克雷西 发自 凹非寺 量子位 | 公众号 QbitAI 谷歌CEO劈柴哥还发了一张AI合成的狮子照片，配文一个"Gemini"，暗示了新模型的实力。 没等来o3 Pro和GPT-5，隔壁谷歌的Gemini先更新了。 深夜，谷歌通过等多个账号同时官宣， Gemini 2.5 Pro再次推出新版本 （0605）。 新版本在代码、推理等任务上的表现更上一层楼， 在超难数据集"人类最后的考试"中以21.6%的成绩超过了o3 。 在大模型竞技场上，新版Gemini也超越了自己， Elo评分比上个月的版本提升了24分 。 | ഗ്ര Text | | | 1 7 hours ago | | --- | --- | --- | --- | | Rank (UB) ↑ | Model ↑↓ | Score 1J | Votes 1↓ | | 1 | G gemini-2.5-pro-preview-06-05 | 1470 | 4,701 | | 2 | G gemini-2.5-pro-preview-05-06 | 1446 | 10,386 | | 2 | இ o3-2025-04-16 | 1443 | 13,808 ...

Group 1 - The article discusses the valuation of Google's Search business as a separate entity, suggesting it may be undervalued compared to the rest of the company [1] - The Pragmatic Investor focuses on global macro trends, international equities, commodities, technology, and cryptocurrencies, aiming to guide investors in building diversified portfolios [1] - James Foord, an economist with a decade of experience in global market analysis, leads The Pragmatic Investor, emphasizing wealth preservation and growth [1]

1. 6月5日(周四)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货涨0.03%，标普500指数期货微涨，纳指期货跌0.02%。 | ■ US 30 | 42,442.00 | 42,543.50 | 42,389.00 | +14.30 | +0.03% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 5,970.90 | 5,988.10 | 5,963.90 | +0.10 | 0.00% | | ■ US Tech 100 | 21,717.00 | 21,804.00 | 21,687.10 | -4.90 | -0.02% | 个股消息 挚文集团(MOMO.US)Q1净营收同比下降1.5%，陌陌付费用户数降至420万。挚文集团Q1净营收为25.208亿元(人民币,下同)，同比下 降1.5%，归属于公司净利润为3.580亿元，上年同期为520万元，摊薄后每ADS收益为2.07元，上年同期为0.03元。Non-GAAP归属于公 司净利润为4.038亿元;摊薄后每ADS收益为2.34元。2025年3月，探探应用程序的月活跃用户为1070万 ...

Core Viewpoint - Alphabet is at a critical juncture, with its stock rebounding from a 52-week low, indicating a potential entry into a new bull market despite mixed investor sentiment [1][2]. Bull Case for Alphabet - Alphabet is maintaining its dominance in the tech sector, showcasing AI innovations at the Google I/O 2025 conference, particularly through its Gemini AI models, which positions the company for future growth [3]. - Analysts, including JPMorgan, have reiterated an Overweight rating on Alphabet, with a price target of $195, highlighting the company's advancements in AI and monetization potential [3]. - The stock is forecasted to have an 18.86% upside, with a 12-month price target of $199.75 [4]. - Google Search retains approximately 88% market share in the U.S., and despite emerging AI alternatives, its scale and integration keep it central to internet usage [5]. - The integration of AI into core products is yielding results, with "AI Overviews" reaching over 1.5 billion users across 140 countries, monetized similarly to traditional search results [6]. - Alphabet's diversified revenue streams are growing, with YouTube generating $10.47 billion in ad revenue last quarter, and Google Cloud gaining traction with AI-powered solutions [7]. - The current valuation appears attractive, trading at 16.3x forward earnings and 18.5x trailing earnings, suggesting a potential buying opportunity for long-term investors [8]. Bear Case for Alphabet - The primary concern is the potential erosion of Google's search dominance, particularly with competition from AI-powered alternatives and the possibility of Apple switching its default search engine [9][10]. - Ongoing antitrust litigation in the U.S. and EU poses regulatory risks, targeting Google's dominance in ad tech and search, while privacy laws limit data collection capabilities [13]. - Despite various initiatives, Alphabet's innovation has not yet significantly accelerated earnings growth, raising concerns about a potential value trap if AI initiatives do not compensate for declining search dominance [14].

