Tianfeng Securities·2025-05-27 00:40Investment 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]. - The report emphasizes the importance of AI in driving growth for tech giants, with Google’s AI features significantly enhancing user engagement and product performance [4][14]. Key Company Financials and AI Progress - Snowflake's performance exceeded expectations, with a notable increase in new customer acquisition and the integration of AI into its core offerings, establishing it as a foundational element of its business strategy [3][52]. - The report notes that over 5,200 customer accounts are utilizing Snowflake's AI and machine learning capabilities weekly, indicating strong market adoption [3][52]. Investment Recommendations - The report suggests focusing on major tech companies transitioning from model capabilities to product experiences, highlighting Google, Meta, and Microsoft as key players [4]. - It also points to the acceleration of smart driving applications, with companies like Uber and Tesla making significant strides in commercializing AI technologies [4]. Chinese AI Landscape - The report discusses the growing competitiveness of Chinese AI technology, with companies like Xiaomi, Alibaba, and Tencent entering a new growth phase driven by AI [8]. - The anticipated release of new AI models in China is expected to create significant investment opportunities in the sector [8].