更早之前，当亚马逊AWS已经在云计算市场占据半壁江山时，谷歌云（GCP）仍一度被视为"追随者"， 但如今凭借AI原生云的定位，成为全球第三大云服务商，增速持续领跑行业。 从搜索引擎的绝对垄断，到安卓系统占据全球移动设备七成以上份额，从云计算的后发先至，到AI时 代的技术引领，谷歌成立二十多年来，几乎在每一个关键技术转折点都踩准了节奏。 与之形成鲜明对比的是，微软有比尔·盖茨、萨提亚·纳德拉，亚马逊有杰夫·贝佐斯，苹果有史蒂夫·乔布 斯、蒂姆·库克，这些CEO的个人光环几乎等同于公司符号。而谷歌的历任CEO，无论是埃里克·施密 特、拉里·佩奇，还是如今的桑达尔·皮查伊，都显得低调内敛，甚至在大众认知中"存在感不强"。 更值得玩味的是，科技行业对"管理文化"的讨论，多集中在微软的刷新、亚马逊的Day1、苹果的极致 产品主义，谷歌的决策逻辑却始终像一个黑箱。它没有喊出振聋发聩的管理口号，也没有形成可复制 的"爆款方法论"，却总能在复杂的市场博弈中做出正确选择——以至于时至今日，在浪潮迭起的时代变 化里，这家公司从未落跑，市值更是超越苹果，成为全球第二极。 这背后，究竟隐藏着怎样的运作模式？ 驱动谷歌持续做对决策的" ...

We recently published 15 Stocks on Jim Cramer’s Radar.  Alphabet Inc. (NASDAQ:GOOGL) is one of the stocks on Jim Cramer's radar. Over the past couple of months, Jim Cramer has turned increasingly optimistic on Alphabet Inc. (NASDAQ:GOOGL). Several factors have driven his optimism. Early on, these included enthusiasm for YouTube and the firm’s dominance in the search engine market. More recently, Alphabet Inc. (NASDAQ:GOOGL)’s Gemini AI platform has landed on the CNBC TV host’s radar. He correctly predicte ...

近日，谷歌（Google）向AI电商赛道上迈出了关键一步。 谷歌旗下AI大模型Gemini，开始面向美国用户提供完整的AI购物服务。消费者在Google的AI搜索或Gemini对话框内，提出购物需求，系统即可完成商品 推荐，并支持直接下单，而整个过程无需离开AI聊天界面。 目前，Gemini已经和沃尔玛、Shopify、Etsy、Wayfair、Target等电商平台达成合作。 以沃尔玛为例，其初期试点主要集中在日用百货和生鲜品类，并与线下库存系统联动，以降低缺货率，后续还将逐步拓展至更多商品类型。此外，Gemini 也引入Visa、万事达卡、Stripe、Adyen等支付服务商，为用户在"对话框内完成交易"，提供基础保障。 与ChatGPT的AI购物功能类似，用户可以在Google的AI搜索或Gemini内，购买Shopify等不同渠道的商品。 例如，美国用户在Gemini对话框内提出"我去亚特兰大旅行，需要购买一件轻薄、经典、百搭款的毛衣，并且能搭配牛仔裤和连衣裙"，Gemini就能推荐 出各种品牌的毛衣，用户还能根据提示，在结果页中不断完善购物需求，比如继续提出"更多的绿色款式"等需求。 在此之前，Op ...

Big Tech is pouring hundreds of billions into AI capital expenditure.But the question on every investor’s mind is: where’s the money?The good news? Today’s AI investments are backed by actual revenue. Here’s how three tech giants are turning AI hype into hard cash.Meta: The AI Advertising MachineMeta Platforms (NASDAQ: META) may have the clearest monetisation story of the trio.The social media giant’s AI-powered ad tools now generate a US$60 billion annual run-rate. That’s not a projection — that’s real mon ...