智通财经APP获悉，Alphabet(GOOGL.US)首席执行官皮查伊(Sundar Pichai)表示，尽管该公司加大了 对人工智能(AI)的投资，但将至少在2026年前继续扩大工程师队伍。皮查伊表示将在近期继续加大对工 程团队的投入，并强调"人才仍然是关键"。 包括微软(MSFT.US)在内的美国科技巨头今年已裁减了更多员工，部分原因是为了腾出资源以确保AI领 域领先地位所需的巨额投资。Alphabet自身近年来也进行了一系列裁员，以释放资源。这些裁员也引发 了人们对AI取代某些岗位功能的担忧。 皮查伊表示："我预计，我们的工程团队将在现有基础上继续增长，甚至到明年仍会扩大，因为这让我 们能够把握更多机会空间。我将AI视为显著提高工程师生产力的工具，帮助他们摆脱许多日常琐事。" 尽管如此，皮查伊描绘的AI发展愿景既充满希望，也对其当前局限保持清醒。他指出，尽管AI在代码 编写等领域表现出色，但模型依然会犯一些基本错误。皮查伊表示："我们现在是否真的处在通向通用 人工智能(AGI)的明确路径上?我认为没有人能给出肯定的答案。" 此外，随着谷歌将更多AI功能融入搜索引擎，一些出版商已经发出警告，称担心谷歌提 ...

在被问及Chrome是否会定期自动更换用户的密码，帕里萨・塔布里兹明确指出，Chrome不会在没有用 户同意的情况下更换任何密码，修改密码始终是由用户自行决定是否进行，以及"我们非常注重让用户 保持对密码更换的控制权。" 不得不说，Chrome的这一功能颇有巧思，也精准洞察了当下用户的特点。"别让我等，别让我想，别让 我烦"，这其实就是如今产品经理在设计互联网产品时的基本原则，目的就是简化用户为了满足需求所 需要的步骤。如今只是提示用户密码强度弱，可能存在泄露风险，以当下许多网民的调性，他们的选择 几乎一定是"无视风险"。 | Findings | All countries | > | | Get the 2019-2022 password list | | --- | --- | --- | --- | --- | | RANK | PASSNORD | | TIME TO CRACK IT | COUNT | | 1 | 123456 | | < 1 Second | 4, 524, 867 | | 2 | admin | | < 1 Second | 4,008,850 | | 3 | 123456 ...

要闻提示 NEWS REMIND 1.台积电遭质疑是血汗工厂，老板魏哲家：我这么胖怎么可能 2.李彦宏旗下"BioMap百图生科"计划赴香港上市 3.百度集团副总裁袁佛玉挂帅前线，轮岗主攻泛科技、金融等赛道 4.比亚迪放狠话"一追到底"！已有126个账号进入黑号名单 5.雷军回应"苹果放弃造车"：不知道苹果为什么干不成，外部报道不能准确参考 6.李斌：蔚来一直反对打价格战，行业反内卷对蔚来走向盈利是好事 7.大众集团重组德国业务，约2万员工签署协议将自愿离职 8.TikTok不再为美国商家提供免费流量，转为付费广告 今日头条 HEADLINE NEWS 台积电遭质疑是血汗工厂，老板魏哲家：我这么胖怎么可能 近日，台积电在新竹喜来登举行股东会期间，工伤协会在门口举行记者会，抗议台积电，控诉从2019年起 相关工安事故造成10位劳工殒命，并质疑台积电是血汗工厂。工伤团体在门口打出标语并高喊："台积电 获利惊人，劳工死伤惨重！"控诉台积电近年来在各地科学园区的建厂工程中，不断爆出职业灾害。此 外，还有消息称，台积电工程师不仅工时过长，且需要24小时待命。 对于这种说法， 台积电董事长兼总裁魏哲家在股东会上澄清，称" ...

