摩根士丹利：深度解析 Waymo、谷歌与 Meta 的最新计算机视觉技术进展

Investment Rating - The industry view is rated as Attractive [5] Core Insights - The report highlights advancements in computer vision technologies from Waymo, GOOGL, and META, emphasizing the increasing value of data and the potential long-term advantages for GOOGL and META [3][4] - Waymo's improvements in simulation for autonomous driving are noted as a significant development, enhancing the scalability and efficiency of validation processes [4][7] - GOOGL's robotics research shows promise in generalization and cross-embodiment capabilities, indicating potential for deployment across various robotic applications [10][11] - META outlines a three-stage approach to model development for agent interactions, focusing on efficiency and productivity improvements [12][40] Summary by Sections Autonomous Driving - Waymo has made notable advancements in simulation, allowing for high-fidelity simulations that improve validation processes [4] - The importance of generalization in building scalable systems is emphasized, with evidence that scaling compute, data, and parameters leads to better model performance [8] - Challenges remain in extreme weather conditions, particularly snow and flooding, which require further improvements [9] GOOGL Robotics - GOOGL's early research indicates a strong potential for its robotics models to generalize across different types of robots, enhancing adaptability [10][11] META's Agentic Technologies - META's three-stage model development approach aims to enhance human-agent interactions, focusing on instinctive, deliberate, and collaborative systems [12] - The company is positioned to leverage AI investments for improved engagement and monetization across its platforms [40] Price Targets - GOOGL's price target is set at $185.00, implying a ~12X 2025e adjusted EBITDA [15] - META's price target is set at $650.00, implying a ~12.1X 2026e adjusted EBITDA [35]