Tianfeng Securities·2025-05-26 11:49Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [57]. Core Insights - The report highlights significant advancements in AI technology, particularly from major tech events such as Google I/O and Microsoft Build, indicating a shift from "model capability" to "product experience" and "development tools" [4][30]. - Google has seen a dramatic increase in AI penetration, with its AI model and API processing token volume rising from 9.7 trillion to 480 trillion year-over-year, a nearly 48-fold increase [4][14]. - Snowflake reported a first-quarter revenue of $997 million, a 26% year-over-year increase, with a remaining performance obligation (RPO) of $6.7 billion, up 34% [3][52]. Summary by Sections Global AI Dynamics - Major tech events have showcased the evolution of AI, with Google and Microsoft leading the charge in integrating AI into their core products and services [4][30]. - Google Lens has achieved over 100 billion searches this year, reflecting a 65% year-over-year growth [14]. Key Company Financials and AI Progress - Snowflake's AI capabilities have become central to its business strategy, with over 5,200 customer accounts utilizing AI and machine learning features weekly [3][52]. - The report emphasizes the importance of AI in driving revenue growth and operational efficiency across various sectors, particularly in tech giants like Google, Meta, and Microsoft [4][30]. Investment Recommendations - The report suggests focusing on tech giants transitioning from "model capability" to "product experience," highlighting companies like Google, Meta, and Microsoft for their strategic advantages in AI integration [4][30]. - In the Chinese market, companies like Xiaomi, Alibaba, and Tencent are positioned to benefit from the ongoing AI-driven growth, with significant investments planned in AI technologies [8].