NO.2 OpenAI付费企业用户突破300万，预计今年营收为127亿美元 每经记者｜岳楚鹏 每经编辑｜高涵 ｜2025年6月5日星期四｜ NO.1 亚马逊将投资100亿美元建设数据中心 当地时间6月4日，亚马逊表示，计划斥资100亿美元在美国北卡罗来纳州建立新数据中心，以扩大其AI 基础设施。亚马逊在博客文章中写道："生成式AI正在推动对先进云基础设施和计算能力的需求增长， 我们的投资将支持AWS数据中心的未来发展。" 点评：此举彰显亚马逊对生成式AI发展前景的信心，可能强化投资者对其长期增长潜力的预期。 当地时间6月4日，Arm宣布推出AI造车平台Arm Zena CSS。Arm声称，该平台可以帮助汽车制造商将车 机芯片开发时间缩短高达12个月，并将每个项目的硅片工程工作量减少高达20%，从而帮助原始设备制 造商和硅片供应商更快地将新车型推向市场，并提供智能语音和触控界面、沉浸式数字驾驶舱体验、驾 驶辅助和自动化以及实时感知等功能。 点评：Arm推出AI造车平台Zena CSS，主打缩短车机芯片开发周期、降低工程量，有望加速车企新品上 市节奏，提升智能化体验。 NO.5 "稳定币第一股"Circle IP ...

Core Viewpoint - Alphabet's shares have experienced significant volatility in 2025, reflecting broader market trends, with a notable 37% increase in 2024 followed by an 8.9% rise in early 2025, before a sharp decline of around 30% in February due to escalating trade tensions [1][2]. Company Performance - By April 2025, Alphabet's shares rebounded, gaining 17% as of June 2, following easing trade tensions, and the company holds a Zacks Rank 3 (Hold) with a strong Growth Score of A [2]. - The company faces uncertainty due to ongoing antitrust legal proceedings, with the Department of Justice concluding arguments that could have significant implications for Alphabet [3][4]. Legal Challenges - Alphabet lost a landmark antitrust case in August 2024, with a ruling that it illegally monopolized the search engine market, leading to potential drastic consequences for the company [4]. - Analysts predict that if a divestiture of the Chrome browser is ordered, Alphabet's shares could drop by 15% to 25%, and its earnings per share (EPS) could decrease by up to 30% due to Chrome's substantial user base of 4 billion and its contribution of 35% to Alphabet's search revenues [4][5]. Settlement and Compliance - Alphabet has agreed to a $500 million settlement to change its compliance structure as part of a resolution to a shareholder lawsuit alleging antitrust violations, with additional legal fees potentially reaching $80 million [7]. Investment Opportunities - The legal developments surrounding Alphabet are expected to create short-term volatility in its shares, prompting interest in ETFs with significant exposure to the company [8]. - Several ETFs with notable exposure to Alphabet include: - IShares Global Comm Services ETF with 11.97% exposure and an asset base of $415.5 million [9]. - Fidelity MSCI Communication Services Index ETF with 12.50% exposure and an asset base of $1.49 billion [11]. - Vanguard Communication Services ETF with 12.49% exposure and an asset base of $4.74 billion [12]. - MicroSectors FANG+ ETN with 9.74% exposure and an asset base of $445.9 million [13]. - Communication Services Select Sector SPDR Fund with 8.71% exposure and an asset base of $21.82 billion [14].

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha China (PRC) | Technology Equity Research China Smartphone: High Android Inventory; Strong iPhone Sales China's Apr smartphone shipment is down by ~2% YoY, driven by ~2% fall in Android but ~1% growth in iPhone. On a 6-month rolling basis, we est iPhone's inventory days have risen by 11 days, but dropped by 8 days from Mar, while Android's inventory days are up 19 days, down only 1 day from Mar. Android's aggressive 618 discounts have driven only LSD vol growth, while ~30% dis ...