Alphabet(US:GOOG) Haitong Securities International·2025-11-20 01:17Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved in the Gemini 3 launch. Core Insights - Google Gemini 3 was launched on November 18, achieving over 100 million users on its first day and topping multiple industry benchmarks, marking it as Google's most powerful AI model to date [1][21] - The model features two versions: Pro and Deep Think, with significant upgrades in general reasoning, multimodal understanding, programming development, and task execution [1][21] - Gemini 3 scored 1501 in the global LMArena rankings and set new records in benchmarks like Humanity's Last Exam and GPQA Diamond, while also passing a comprehensive security assessment [1][21] Summary by Sections Event - Gemini 3's launch achieved a user coverage of 2 billion AI Overviews and 650 million monthly active users, setting a record for the fastest distribution in the industry [1][21] Technological Breakthroughs - Innovations include a "slow thinking" mechanism and end-to-end tooling capabilities, with the Deep Think mode achieving a score of 41.0% in Humanity's Last Exam, a 9.9 percentage point improvement over the standard version [2][22] - The Antigravity development platform allows for autonomous control of codebases and terminals, significantly lowering development barriers [2][22] Performance Comparison - Compared to Gemini 2.5, Gemini 3's general reasoning score in Humanity's Last Exam increased from 21.6% to 37.5%, and its GPQA Diamond accuracy rose from below 90% to 91.9% [3][23] - The model's visual reasoning score in ARC-AGI-2 jumped from 4.9% to 31.1%, further reaching 45.1% with tool assistance [3][23] Competitive Advantage - Gemini 3 established a significant lead in reasoning and multimodal capabilities, outperforming competitors like GPT-5.1 and Claude Sonnet in various benchmarks [4][24] - In long-cycle task execution, Gemini 3's average net value in the Vending-Bench 2 test was $5,478.16, significantly higher than GPT-5.1's $1,473.43 [4][24] Strategic Implications - The launch signifies a shift in Google's AI strategy from "tool output" to "ecosystem embedding," enhancing the deployment of artificial general intelligence (AGI) [5][25] - The model aims to automate complex processes for enterprises and lower innovation barriers for developers, while providing seamless upgrades for consumers in various applications [5][25]