AI时代的搜索是"搜索辅助的AI"，而不是"有AI能力的搜索"。 人要做决策，必须首先获得信息，然后理解信息、产生认知。 在互联网时代，信息的获取主要是通过搜索。搜索从本质上讲跟图书馆的检索系统非常相似，不同之处 在于其更庞大、更智能。搜索系统的建立分两步：首先得找到尽可能多的信息（网页爬取），其次要把 这些信息整理得易于查找（索引）。做好这些基础准备工作，用户输入了搜索需求，就可以提取关键词 （查询解析）去和索引好的数据库做匹配（检索），最后进行关键的一步：对初步匹配的结果进行打分 （根据相关度、质量、权威性、用户反馈等进行相关性计算），排序输出，呈现给用户。 正是由于有了搜索，互联网上的海量信息才能为人所用。可以说，没有搜索，互联网的使用价值就会大 打折扣。 说到搜索，人们一般想到谷歌、必应、百度等搜索引擎，但实际几乎所有的重要互联网公司的业务都离 不开搜索，用户在淘宝、京东购物，在海量的商品中找到想买的东西需要搜索；在抖音和小红书上，用 户除了"刷"视频和帖子，也会去搜索"怎么做红烧肉"；用美团或饿了么搜吃喝玩乐；在微信中则通过搜 索聊天记录、公众号、视频号、小程序，找到相关的信息。 像谷歌、百度这样的 ...

Core Viewpoint - Meta possesses a strong business moat and is one of the companies least affected by negative impacts from AI, with potential for significant benefits if its AI strategy is successfully implemented [1][11]. Business Model and User Engagement - Meta's core business model revolves around selling advertising space on its "app family," similar to traditional newspaper businesses, where the core product is user attention rather than content [1][2]. - The business goal is straightforward: to expand the user base and capture user time, creating a flywheel effect where increased user attention attracts more advertisers, enriching Meta's ad inventory [2][6]. Competitive Landscape - Unlike Google, which is tied to functional search needs, Meta's advertising is based on emotional needs, making it less susceptible to being replaced by AI-driven search alternatives [2][5]. - AI can disrupt functional search needs by providing faster, more concise answers, but it is unlikely to replace interpersonal connections and entertainment, which are core to Meta's apps [5][11]. Moat Analysis - Meta's business moat is supported by three critical forces: network effects, switching costs, and process power [5][10]. - Network effects enhance the platform's value as the user base grows, with approximately 3.43 billion daily active users projected by Q1 2025, indicating a 60% penetration rate among global internet users [6][9]. - High switching costs exist as users prefer to stay on the same platform to connect with friends and family, making mass user migration rare [9][10]. Revenue Drivers - Meta's revenue is driven by three factors: user growth, increased average time spent on the platform, and rising revenue per ad impression [12][17]. - User growth is expected to continue due to the increasing global internet population and improved penetration rates, although growth may slow due to the already large user base [13][15]. - Average time spent on Meta's platforms is stable, with advertising impressions growing by 5%-11% year-over-year, indicating a healthy advertising environment [17][18]. AI Integration and Future Potential - Meta is investing heavily in AI, with the potential to enhance advertising effectiveness and user engagement through tools like Meta Advantage+ [18][19]. - The company aims to develop a personal AI assistant, which could significantly alter user interaction and search behavior, potentially capturing a share of the lucrative search market currently dominated by Google [19][20]. Valuation and Market Position - Meta's enterprise value is estimated at approximately $1.8 trillion, with a potential increase of about $200 billion if it successfully enters the search market [24][25]. - The company is also engaged in stock buybacks, which may be adjusted in light of its AI investments, but overall, its existing business valuation appears reasonable [25][26].