——确实存在，目前主要存在于用户搜索份额之间，这也是海豚君近期点评反复提及的估值压制点之一。虽然短期对广告主的预算分配的影响，只能说暂时有 限。但苹果高管的言论，情绪面上无疑加剧了市场对谷歌搜索颠覆风险的担忧。 4 月苹果 Safari 搜索量首次下滑，Cue 把问题归结为 AI 搜索的分流影响。但谷歌在业绩电话会上，透露随着 AI Overview 渗透率走高，整体搜索量是在提升的，第 三方机构披露的搜索活跃度的数据也能给到相关佐证。 5月7日晚谷歌大跌，源于一条"苹果开始聚焦 AI 搜索"的新闻。海豚君把彭博原文看了下，主要核心有两点。下面来简单聊一聊。 1、AI 搜索对传统搜索的侵蚀？ 为什么两家巨头说法相反？ 海豚君认为，很可能是不同平台之间的差异。在移动端，AI App 的搜索问答体验很丝滑，因此要从 Safari 切换到一个 AI chatbot/AI 专业搜索的 App（比如 ChatGPT 和 Perplexity），甚至是 Google 自己的 Chrome 或者 Gemini，对于用户来说，切换成本并不高。 但在 PC 端，Chrome 的垄断地位或者说产品习惯优势更明显，因此，这可能是谷 ...

Core Insights - Alibaba's Tongyi team has launched ZeroSearch, a generative search engine framework that operates independently without external search interfaces, achieving low-cost and high-performance retrieval capabilities [1][10]. Group 1: ZeroSearch Overview - ZeroSearch allows users to run a 14 billion parameter model on four A100 GPUs for just $70.80, providing search capabilities that can rival or exceed Google [1][16]. - The framework employs a novel reinforcement learning approach to train search capabilities without interacting with real search engines, addressing issues of document quality and high API costs [2][6]. Group 2: Training Methodology - The training process involves lightweight supervised fine-tuning to convert a large model into a retrieval module capable of generating relevant and irrelevant documents based on queries [8]. - A curriculum learning strategy is introduced, gradually lowering document quality to challenge the model's reasoning and retrieval abilities, thus enhancing its search learning path [2][8]. Group 3: Cost Efficiency and Performance - ZeroSearch has demonstrated an 80%-90% reduction in training costs compared to traditional methods, making it a truly low-cost and high-performance solution for AI search training [10][16]. - In various experimental scenarios, ZeroSearch has achieved performance levels that are equal to or better than models trained with real search engines, with a 7 billion parameter model matching Google search quality and a 14 billion parameter version surpassing it [15][16]. Group 4: Open Source and Accessibility - The researchers have made their code, datasets, and pre-trained models publicly available on GitHub and Hugging Face, promoting accessibility for other researchers and companies [16].

此案核心争议是两家公司价值约200亿美元（约合人民币1447亿元）/年的协议，该协议让谷歌搜索成为苹果浏览器默认搜索引擎。此案可能迫 使科技巨头解除合作，颠覆iPhone等设备长期以来的运作方式。 01.Safari搜索量首次下滑，AI抢夺传统搜索引擎"蛋糕" 自2007年初代iPhone发布以来，苹果用户始终通过谷歌进行网页搜索，而如今消费者将进入由多家公司AI主导的新时代。 苹果和谷歌要"分手"？ 智东西5月8日消息，据知名苹果爆料人、彭博社记者马克·古尔曼（Mark Gurman）最新报道，苹果公司正在"积极考虑"彻底改造其设备上的 Safari网络浏览器，将重点转向AI驱动的搜索引擎。 苹果与谷歌持续二十年战略合作关系似乎出现"裂痕"，重大行业变革被按下"加速键"。 本周三，苹果互联网软件和服务部门高级副总裁埃迪·库（Eddy Cue）在美国司法部起诉谷歌母公司Alphabet的案件中作证时披露了这一信息。 埃迪·库提到，Safari搜索量上月首次下滑。他认为这是因为AI工具吸引了部分用户的视线，包括OpenAI、Perplexity AI和Anthropic在内的AI搜 索提供商终将取代Alphab ...