作者 | 高允毅 "没有，从来都没有安心的时候。" 在 2026 年达沃斯世界经济论坛，DeepMind 创始人、Google DeepMind CEO 德米斯·哈萨比斯，用 这句话形容过去三到四年的谷歌。 外界一度流行的"谷歌慢半拍"的言论，在他看来是一个彻底的误解。事实上，在这段时间里，谷歌的 AI 团队几乎一直处于红色警报状态。 他本人长期保持着每周 100 小时、一年 50 周的工作强度 ，把 一家万亿美元体量的科技巨头，硬生生拉回到创业公司的战时节奏。 也正是在这样的状态下，谷歌迎来了 Gemini 3 的发布，被哈萨比斯视为"重回行业最前沿"的关键节 点。 在接受彭博社记者 Emily Chang 的专访时，他罕见地系统性拆解了当下几乎所有 AI 世界的核心争 议： 但他特别表扬了 字节跳动 ，给出了一个极具分量的评价：字节跳动距离技术前沿，大约只差 6 个 月，而不是 1–2 年。 谷歌是否真的掉队？ 中国 AI 是否构成威胁？ Transformer 和大模型是否已经走到尽头？ AGI 会在什么时候到来？ 当工作不再必要，人类该如何寻找意义。 随身的通用 AI 助手（眼镜、手机） 真正能干活的 ...

克雷西 发自 凹非寺 量子位 | 公众号 QbitAI 谷歌来给考生送福利了！ 从现在起，备考SAT的学生可以免费通过Gemini进行模拟考试，分数立等可取，还能帮你讲解错题。 谷歌CEO劈柴哥表示，这对学生党来说是一个大好的消息。 除了劈柴哥的个人号的75万阅读，谷歌官号还有两百多万网友在线围观。 而且不少人都对这个功能赞不绝口，还有网友在许愿能不能支持其他考试。 这次，我们也简单体验了一下这套模拟考试流程，接下来就一起看看。 实测用Gemini备考SAT 谷歌这次确实没少下功夫，直接拉来了老牌机构The Princeton Review，把那一整套经过验证的SAT模拟题全都塞进了Gemini里。 有网友表示，刚花了1500美金买princeton review的冤种真的是亏大了。 打开实际体验一下，它还真不是随便编几道题糊弄。 在对话框里敲一句「I want to take a practice SAT test.」，就能召唤出这套全真模拟考试系统。 整个测试结构基本复刻了真实的SAT流程，分成了Reading and Writing与Math两大块，每一块又细分成两个章节，难度也是循序渐进的。 而且它给 ...

Core Viewpoint - The fourth quarter of 2025 experienced a sharp 5% sell-off followed by a quick recovery, with global stocks reaching all-time highs, influenced by concerns over a potential AI bubble and subsequent strong earnings from NVIDIA [4][5]. Portfolio Performance & Attribution - The Polen Global Growth Composite Portfolio returned -2.5% gross of fees and -2.7% net of fees in Q4 2025, underperforming the MSCI All Country World Index, which returned +3.3% [7]. - Top relative contributors included Eli Lilly, Alphabet, and Shopify, while Oracle, Paycom Software, and CoStar Group were the largest detractors [7][8]. - Eli Lilly's stock rallied over 40% in Q4 due to strong financial results and a favorable agreement on drug pricing, despite earlier concerns [8]. - Oracle's performance reversed from the previous quarter, primarily due to skepticism regarding its future revenue tied to OpenAI, impacting its stock negatively [9]. Portfolio Activity - New positions were initiated in Tencent Holdings and Spotify, while positions in Sage Group, Willis Towers Watson, ICON Plc, and Workday were eliminated to fund these investments [10][11]. - Tencent has shown consistent earnings growth of over 30% annually for the past three years, and its valuation is considered reasonable for sustainable revenue growth [11]. - Spotify is viewed as a leading streaming network with significant growth potential, expecting over 20% annual free cash flow growth for the next five years [12]. Outlook - The datacenter capital expenditure cycle is expected to continue, driven by increasing demand and supportive government policies, suggesting a favorable environment for growth in revenues and earnings for key players [17]. - The portfolio is positioned to deliver above-average earnings growth, with a focus on sectors outside of the AI and datacenter themes, ensuring resilience regardless of market drivers [18].

