谷歌对其 Gemini AI 模型的改进正在提升公司的核心收入。 据三位了解 Gemini 销售情况的人士透露，过去一年间，谷歌销售其 Gemini AI 模型访问权限的业务呈现爆发式增长，这反映出这些模型质量的持续提升。 另据一位熟悉谷歌销售情况的人士指出，这种增长势头有望进一步推高谷歌云服务器销售核心业务的营收——因为客户在人工智能领域的投入往往会带动 他们对谷歌其他产品的额外采购。 这也可能增强 Google 基于这些模型销售软件的新兴业务——该业务近几个月快速增长，但获得的客户反馈呈现两极分化。 这些改进可能会体现在谷歌将于 2 月 4 日公布的第四季度财报中。投资者将寻找迹象，证明谷歌在人工智能领域的巨额投资正带来回报。 去年秋天，谷歌 表示预计资本支出将在 910 亿至 930 亿美元之间，其中包括对其人工智能业务的支持，这几乎是其 2024 年 525 亿美元资本支出的两倍。 此外，公司一直在为谷歌云及其人工智能研究部门 Google DeepMind 招聘专业人才。 谷歌通过谷歌云的应用程序编程接口销售其模型的访问权限。根据 The Information 查看的内部数据，发送至 Gemini ...

Core Insights - This year marks a significant surge in consumer AI product launches, with major players like OpenAI and Google releasing numerous new tools and features [5][6] - While AI usage is increasing, most consumers still predominantly use a single product, indicating a highly concentrated market where a few players dominate [6][7] - OpenAI's ChatGPT maintains a leading position with an estimated 800 to 900 million weekly active users, significantly outpacing competitors like Gemini [7][9] - Gemini has shown impressive growth, particularly in paid subscriptions, with a nearly 300% increase compared to ChatGPT's 155% [8][12] - The competition landscape suggests that while there are multiple players, the market is leaning towards a few dominant entities capturing the majority of consumer engagement [6][7] OpenAI - OpenAI launched several new features for ChatGPT, including image generation and enhanced user experiences, but these have not significantly improved user retention or engagement [9][10] - ChatGPT's user engagement metrics, such as a daily to monthly active user ratio of 36%, indicate strong retention compared to Gemini's 21% [7][12] - The introduction of new applications like Sora and Atlas has had mixed results, with Sora achieving over 12 million downloads but struggling with user retention [10][11] Google - Google has made substantial progress with its Gemini product, achieving a 155% growth in user engagement and introducing innovative models like Nano Banana [12][13] - The launch of NotebookLM has been particularly successful, doubling its web user base and reaching 8 million monthly active users [12][13] - Despite releasing several products, Google faces challenges in making these offerings easily accessible to users, which could hinder their overall impact [13][14] Other Key Players - Anthropic focuses on professional consumers, enhancing its Claude product with new features aimed at tech-savvy users [15] - Perplexity has targeted efficiency enthusiasts with products like Comet and a new conversational shopping assistant, achieving a significant revenue increase [17] - xAI's Grok has rapidly gained users, reaching 9.5 million daily active users by integrating more deeply with the X platform [18][19] - Meta's AI initiatives have seen mixed results, with its MetaAI app growing but facing challenges in user engagement [20] Opportunities for Startups - The current landscape presents significant opportunities for startups to create specialized consumer experiences, as larger companies focus on core capabilities [21][22] - Successful consumer AI products have emerged by offering unique interfaces and functionalities that exceed what model companies provide [22]