Group 1: Communication Industry Overview - The AI-driven computing network construction, along with 5G/6G and computing infrastructure going global, is expected to provide growth opportunities for equipment manufacturers, with a rapid recovery in performance anticipated [3] - The global aviation communication market is projected to reach $28 billion in 2024 and exceed $45 billion by 2030, with a compound annual growth rate (CAGR) of 10.2% [4] - Investment in technology-leading companies, particularly in the 5G ATG and satellite communication sectors, such as Huawei, ZTE, and Galaxy Aerospace, is expected to yield significant returns [4] - Equipment manufacturers with strong technical capabilities and domestic advantages, like CETC Aviation Electronics, and leaders in operational services, such as China Civil Aviation Communication Network Company, will benefit from market demand growth [4] - By 2028, the commercialization of satellite and 5G hybrid networking is expected to greatly enhance the speed and stability of aviation communication, driving market development [4] Group 2: Rocket Lab and SpaceX Comparison - Rocket Lab has gained significant attention in the investment community, with its stock price soaring up to 7 times in six months, but faced a decline after being targeted by short-sellers in February 2025 [3] - Rocket Lab focuses on the small and medium rocket market, catering to the needs of large-scale satellite constellations like Starlink, in contrast to SpaceX [3] - The company is gradually vertically integrating its business model from rocket launches to satellite platform applications, aiming to become an end-to-end space service provider like SpaceX [5] - Despite Rocket Lab's strong performance in the small rocket sector, delays in research and launch site construction may postpone the "Neutron" launch, putting pressure on capital markets [5] - SpaceX relies on its Starlink and rocket launch services, with Starlink expected to be a key growth driver, particularly in the development of supersonic aircraft that may replace private jets [5] - Relativity Space, utilizing 3D printing technology to simplify rocket manufacturing processes and compress supply chains, could emerge as a significant competitor in the future [5] Group 3: Tesla's Vision-Based Approach - Elon Musk emphasizes that Tesla can simulate human visual processing capabilities through extensive real-world data training, deeming LiDAR as an "expensive crutch" that is unnecessary [4] - Tesla's technology approach provides a clear advantage in hardware costs, particularly in reducing onboard hardware expenses, enhancing its competitive pricing in the global market [4] - LiDAR can detect potential obstacles without relying on object recognition, offering greater visibility and safety in low-light or complex scenarios compared to pure vision solutions [4] - Companies like Ideal Auto and Huawei argue that LiDAR is better suited for complex road conditions in regions like China, especially under low visibility conditions, providing more reliable automatic emergency braking (AEB) functionality [4] - Tesla bets on an "algorithm-driven" model, addressing all perception and decision-making issues in autonomous driving through AI and data training, focusing on lowering hardware costs and simplifying system structures [4] - Domestic automakers, such as Ideal and Huawei, prefer a "hardware-driven" model, opting for a multi-sensor fusion approach that includes LiDAR, cameras, and millimeter-wave radar to ensure safety redundancy in various complex and extreme scenarios [4] Group 4: Apple's AI Search Initiative - Apple plans to introduce AI-driven search capabilities for its Safari browser, which could pose a serious challenge to Google's dominance, particularly regarding Google's reliance on search ad revenue from iPhone users [7] - Apple executives have hinted at reassessing their partnership with Google, especially concerning the default search engine arrangement, in light of ongoing antitrust litigation [7] - Despite Google's claims of increasing search volume, analysts suggest that losing exclusive access to Apple devices could significantly impact Google's revenue, as advertisers may shift to alternative search engines [7] - In 2023, Google launched an "AI mode" on its search page and expanded its "AI overview" feature to boost ad sales and maintain its leadership in the search engine market [7] - Research indicates that traffic for generative search engines like ChatGPT has surged, with weekly search volumes exceeding 1 billion in April, highlighting their market potential [7] - Google pays approximately $20 billion annually to Apple to be the default search engine on Safari, accounting for 36% of its search ad revenue generated through Safari [7] - The U.S. Department of Justice's antitrust case against Google may accelerate competition and transformation in the market [7]

