谷歌“背水一战”：I/O开发者大会来袭，AI叙事有望迎来转折？

Core Viewpoint - The upcoming Google I/O developer conference is anticipated to showcase Google's advancements in AI, particularly the Gemini 2.5 system, which could significantly impact investor sentiment and stock performance [1][2]. Group 1: Investor Sentiment and Market Expectations - Investors are eagerly awaiting the developer conference to see if Google can demonstrate its AI capabilities, which may alleviate concerns about its competitive position in the search market [1][2]. - There has been a notable increase in options trading activity surrounding the developer conference, indicating expectations of stock price volatility based on the outcomes of the event [2]. - Alphabet's stock has underperformed, down 12% year-to-date, compared to a 2% increase in the Nasdaq 100 index, leading to concerns about its valuation relative to other tech giants [3]. Group 2: AI Competition and Product Developments - The competition in AI is intensifying, posing threats to Google's core search business, with analysts highlighting the need for evidence that Gemini can be monetized effectively [3][5]. - The developer conference is expected to unveil new AI products and services, including an AI agent for software development and updates to the Gemini AI chatbot, which are crucial for maintaining market relevance [3][5]. - Analysts express that merely presenting a compelling narrative may not suffice to satisfy investors, given the recent decline in paid click growth and search volume on Safari [5].