AIDC 电源革命开启，2026 从预期到现实 20260119 摘要 数据中心芯片功耗和机柜功率密度显著提升，英伟达 Rubin Ultra 芯片 开伯尔机柜功率已达兆瓦级别，预计北美 AI 数据中心到 2028 年新增功 率达 70 吉瓦，全球总新增功率预计达百吉瓦级别，对供电系统提出更 高要求。 英伟达和谷歌均提出数据中心供电四步走战略，最终目标一致，即采用 中压整流器或固态变压器（SST）将中压交流一步降至 800 伏直流，提 高转化效率，OCP 组织也在不断迭代数据中心供电标准，提升整体效率 与性能。 一次电源（柜外电源）未来发展方向是高压直流（HVDC）和固态变压 器（SST），SST 难点在于高频变压器技术，目前仅有少数企业交付 SST 产品或样机，HVDC 技术难点在于高功率 PSU 模块。 二次电源（柜内电源）发展趋势是单颗 PSU 功率不断提升，需采用碳化 硅和氮化镓等第三代半导体及新型拓扑结构，同时，从 HVDC 或 SST 主 机输出的 800 伏直流需通过 DCDC 转换器降至服务器可用电压。 AI 芯片电容市场由三星（原材料来自博迁新材）和村田主导，随着 AI 技 术发展，对高端电 ...

近期，谷歌的 Nested Learning 引发了一场模型界的记忆地震。 很多人重新意识到，大模型不必永远是「训练完就封存」的只读权重，它也可以在推理过程中继续变化。在 Nested Learning 里，当模型 读到新的上下文时，它不只是把文本塞进注意力的缓存里临时翻找，而是允许自己在推理过程中更改参数，让新信息变成它内部记忆的 一部分。 但就在人们还在消化这个想法时，英伟达在2025年12月28日给出了一个更激进的答案，一篇名为《End-to-End Test-Time Training for Long Context》的论文。谷歌的记忆增强路线，还在努力解决记忆问题，把过去重要的东西保存得更完整。但英伟达的研究人员则认为，记忆 其实就是学习，「记住」就是「继续训练」。 如果沿着时间线往回翻，你会发现 TTT（test-time training）并不是凭空出现的发明。 早在2013年，Mikolov 等人就在语言模型里尝试过 dynamic evaluation。当时放的是让模型解除冻结，在测试文本上继续用下一词预测的 交叉熵损失 CE（也就是我们最经常理解的大语言模型的参数学习损失目标）做小步梯度 ...

知情人士透露，去年11月发布的Gemini 3再次引发了新的使用热潮，并获得了广泛好评。 随着模型质量的提升，谷歌Gemini AI模型的销售业务在过去一年中呈现爆发式增长。 当地时间1月19日，据The Information援引谷歌内部数据指出，通过谷歌云进行的Gemini API（应用程序 编程接口）调用请求量增长迅猛。数据显示，API调用量从去年3月Gemini 2.5发布时的约350亿次，飙 升至8月的约850亿次，翻了一倍多。 这一增长不仅体现在数量上，更体现在质量和利润率的改善上。据悉，早期的Gemini 1.0和1.5模型由于 大幅折扣，利润率为负。而随着Gemini 2.5及后续版本的推出，模型质量的提升使谷歌能够从单纯的"价 格战"转向"质量战"，从而实现了正向的边际利润。 巨额资本开支下的市场大考 尽管业务数据向好，但市场仍关注高昂的投入产出比。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 投资者正密切关注即将披露的Q4财报，以寻找这些巨额投资正在产生回 ...