Core Viewpoint - Alphabet's stock has faced significant challenges in 2025, dropping over 20% year-to-date and entering bear market territory due to shifting investor sentiment and increased competition, particularly from Apple's potential AI search initiatives [1][2] Alphabet's Search Business - The announcement from Apple regarding its exploration of AI-powered search alternatives poses a serious threat to Google's search dominance, as Google pays Apple approximately $20 billion annually to remain the default search engine on Safari, which constitutes about 36% of Google's mobile search ad revenue [2][3] - A loss of exclusivity in Safari would adversely impact Alphabet's advertising business, which accounted for over half of its total revenue in 2024 [3] AI and Competitive Response - In response to competitive pressures, Alphabet has prioritized AI, launching its flagship large language model, Gemini, and integrating AI Overviews into Google Search, which currently serves over 1.5 billion users across 140 countries [6][7] - Despite the competitive landscape, Alphabet's monetization remains strong, with AI Overviews generating revenue comparable to traditional search results [7] Revenue Diversification - Alphabet is diversifying its revenue streams, with YouTube ad revenue reaching $10.47 billion last quarter, bolstered by increased subscriptions and user engagement [8] - Google Cloud is gaining traction as enterprise clients adopt AI-powered solutions, and Waymo is expanding its operations in over 10 U.S. cities, positioning itself in the autonomous vehicle market [8] Regulatory Challenges - Alphabet faces ongoing regulatory scrutiny, with a federal judge ruling that Google operates an illegal monopoly in the online search market, adding uncertainty to its long-term dominance [9] Financial Performance and Valuation - Alphabet's financial performance remains robust, with a 14% revenue growth in 2024 and earnings per share (EPS) of $8.04, alongside a strong free cash flow and a cash reserve of $96 billion [10] - The stock's forward P/E ratio has decreased to 14.9, significantly below its historical average of 28, indicating a potential undervaluation despite near-term challenges [11]

Investment Rating - The report does not explicitly state an investment rating for Alphabet (GOOGL US) but discusses the potential challenges and opportunities in the context of AI-driven search engines. Core Insights - Google's search business is under significant pressure from AI-driven competition, particularly with Apple's potential integration of AI search engines into Safari, which could jeopardize Google's default search engine status and its associated $20 billion annual revenue from Apple [2][9][11]. - The introduction of AI Overviews by Google aims to stabilize ad revenue in the short term while addressing the need for innovation in search monetization models to adapt to an AI-native ecosystem [3][12][13]. - Despite recent challenges, including a decline in Chrome's market share and competition from AI search engines, Google's long-term potential remains promising due to its Gemini large language model, which could drive future growth in AI search [5][14]. Summary by Sections Event Overview - On May 7, 2025, Apple's Eddy Cue indicated that Apple is exploring AI-powered search engines as alternatives to Google Search, leading to a decline in search volume in Safari [1][8]. Competitive Landscape - Google's annual payment of approximately $20 billion to Apple for default search status is at risk if Apple adopts AI search engines, which could negatively impact Google's ad business [2][9]. - Statcounter data shows that Chrome's global search market share has fallen below 90% over the past seven months, indicating significant disruption from AI [2][9]. Google's Response - Google has launched AI Overviews, integrating AI into its search engine to maintain market leadership, serving over 1.5 billion users monthly across 140 countries [3][12]. - The monetization rates for AI-generated summaries are reported to be on par with traditional search, helping to stabilize ad revenue [4][12]. Future Outlook - While the shift to AI search poses immediate challenges, Google's core assets, particularly the Gemini model, position it well for future growth in AI-driven search [5][14]. - The report suggests that market reactions to recent negative news may be overdone, and Google's long-term AI monetization potential remains optimistic [5][14].

资料图。本文来源：第一财经 郑栩彤 苹果计划在浏览器上提供AI搜索，谷歌市值蒸发近 1500亿美元 AI搜索正在严重冲击传统搜索引擎行业。 去年美国法官裁定谷歌利用公司在搜索领域的主导地位来扼杀竞争和创新后，今年4月，OpenAI高 管 在谷歌反 垄 断 庭 审 中 表 示 ，若法院裁定谷歌必须出售Chrome 浏 览 器 ， OpenAI 将有意收购 Chrome。该OpenAI高管表示，搜索功能对ChatGPT至关重要，能确保回答的时效性和准确性。 目前，不仅大模型厂商在引入联网AI搜索功能，互联网垂类应用也在引入AI搜索功能。例如，知 乎已将AI搜索功能融入知乎生态内，供用户查询文献等，搜狗输入法也推出了AI搜索功能。 埃迪·库表示，苹果已在测试Safari 18浏览器的新功能，包括智能搜索功能，该功能利用苹果的端 侧AI技术，能识别并提取网页内容。 除了计划在Safari搜索引擎中引入AI功能，苹果已有其他尝试。苹果已在数字助手Siri中提供了 OpenAI的ChatGPT。OpenAI去年11月则推出ChatGPT Search，并在ChatGPT中引进搜索功能， ChatGPT会根据用户问询判断是 ...

