Xin Lang Cai Jing·2026-02-13 00:29Core Viewpoint - Recent earnings reports from US internet companies have generally exceeded market expectations, yet some companies' stock prices are under pressure due to liquidity concerns and AI narratives, indicating a significant divergence from performance trends [1] Group 1: Market Sentiment - The current market's pessimistic outlook on internet companies is believed to be overstated [1] - Despite the negative sentiment, the fundamentals of these companies remain relatively robust [1] Group 2: Impact of AI - The impact of AI on the internet sector, including areas like e-commerce agents and game engines, is still in its early stages [1] - Internet companies are likely to benefit from AI through their network effects, the introduction of AI traffic, and optimization of coding costs [1] Group 3: Investment Opportunities - Following a period of intense selling, the valuation attractiveness of internet companies is becoming more apparent as the market returns to a more rational pricing logic based on fundamentals [1] - Future attention should be given to the earnings trends of major US internet companies and potential investment opportunities following a narrative reversal [1]