国际投行点：互联网企业应将资源投向具有更大增长潜力的市场

Group 1 - The core viewpoint of the article highlights that the current "burning money" war in the food delivery market is not worthwhile, as excessive subsidies have led to four negative effects: weakening offline restaurant traffic, compressing overall industry profits, burdening small restaurants, and exacerbating waste issues [1] - UBS reports that the overall scale and profit margin of the food delivery market are limited, with a total profit of 30 billion yuan last year, ranking at the bottom of the internet industry in terms of profit margin [3] - The competition in the food delivery sector is seen as a "coward's game," where the first party to concede will suffer losses on prior investments, and this battle is expected to continue at least until the Double Eleven shopping festival [4] Group 2 - UBS suggests that leading internet companies should redirect their resources towards markets with greater growth potential, such as international markets or AI, rather than depleting capital in the instant retail sector [4] - The report indicates that while instant retail may double to 1.5 trillion yuan in three years, its market size will only account for 10% of the entire e-commerce market, with an estimated actual profit of around 30 billion yuan based on a 2.5% operating profit margin [3] - Comparatively, major US tech giants are heavily investing in AI, with Microsoft planning to invest 80-90 billion USD (approximately 600 billion yuan) by 2025, and the total capital expenditure for AI among the four giants reaching an astonishing 320 billion USD, a 39% increase from the previous year [4]