谷歌搜索保卫战：Gemini获得持续增长，AI竞争白热化

Core Insights - Google maintains a relatively stable market position in the increasingly competitive AI search engine market, with its Gemini application showing strong growth momentum, achieving a 27% month-over-month increase in June [1][25] - Despite a slight decline in global search share to 89.5% in June, Google's web traffic increased by 1% month-over-month, indicating effective integration of AI capabilities to defend its search dominance [1][17] - Bank of America Merrill Lynch maintains a "Buy" rating for Google with a target price of $200, suggesting an 11% upside from the current stock price of $179.53 [1][25] Traffic Data - In June, Google's global daily web visits reached 2.7 billion, remaining flat year-over-year but increasing by 1% month-over-month [4] - ChatGPT's global traffic was 180 million, down 1% month-over-month but up 105% year-over-year, while Gemini's traffic grew 27% to 22 million, also reflecting a 105% year-over-year increase [6] - In the U.S. market, Google's daily visits were 522 million, down 1% year-over-year but flat month-over-month, while Gemini's U.S. traffic reached 3.2 million, up 148% year-over-year and 17% month-over-month [9] Search Share - Google's global search share decreased by 3 basis points to 89.5% in June, down 152 basis points year-over-year, while Bing's share was 4.0%, down 2 basis points but up 24 basis points year-over-year [17] - In the U.S., Google's search share fell by 31 basis points to 86.6%, down 86 basis points year-over-year, while Bing's share increased by 15 basis points to 7.4% [19] Mobile User Data - In June, Google's global mobile daily active users reached 2 billion, a 13% increase year-over-year and flat month-over-month [20] - ChatGPT's mobile daily active users were 225 million, up 503% year-over-year and 8% month-over-month, while Gemini's mobile users reached 32 million, up 1780% year-over-year [22] - Google added 7 million daily active users globally in June, with Gemini contributing 3.5 million and ChatGPT adding 16 million [24] Competitive Advantage through AI Integration - Analysts believe that Google's stable web traffic and search share indicate a successful transition from browsers to applications, with Gemini showing steady performance since the I/O conference [25] - The new AI model enhances Google's competitive edge by providing a more engaging conversational search experience, helping retain users within its ecosystem [25] - Upcoming catalysts for stock price include the second-quarter earnings report in August and a ruling on the Department of Justice's search case [25]