Core Investment Logic - Google's core investment value lies in its comprehensive AI ecosystem, which integrates the capabilities of the Gemini model to drive growth in both cloud and advertising businesses [2] - The competitive advantage has evolved from a single search entry point to a closed-loop system encompassing self-developed chips (TPU), general-purpose large models (Gemini), and a global application ecosystem [2] Key Pillars: Advertising Business - Google's robust performance in 2025 validated its operational resilience during the AI transformation, alleviating market concerns about generative AI impacting search business [4] - In Q3 2025, Google's revenue surpassed $100 billion for the first time, with a stock price increase of 66% for the year, driven by the vertical synergy of "TPU-Gemini-search advertising" [4] - The search business entered a new phase of "volume and price increase," with Gemini improving intent analysis accuracy to 92%, leading to a 45% increase in average click-through rates for advertisers [4] YouTube's Revenue Growth - YouTube's advertising revenue exceeded $10.26 billion in Q3 2025, marking a 15% year-over-year increase, primarily driven by the monetization efficiency of YouTube Shorts [5] - The integration of short videos, long videos, and live streams has solidified YouTube's dominance as the largest video media platform globally, converting traffic into profit [5] Google Cloud's Growth - Google Cloud's revenue reached $15.16 billion in Q3 2025, with a year-over-year growth rate of 34.9%, significantly outpacing competitors like Amazon AWS and Microsoft Azure [8] - The management aims to increase market share to 18%-20% within the next 3-5 years, transitioning the global cloud ecosystem to a "three-way competition" [8] Other Business Developments - Waymo's operational scaling from 2025 to 2026 indicates a shift from experimental to a commercially viable entity, with Q3 2025 revenue of $388 million, a 31% increase [13] - The management's focus on resource restructuring and capital return discipline reflects a commitment to improving financial metrics across non-core projects [14][15] Valuation and Future Outlook - Based on the ongoing optimization of monetization efficiency and operational leverage, Google is projected to achieve $457.2 billion in revenue and $131.4 billion in net profit by 2026 [17] - The comprehensive AI layout positions Google as an indispensable "heart of computing power" in the AI era, redefining its long-term value [17]