高盛：美洲互联网板块 -2024 年第四季度每股收益（EPS）回顾：路在何方？要点与争议回顾；展望重点关注股票

Investment Rating - The report maintains a "Buy" rating for several key stocks in the Americas Technology: Internet sector, including AMZN, UBER, and GOOGL, while highlighting a positive skew for stocks like Instacart (CART), DraftKings (DKNG), and Pinterest (PINS) based on favorable risk-reward scenarios [10][8]. Core Insights - The report identifies three key themes affecting the US Consumer Internet & Interactive Entertainment companies: increasing investment in AI, the health of the global digital consumer, and potential impacts of US policies on consumer demand and regulatory landscapes [1][2]. - There is a notable shift in AI investments from infrastructure to platform and application layers, with expectations for accelerated product launches in the next 12-18 months [7]. - The digital advertising landscape remains mixed, with strong performance in certain sectors like retail/eCommerce, while brand advertising shows signs of weakness [18][19]. Digital Advertising - Q4 results showed better-than-expected performance in digital advertising, with strong ad spend trends during the holiday season and healthy user engagement [18]. - Companies like GOOGL, META, and PINS reported notable revenue outperformance, driven by AI adoption and diversification into non-advertising revenue streams [18][19]. - The report anticipates continued focus on advertising and macroeconomic conditions into 2025, particularly regarding AI-related capital intensity and return on investment [22]. eCommerce - Q4 results in eCommerce were mixed, with AMZN outperforming peers despite high customer acquisition costs and a focus on loyalty programs [32]. - The trajectory of operating margins is expected to diverge in 2025, with AMZN and CHWY likely to maintain attractive incremental margins [32]. - Investor interest remains high regarding capital returns and potential buyback programs, particularly for AMZN [32]. Cloud Computing - AWS revenue trends were better than expected, while Google Cloud showed a deceleration in growth, attributed to capacity constraints impacting AI-related demand [39][40]. - Both companies are expected to continue investing heavily in cloud infrastructure to support AI opportunities, with a focus on return on invested capital [41]. Online Travel - The online travel sector demonstrated post-pandemic recovery, with growth rates slightly better than expectations [52]. - Key debates for investors include the normalized growth algorithm for online travel and the impact of generative AI on traffic dynamics [53]. Mobility, Local Commerce & Delivery - Q4 results in mobility and delivery sectors were generally in line with expectations, with UBER highlighting strong growth in the US market [65]. - Investors are focused on consumer spending trends, pricing dynamics, and the competitive landscape, particularly with the rise of autonomous vehicles [66].