| | | 截至3月31日的學度。 | | | | --- | --- | --- | --- | --- | | | | 2024 | 2025 | | | 营收 | S | 80,539 $ | | 90,234 | | 同比营业收入变化 | | 15 % | | 12 % | | 同比图定汇率量业收入变化(1) | | 16 % | | 14 % | | 营业收入 | S | 25,472 $ | | 30,606 | | 营业利润率 | | 32 % | | 34 % | | 其他收入(费用)，净额 | S | 2,843 $ | | 11,183 | | 净利润 | S | 23,662 ક | | 34,540 | | 摊薄后每股收益 | S | 1.89 $ | | 281 | 周四美股盘后，谷歌母公司Alphabet公布了亮眼的Q1业绩。 在AI和云计算业务强劲推动下，公司一季度营收、净利润均超华尔街预期。 财报公布后，谷歌A盘后一度上涨5%。 今年以来，美股科技股"身受重伤"，而在反垄断指控和特朗普风险等因素扰动下，谷歌A迄今跌幅达 16%。 净利润激增46% 财报显示，Alphabet第一 ...

Core Insights - Despite strong performance in Q1 2025, Google faces challenges including antitrust lawsuits, AI investment bubble concerns, and economic recession fears [1][7] Financial Performance - Alphabet reported Q1 2025 revenue of $90.23 billion, a 12% year-over-year increase, and net profit of $34.54 billion, up 46% from the previous year, exceeding market expectations [1][6] - Google’s advertising revenue reached $66.89 billion, growing 8.5% year-over-year, with search ads increasing by 9.8% to $50.7 billion and YouTube ads rising by 10% to $8.93 billion [5][6] - Google Cloud revenue grew 28% year-over-year to $12.26 billion, positioning it as a key growth driver for the company [5][6] User Engagement and AI Integration - Google’s search data continues to grow, with monthly active users reaching 1.5 billion, driven by features like AI overviews [2][3] - The Gemini platform saw its monthly active users increase from 90 million in October 2024 to 350 million in March 2025, indicating significant user engagement growth [3] - Internal AI usage in code submissions rose from 25% to over 30%, reflecting deeper integration of AI in operations [3] Investment and Capital Expenditure - Google plans to increase capital expenditures to $75 billion in 2025, focusing on AI and cloud infrastructure, up from $53 billion in 2024 [6] - Q1 2025 capital expenditures were $17.2 billion, higher than $12 billion in the same period last year, primarily for technology infrastructure [6] Regulatory Challenges - Google faces ongoing antitrust scrutiny, with a recent ruling finding it in violation of antitrust laws in the digital advertising market [6][7] - The U.S. Department of Justice has proposed severe penalties for Google's monopolistic practices, which could include forced divestitures and changes to default agreements [7] Market Sentiment - Despite challenges, Citigroup maintains a "buy" rating on Google but has lowered the target price from $229 to $195 due to limited potential in the broader online advertising sector [7] - As of the market close on April 24, Google's stock rose by 2.53% to $159.28 per share, with a market capitalization of $1.94 trillion [7]

Core Viewpoint - The Federal Trade Commission is pursuing an antitrust case against Meta, claiming it holds a monopoly on personal social networking services and should divest Instagram and WhatsApp [1] Group 1 - The ongoing antitrust case highlights Meta's dominance in the social networking space, particularly regarding its ownership of Instagram and WhatsApp [1] - Internal communications reveal that Meta CEO Mark Zuckerberg once considered a drastic measure to erase all Facebook users' connections to rejuvenate their engagement with the platform, indicating his significant influence over the company's direction [2]

