Alphabet(US:GOOG) 3 6 Ke·2025-11-19 09:50Core Viewpoint - The ongoing debate about the slowdown in AI development and whether the scaling law has hit a ceiling is countered by Google's release of Gemini 3, with DeepMind's VP asserting that there is no ceiling in sight [2][5]. Group 1: Investment Outlook - Investors are increasingly optimistic about the long-term prospects of the U.S. tech sector and the substantial investment opportunities in AI, despite concerns over market concentration and AI bubbles [3]. - Coatue Management's founder, Philippe Laffont, emphasizes the "super-scale enterprise advantage" of tech giants like Alphabet, Microsoft, and Amazon, predicting that their AI investments could exceed $500 billion next year [3]. - General Atlantic's chairman, Bill Ford, agrees that the current massive investments in AI are a reason to maintain confidence in large tech stocks rather than a source of concern [3]. Group 2: AI Application and Market Dynamics - General Atlantic is actively investing in AI across its portfolio of 200 companies, indicating significant returns, particularly in customer service, software development, and digital marketing [4]. - Laffont notes the need for caution regarding rapidly rising tech stock valuations, using Oracle's stock price fluctuations as an example [4]. - Alphabet has emerged as the best-performing large tech stock this year, with Berkshire Hathaway recently disclosing its investment in the company, highlighting a missed opportunity from the past [6]. Group 3: Market Fundamentals and Comparisons - Laffont contrasts the current market environment with the internet bubble era, stating that top tech companies are now targeting nearly $1 trillion in annual free cash flow with minimal debt [9]. - Both Laffont and Ford believe that the current market structure is healthy, with controlled leverage levels and investment decisions undergoing formal board reviews [9]. - Ford emphasizes that the growth in valuations of the "seven giants" is supported by actual earnings rather than mere price-to-earnings ratio expansion [9]. Group 4: Future Growth Potential - Laffont metaphorically describes the expansion of AI applications as akin to fueling an engine, asserting that while the cost of computing may decrease, the overall market size will continue to grow robustly due to limitless application scenarios [10].