谷歌AI反攻：股价两连涨 搜索帝国逆风翻盘？

Core Viewpoint - Alphabet is leveraging artificial intelligence (AI) as a strategic advantage, contributing to its stock price strength, particularly following positive reactions to AI announcements at the Google I/O developer conference [2]. Group 1: Stock Performance - Alphabet's stock became one of the best performers in the S&P 500, with a notable increase of 1.9% on Thursday after initial declines earlier in the week [2]. - Following a drop of over 7% after Apple hinted at challenges to Google's search business, Alphabet's stock has recovered and is now approximately 6% above its pre-drop levels [2]. Group 2: AI Developments - Google introduced "AI Mode" at the I/O conference, described as the "most powerful AI search," featuring advanced reasoning and multimodal capabilities, which is a response to competition from OpenAI and Perplexity [2]. - Analysts from Melius Research noted that while there were initial concerns about how AI Mode would generate advertising revenue, subsequent reports highlighted its potential in various monetizable scenarios such as shopping and travel bookings [3]. Group 3: Monetization Strategies - Baird's research team expressed optimism about Google's rapid innovation in search and its focus on commercialization, suggesting that new advertising products and "agent" capabilities could enhance revenue streams [4]. - The introduction of AI Overviews and AI Mode is expected to provide more meaningful context for ads, countering concerns that AI formats might weaken core search revenue [4]. - Melius analysts raised questions about the viability of Google's subscription model for AI tools, emphasizing the need for clarity on how much users are willing to pay for AI services [5]. Group 4: Competitive Position - Evercore ISI emphasized that while there may not be a single winner in the AI race, Google has demonstrated its ability to maintain a leading position, with a reported increase of over 10% in queries containing AI Overviews in major markets [4].