今日热点导览 春运首日车票多趟车次售罄 泡泡玛特：斥资2.51亿港元回购140万股股份 万科被强执超10.89亿元 TOP3大新闻 SK海力士向全体员工发放人均超64万元绩效奖金，创公司历史最高纪录 1月19日，据韩媒报道，全球内存芯片行业的三巨头之一SK海力士宣布，将向全体员工发放人均超1.36 亿韩元（约合64万元人民币）的绩效奖金，创公司历史最高纪录。 据报道，SK海力士为员工提供以公司股票形式领取绩效奖金的选项，即"股东参与计划"。根据股东参 与计划，员工可以选择将其年终奖的最多50%以公司股票形式领取。持有这些股票满一年的员工，将获 得相当于购买金额15%的额外现金奖励。例如，一位获得1亿韩元年终奖的员工如果选择顶格持股，将 获得价值5000万韩元的股票。若持有一年，该员工还将额外获得750万韩元。 行情数据显示，得益于人工智能热潮，SK海力士的股价在2025年内涨幅达275%。同时，今年年初，SK 海力士就表示其2026年的全部芯片产能已售罄。（中国基金报） 黄金白银价格走高，深圳水贝市场推出999.9投资铜条 最近，黄金和白银价格一路走高，成为大众追捧的投资焦点。而在这股热潮之下，又一种金属悄悄 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 中信证券认为太空算力的能源供给将高度依赖光伏技术。钙钛矿作为兼具高效率和低成本的下一代光伏 技术，有望成为重要的太空能源解决方案。2025年以来，钙钛矿产业化进展加速，效率、稳定性纷纷取 得突破，行业内多条GW级产线相继投产，建议关注钙钛矿产业投资机会。 据报道，太空AI中心是以AI算力太空部署为特征的新一代AI基础设施，旨在为AI发展突破能源、环 境、空间瓶颈。目前，全球科技力量争相布局太空AI中心建设，纷纷出台技术发展和建设规划，带动 相关技术和应用进入高速发展期。 太空算力正从概念验证走向可运行系统。海外方面，英伟达已完成H100GPU在轨测试，Space X计划4 年内每年完成部署100GW太空数据中心，谷歌拟2027年发射TPU原型卫星，Starcloud推进40MW数据中 心落地。中国数据中心"上天"进展顺利，已成功建起全球首个商业化AI卫星网络。2025年5月，中国国 星宇航与之江实验室联合发射了首批12颗、搭载AI芯片和模型的智能计算卫星，总算力达5 POPS，标 志着太空算力首次进入实际应用阶段。 ...

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and b ...

Core Viewpoint - Bill Ackman's investment strategy through Pershing Square Capital shows strong performance in 2025, with potential for continued success in 2026, focusing on building a diversified holding company similar to Berkshire Hathaway [1][2]. Group 1: Alphabet Inc. - Ackman's investment in Alphabet represents 22.6% of his marketable equities, driven by the belief that the market undervalues its AI capabilities and overestimates competition from AI chatbots [3][4]. - Alphabet's Google Cloud revenue grew by 34% year-over-year in Q3, with expanding operating margins and strong adoption of its AI accelerators, TPUs [4][5]. - The company has made significant advancements with its Gemini AI model, leading to a 15% growth in Google Search revenue in Q3 2025, and a partnership with Apple to enhance Siri, expected to generate billions in revenue [5][6]. Group 2: Brookfield Corp. - Brookfield Corp. accounts for 17.7% of Ackman's marketable equities, primarily driven by its subsidiary Brookfield Asset Management, which constitutes about 75% of its value [7][9]. - The company reported $154 million in net carried interest in Q3, a significant increase from $61 million year-over-year, with expectations of $25 billion in net carried interest over the next decade [10][11]. - Brookfield's Wealth Solutions insurance business is projected to double its assets in five years, with a 15% return on equity, leading to strong earnings growth [11]. Group 3: Uber Technologies - Uber Technologies makes up 15.5% of Ackman's marketable equities, facing concerns about competition from autonomous vehicles but positioned as a key partner for self-driving initiatives [12][13]. - The company has seen a 17% increase in monthly active users and a 4% rise in trips per user in Q3, contributing to strong top-line growth and 33% adjusted EBITDA growth [15][16]. - Despite significant investments in future technologies, Uber's stock is valued at around 22 times its trailing adjusted EBITDA, indicating strong growth potential [16].

Artificial intelligence is set to have another huge year.2026 is shaping up to be another fantastic year for the stock market, especially with the amount of artificial intelligence (AI) spending going on. I think there are several stocks bound to rocket higher over the year, and if you don't buy them now, you're going to regret it down the road.The five stocks on my shopping list for 2026 are Nvidia (NVDA 0.29%), Broadcom (AVGO +2.63%), Advanced Micro Devices (AMD +1.79%), Amazon (AMZN +0.49%), and Alphabet ...