2025.05. 08 除了计划在Safari搜索引擎中引入AI功能，苹果已有其他尝试。苹果已在数字助手Siri中提供了 OpenAI的ChatGPT。OpenAI去年11月则推出ChatGPT Search，并在ChatGPT中引进搜索功能， ChatGPT会根据用户问询判断是否搜索网络，用户也可以手动选择搜索功能。 目前新兴的AI搜索和传统搜索引擎正在博弈。据市场调研机构statcounter数据，2023年9月至2025年 4月，全球搜索引擎市场头部厂商的份额变动不大，谷歌的份额稳定在90%左右。今年4月，谷歌、必 应、YANDEX、雅虎、DuckDuckGo和百度的市场份额分别是89.66%、3.88%、2.53%、1.32%、 0.84%和0.72%。 本文字数：1260，阅读时长大约2分钟 导读 ：手机厂商计划使用AI搜索，大模型厂商也对搜索市场虎视眈眈，OpenAI有意收购谷歌Chrome浏览器。 作者 | 第一财经 郑栩彤 AI搜索正在严重冲击传统搜索引擎行业。 当地时间5月7日消息，苹果（AAPL.O）公司高级副总裁埃迪·库（Eddy Cue）在美国司法部对谷歌 的反垄断诉讼作证时表示，苹果 ...

Core Viewpoint - The article discusses the evolution of AI search capabilities, particularly focusing on Quark's "Deep Search" which enhances AI's ability to think and provide structured, actionable solutions rather than just summarizing information [2][41]. Group 1: AI Search Evolution - Traditional AI search was limited to finding and summarizing information, often resulting in fragmented and shallow responses [1][2]. - Quark's "Deep Search" represents a significant advancement by enabling AI to actively understand, analyze, and decompose problems before conducting searches, leading to clearer and more reliable answers [2][4]. Group 2: Advantages of Quark's Deep Search - Quark's search logic mimics human reasoning, involving a structured approach of thinking, searching, and integrating information, which enhances both efficiency and answer quality [4][10]. - The system demonstrates superior source traceability, particularly in fields requiring high accuracy, such as health and academia, by utilizing a vast medical knowledge base and collaborating with numerous medical institutions [16][18]. Group 3: Practical Applications - Quark's Deep Search can assist users in various scenarios, from planning travel itineraries based on crowd levels to providing legal advice and health consultations, showcasing its versatility and high "search intelligence" [23][30]. - The platform has built a comprehensive academic literature database and a vast question bank, making it a valuable resource for students and professionals alike [19][20]. Group 4: Future Developments - Quark plans to introduce a "Deep Search Pro" mode designed for more complex inquiries, offering structured and professional-level reports, thus catering to users with advanced needs [32][34]. - The integration of image processing capabilities allows users to extract and manipulate information from images, further enhancing the platform's functionality [36][37]. Group 5: Market Positioning - Quark's advancements position it as a leader in the AI search market, shifting the paradigm from mere information retrieval to problem-solving, thereby democratizing access to AI capabilities for everyday users [41][43].

埃迪·库表示，苹果已在测试Safari 18浏览器的新功能，包括智能搜索功能，该功能利用苹果的端侧AI技术，能识别并提取网页内容。 手机厂商计划使用AI搜索，大模型厂商也对搜索市场虎视眈眈，OpenAI有意收购谷歌Chrome浏览器。 AI搜索正在严重冲击传统搜索引擎行业。 当地时间5月7日消息，苹果（AAPL.O）公司高级副总裁埃迪·库（Eddy Cue）在美国司法部对谷歌的反垄断诉讼作证时表示，苹果有计划在Safari浏览器中 引入AI功能选项，包括OpenAI、Perplexity、Anthropic等。当日，谷歌母公司Alphabet（GOOGL.O）股价跌超7%，市值蒸发近1500亿美元。 庭审证词显示，谷歌每年向苹果支付数十亿美元的费用，2022年更是支付约200亿美元，以成为苹果iPhone的默认搜索引擎。这对于苹果而言是笔较为丰厚 的收入。不过，埃迪·库表示，4月Safari浏览器的搜索量出现了首次下降，一大原因是越来越多人开始使用AI技术。 埃迪·库表示，他担心苹果会失去两家公司合作协议中所约定的收益分成，并为此事夜不能寐。他认为谷歌应当继续作为Safari浏览器的默认搜索选项，但苹 果有计 ...