数据显示，谷歌股价今年以来持续下挫，迄今跌幅达17%，未来12个月的预期市盈率为17倍。在追踪谷 歌股票的37位分析师中，27位给予"买入"评级，10位给予"持有"评级，平均目标股价为195美元，相较 于当前157.52美元的价格，预计未来12个月还有约23%的上行空间。 谷歌增长引擎能否持续发力 目前市场普遍预期，谷歌第一季度或实现营收891.80亿美元，同比增长10.73%；每股收益预计为2.01美 元，同比涨幅达6.1%。 在谷歌的营收构成中，广告收入占比达到总营收的近80%，成为其业绩增速能否维持增速的关键。业内 人士对新华财经分析称，市场希望看到在AI 赋能下，谷歌广告投放的精准度和效果是否得到进一步提 升，进而推动广告收入增长。 目前市场预计，第一季度谷歌广告部门营收或达到664亿美元，同比增速为8.6%，其中 YouTube 广告营 收为89亿美元。 新华财经上海4月24日电 当地时间4月24日（周四）美股盘后，谷歌即将发布2025年第一季度财报，在 其深陷反垄断调查，以及美国宏观环境存在巨大不确定性的情况下，投资者聚焦谷歌云服务、广告业 务、AI商业化能力及资本开支状况，并进一步关注管理层对后 ...

据外媒报道，OpenAI 旗下 ChatGPT 产品负责人 Nick Turley 表示，若反垄断执法人员成功迫使 Alphabet（Google 母公司）出售 Chrome 浏 览器，OpenAI 将有意收购。 Google 的 Chrome 作为全球市场份额最大的浏览器，其地位长期无人能撼动。 看下面的绿线，Chrome 可以用遥遥领先来表示，用望远镜都找不到对手的那种： OpenAI 若成功收购 Chrome 并将其与 ChatGPT 结合，不仅将直接挑战谷歌在搜索引擎和浏览器市场的双重垄断，还可能重塑整个互联网生 态。 ChatGPT 的负责人 Nick Turley 在法庭听证会上明确表示："是的，我们会（购买），其他方也会。" 全球三分之二的市场都是 Chrome 浏览器的： 此次事件源于美国司法部对 Google 的反垄断诉讼，美国司法部认定 Google 在搜索市场构成非法垄断，为削弱其市场控制力，要求其出售 Chrome 浏览器。 去年七八月份其实就有这方面消息了： 地位太过垄断？Google 被要求强制出售 Chrome 浏览器！OpenAI 正考虑推出浏览器～～～ OpenAI 的这一战 ...

据外媒报道，OpenAI 旗下 ChatGPT 产品负责人 Nick Turley 表示，若反垄断执法人员成功迫使 Alphabet（Google 母公司）出售 Chrome 浏 览器，OpenAI 将有意收购。 看下面的绿线，Chrome 可以用遥遥领先来表示，用望远镜都找不到对手的那种： 全球三分之二的市场都是 Chrome 浏览器的： 此次事件源于美国司法部对 Google 的反垄断诉讼，美国司法部认定 Google 在搜索市场构成非法垄断，为削弱其市场控制力，要求其出售 Chrome 浏览器。 去年七八月份其实就有这方面消息了： 地位太过垄断？Google 被要求强制出售 Chrome 浏览器！OpenAI 正考虑推出浏览器～～～ OpenAI 若成功收购 Chrome 并将其与 ChatGPT 结合，不仅将直接挑战谷歌在搜索引擎和浏览器市场的双重垄断，还可能重塑整个互联网生 态。 Google 的 Chrome 作为全球市场份额最大的浏览器，其地位长期无人能撼动。 OpenAI 如果真的把 Chrome 吃下来，那肯定会把 Chrome 的默认搜索改为 ChatGPT ，直接挑战谷歌在搜索引擎的垄断 ...

Group 1 - The European Union has imposed its first fines under the Digital Markets Act, totaling €700 million on Apple and Meta for antitrust violations [1][3] - Apple was fined €500 million for restricting developers from selling outside its app store, while Meta was fined €200 million for its ad-free service model on Instagram and Facebook [1][3] - The Digital Markets Act, effective from March 7, 2024, allows regulators to impose fines up to 10% of a company's global annual revenue for violations [3] Group 2 - Both Apple and Meta expressed dissatisfaction with the fines and are considering appeals, citing concerns over user privacy and forced changes to their business models [3] - Analysts suggest that the fines could exacerbate tensions between the EU and the Trump administration, which has threatened tariffs on countries penalizing American companies [3] - EU antitrust chief Teresa Ribera emphasized that all companies operating in the EU must comply with its laws and respect European values [3]

