Google and Apple have announced a long-term collaboration to integrate AI services, with Apple relying on Google's Gemini and cloud technology to build its foundational model, marking a surprising shift from competition to cooperation in the AI era [1][2][17]. Group 1: Partnership Details - Apple plans to pay approximately $1 billion annually to utilize Google's AI technology, specifically the customized Gemini model for the next generation of Siri [8]. - The collaboration is seen as a strategic move for Apple to enhance its AI capabilities, particularly in light of challenges faced by its AI team and the delayed rollout of a major Siri upgrade [12][16]. Group 2: Market Reactions and Implications - Elon Musk criticized the partnership, suggesting that the concentration of power between Google and Apple could be problematic, especially given Google's ownership of Android and Chrome [2]. - Public opinion is divided, with some users questioning the authenticity of Apple's foundational model if it is merely a fine-tuning of Google's Gemini [3]. Group 3: Competitive Landscape - The partnership is viewed as a significant step for Apple to catch up in the AI race, especially as competitors like OpenAI and Microsoft have made substantial advancements [12][16]. - Google's stock has seen a rise, with its market capitalization surpassing $4 trillion, indicating strong investor confidence in its AI strategy [4][9]. Group 4: Impact on Existing Collaborations - It remains unclear how this new partnership will affect Apple's existing collaboration with OpenAI, which was announced in June 2024 [15]. - The collaboration's impact on users in China is expected to be limited, as local regulations may lead Apple to utilize domestic AI models instead of Gemini or ChatGPT [15].