海外科技行业2026年第5期：ClawdBot重塑Agent体验，北美财报季AI延续高景气

Investment Rating - The report maintains an "Overweight" rating for the industry, recommending investment in AI computing, cloud vendors, AI applications, and AI social directions [5]. Core Insights - The AI industry chain is accelerating across the board, with upstream storage continuing to show high prosperity. ClawdBot (now renamed Moltbot) is reshaping the agent experience, and cloud vendors are entering the ROI assessment phase [2][5]. - ClawdBot demonstrates three innovations: 1) Permission breakthrough allowing AI models to be deployed on local edge hardware with root access, ensuring user data remains local; 2) Proactive interaction, running 24/7 and notifying users of specific events; 3) UI restructuring, integrating into frequently used messaging apps to lower usage barriers [5][8]. - The capital investment of SaaS companies is transitioning into the ROI assessment phase, with Meta's AI-driven advertising business exceeding expectations, projecting Q1 2026 revenue between $53.5 billion and $56.5 billion, a year-on-year increase of 26% to 34% [9][5]. - Storage continues to thrive, with SanDisk reporting an adjusted EPS of $6.20 for Q4 2025, a 404% increase year-on-year, significantly above market expectations [10][5]. Summary by Sections AI Computing and Cloud Vendors - The report highlights the significant demand for cloud computing resources driven by ClawdBot's operational needs, predicting exponential growth in token consumption and cloud computing requirements [5][8]. - Major cloud service providers like Microsoft, Google, and Amazon are expected to benefit from this shift, especially as they transition from CapEx-driven pricing to ROI assessment [9][5]. AI Applications - The report emphasizes the potential of AI applications, particularly in advertising and content generation, with Meta's AI tools achieving an annual revenue scale of $10 billion [9][5]. - Microsoft’s Azure revenue is projected to grow by 38% year-on-year, with M365 Copilot paid seats increasing by 160% [9][5]. Storage Sector - NAND and DRAM sectors are highlighted for their robust performance, with SanDisk and SK Hynix reporting significant profit increases and strong demand forecasts for AI-related storage solutions [10][5]. - Samsung anticipates a threefold increase in HBM revenue by 2026, indicating the critical role of storage in AI architecture [10][5]. Investment Recommendations - The report recommends specific companies for investment: NVIDIA, TSMC, ASML, and Broadcom in the computing sector; Microsoft, Amazon, and Google in cloud services; and Apple, Qualcomm, Lenovo, and Tesla in AI applications [27][28].