Core Viewpoint - OpenAI is eager to acquire Google's Chrome browser amid ongoing antitrust discussions, aiming to leverage Chrome's vast user base to enhance its own AI capabilities and user growth [3][4][5]. Group 1: OpenAI's Interest in Chrome - OpenAI's product head, Nick Turley, expressed a strong desire for OpenAI to acquire Chrome if Google is forced to divest it, highlighting a vision for an "AI-first" browser experience [4][5]. - OpenAI's current user base for ChatGPT is 300 million, while Chrome has 3.45 billion users, presenting a significant opportunity for user growth [6][7]. - OpenAI has previously shown interest in the browser space, with rumors of developing a browser called "NLWeb" that integrates ChatGPT for a more conversational search experience [8]. Group 2: Antitrust Context and Competitive Dynamics - The antitrust scrutiny on Google regarding Chrome is not new, with concerns about its dominance in the browser market, where it holds a 65.85% global market share [10][12]. - OpenAI's attempts to collaborate with Google for deeper integration of ChatGPT into Chrome were rejected, leading to a more aggressive stance against Google during the antitrust proceedings [14][15]. - OpenAI's strategy appears to focus on rapidly acquiring a large user base rather than solely addressing antitrust issues, indicating a broader competitive ambition against Google [16][17]. Group 3: Broader Ecosystem Strategy - OpenAI is not only targeting Chrome but is also expanding its ecosystem through partnerships and hardware initiatives, such as integrating ChatGPT into Samsung devices and collaborating with AI hardware startups [18][19]. - The pursuit of Chrome is seen as a critical move in establishing a comprehensive AI ecosystem, positioning OpenAI competitively in the emerging AI Agent browser market [19].

每经编辑 毕陆名 据证券时报网23日报道，OpenAI有意收购谷歌Chrome浏览器，OpenAI的ChatGPT主管Nick Turley公开表示，如果谷歌被迫剥离Chrome，OpenAI愿意尝 试收购。 Turley认为，Chrome与ChatGPT更深度的整合将带来"难以置信的用户体验"，并向用户展示"以AI为先"的未来。OpenAI面临分发难题，尤其在安卓系统上， 与苹果的合作较为顺利，但与三星的谈判因谷歌的资金优势而受阻。Turley表达了对被市场上的大公司排挤的担忧，指出浏览器和应用商店等主要入口被强 劲竞争对手控制，限制了用户发现新产品的机会。 美国司法部指控谷歌垄断搜索市场，并提议强制谷歌剥离Chrome、开放搜索数据授权等。谷歌则反驳称此举将损害消费者利益。如果法院最终裁定谷歌剥 离Chrome，这将成为美国自上世纪80年代以来首次由法院主导的大型企业强制拆分案例。 向这家美科技巨头发出禁止令，要求其立即停止不正当竞争行为。 每日经济新闻综合新华财经、证券时报网 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 图片来源：每日经济新闻 资料图 封面图片来 ...

①美财长称贸易战不可持续 特朗普称无意解雇鲍威尔 美股周二大幅收高 美元回升 美国财政部长贝森特称贸易战不可持续，并预计局势即将缓和，其言论推动美股周二大幅收高，三大股 指均收回周一跌幅，纳斯达克中国金龙指数隔夜收涨近3.7%。明尼阿波利斯联储行长卡什卡利称美联 储有责任确保关税不会引发持续的通胀问题。之后，特朗普释放贸易缓和信号并表示无意解雇美联储主 席鲍威尔，美股科技股盘后继续上涨。美元指数隔夜收涨，今天亚洲早盘继续上扬，反弹至99.5上方。 另外，昨天拍卖的美国2年期国债中标收益率3.795%，为9月以来最低，招标结果公布后收益率小幅走 高，2年期美债收益率最终上涨6.3个基点报3.8211%。10年期国债收益率昨天下跌1.96个基点，报 4.3910%。 评论员简佳：特朗普第二任期的政策引发了全球对美国金融体系信心的动摇。他对美联储的攻击和关税 政策不仅削弱了美元和美国国债作为传统避险资产的吸引力，还加剧了市场对美国经济前景的担忧。尽 管美国经济体量庞大，不太可能迅速崩溃，但当前的动荡已对全球金融市场产生了深远影响。美元的主 导地位虽在短期内难以被取代，但长期来看，美国需重新审视其经济政策，以恢复市场 ...