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

Market Landscape of Consumer AI in 2025 - The consumer AI market in 2025 is characterized by a "winner-takes-most" trend, with OpenAI and Google leading the charge in product launches and user engagement [3][5] - ChatGPT is currently the dominant player with weekly active users estimated between 800 million to 900 million, while Gemini's user base is approximately 35% of ChatGPT's on the web and 40% on mobile [4][6] - Only 9% of users are willing to pay for more than one product among leading LLMs like ChatGPT, Gemini, Claude 3, and Cursor, indicating a strong preference for a single dominant platform [5] Product Innovations and Core Technologies - Significant advancements in image and video generation models have been made, particularly in realism and reasoning capabilities, allowing for more lifelike and coherent outputs [10][11] - OpenAI's ChatGPT-4o and Google's VO series models, including Nano Banana, have gained substantial popularity, showcasing the competitive landscape of product offerings [8][9] - The integration of search capabilities into models like Nano Banana enhances their functionality, allowing for more accurate and contextually relevant outputs [12] User Experience and Product Design - The design of consumer AI products is crucial, with successful applications needing to balance content creation and consumption, as seen in platforms like TikTok and YouTube [33] - ChatGPT's user interface is noted for its engaging design, which encourages user interaction and exploration of features, contrasting with Gemini's more utilitarian approach [24][25] - The potential for "super apps" that integrate various functionalities is highlighted, with ChatGPT aiming to leverage its high user engagement for proactive service offerings [16][40] Competitive Dynamics and Emerging Players - Emerging players like Perplexity and Grok are making strides in the market, with Perplexity's Comet browser showing impressive user retention and engagement [20][21] - The competitive landscape is evolving, with companies like Anthropic focusing on niche markets and specialized user needs, while also facing challenges in broader consumer adoption [34][36] - Meta and Grok are also recognized as challengers, with Grok rapidly advancing in image and video generation capabilities, indicating a dynamic and competitive environment [37][39] Predictions for 2026 - The enterprise market is expected to see significant growth for ChatGPT, with a reported 7-8 times increase in enterprise users, which may drive further consumer adoption [40][41] - The trend towards multi-modal capabilities in AI is anticipated to continue, with expectations for models to handle diverse input types and generate rich, varied outputs [43][44] - Initial explorations into generative technologies by leading firms may pave the way for innovative applications, allowing startups to leverage advanced models for niche market opportunities [42][45]

华见早安之声 市场概述 标普500涨1.2%，收复前一日失地，创去年11月以来最大日涨幅。小盘股再成领头羊，罗素2000涨2%创新高，连续13个交易日跑赢标普500。科技七巨头中 微软独跌2.3%，甲骨文跌超3%，奈飞财报后跌超2%。Moderna飙升16%。卡夫亨氏跌5.7%，伯克希尔拟"清仓式"减持。 日债趋于稳定。10年期美债收益率下行4.7个基点。美元反弹0.2%。 特朗普"TACO"，称与北约达成格陵兰协议框架。 贝森特达沃斯施压：欧洲增兵格陵兰是"异想天开"，丹麦对美债的投资"无关紧要"。达沃斯闭门晚宴上，美商务部长痛批欧洲"缺乏竞争力"，拉 加德愤而离席。 加拿大总理卡尼重磅演讲：基于规则的秩序已死，中等强国应团结行动，抵制某些大国胁迫。 马克龙呼吁：欧洲喜欢尊重而非霸凌、关键领域应引入中国投资。 欧洲议会宣布无限期冻结欧美贸易协定审议工作。 特朗普要败诉？美最高法对罢免美联储理事库克态度谨慎，大法官警告"粉碎"央行独立性。 特朗普态度软化后，比特币自盘中创下的去年12月低点拉涨，幅度3.5%，以太坊自日低涨超5%，突破3000美元。 现货黄金一度逼近4900美元，但随避险需求减弱，涨幅收窄。特 ...