全球科技行业专题：复盘美股AI：DeepSeek有望引领AI持续创新，关注国内AI资产

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Since the beginning of 2023, the user base of ChatGPT exceeded 100 million, leading to continuous iterations of overseas large models and their integration into cloud platforms, making AI a driving force for cloud platform growth and significantly boosting stock prices [2][6] - The SaaS industry in the US has transitioned from "AI Assist" to "AI Agent" in 2024, with AI fully empowering SaaS applications, resulting in a 35% rebound in the BVP Nasdaq Emerging Cloud Index [6][36] - DeepSeek is expected to accelerate the deployment of edge AI, with various sectors such as AI smartphones, AI glasses, and AI PCs showing potential for growth [6][36] Summary by Sections 1. Cloud Providers' Performance - Major cloud providers like Microsoft, Google, and Amazon have seen significant stock price increases due to their core positions in AI infrastructure, with capital expenditures rising over 50% year-on-year in 2024 [15][20] - Microsoft’s Azure maintained over 30% growth for two consecutive years, although growth began to slow in 2024 due to capacity constraints [26][31] - Amazon's AWS revenue growth accelerated to 17.2% in Q1 2024, recovering from a previous low [31][32] 2. AI Applications in Advertising - AI has significantly improved advertising efficiency, with companies like AppLovin reporting a 73% year-on-year increase in advertising revenue [36][37] - Meta announced major updates to its Advantage+ advertising platform, leveraging AI to streamline ad placement processes [36][37] - Pinterest and Snapchat have also utilized AI to enhance ad performance and user engagement, leading to increased monetization [37][38] 3. AI in SaaS and Other Applications - The integration of AI into SaaS products has catalyzed improvements across various sectors, including CRM, ERP, and security [6][36] - Companies like Salesforce and SAP have begun embedding AI functionalities into their offerings, driving productivity and stock price increases [6][36] 4. Future Opportunities - The report suggests focusing on domestic AI opportunities, including cloud platforms, large models, and edge AI applications [6][36] - Companies such as Alibaba, Tencent, and Xiaomi are highlighted as key players in the AI landscape, with potential for significant growth [6][36]