Z Highlights 本文内容为 2025 年 11 月 13 日 a16z 的文章。文章通过对 AI 搜索领域多家初创公司、技术架构和用例的深度分析，系统梳理了 AI 搜索从传统搜索引擎向 原生 AI 搜索转型的商业全景。 早在 1996 年， Wired 杂志就曾刊文探讨互联网早期不同搜索服务商之间的竞争。那个时代（谷歌和 PageRank 算法问世之前）最值得关注的现象是：所有 初创公司都在以截然不同的方式探索互联网搜索。雅虎采用目录式方法，需要人工耗时耗力对网站进行分类。早已被遗忘的搜索后端 Inktomi 则使用初级爬 虫，并基于内部文本相关性算法对结果进行索引。 Excite 则是面向用户的搜索门户，它构建了网络的倒排索引，并通过语言分析将特征相近的网站聚类 （这种聚类基于语言特征判断）。那是个更简单的时代：某种程度上， 90 年代从事搜索技术的工作更像图书馆员而非研究工程师。 然而所有这些初创企业都被 1998 年成立的谷歌甩在身后。谷歌的 PageRank 算法通过反向链接数量评估网站权威性，迅速成为人类浏览互联网的最佳方 式，也成为品牌、出版商和 SEO 大师在网络上推广自我的利器。直至 ...

Core Viewpoint - The acquisition of Himalaya by Tencent Music signifies a deep restructuring of the internet traffic landscape and indicates a paradigm shift in internet investment logic [1][5]. Company Performance - Tencent Music's market capitalization briefly surpassed Baidu's, with Tencent Music closing at 232.8 billion HKD and Baidu at 235.96 billion HKD, reflecting a market gap of approximately 3 billion HKD [1]. - Tencent Music's market capitalization has increased by over 280% since its secondary listing, while Baidu's has decreased by over 60% [5]. - In Q1, Tencent Music's revenue was 7.36 billion RMB, with an 8.7% growth rate, while Baidu's revenue was 32.5 billion RMB, growing at only 3% [6][7]. Business Model Comparison - Tencent Music's core business is online music services, which saw a 15.9% revenue increase to 5.8 billion RMB in Q1, while Baidu's online marketing revenue decreased by 6% to 16 billion RMB [7]. - Tencent Music's revenue structure is shifting from reliance on live streaming to more stable subscription services, while Baidu's search advertising model is under pressure from emerging AI technologies [8][9]. Market Challenges - Tencent Music faces challenges from short video platforms like Douyin, which are reshaping music consumption and impacting user engagement [10]. - Baidu is transitioning towards AI, with its intelligent cloud business growing by 42% year-on-year, but these new ventures are still in the investment phase and contribute minimally to overall revenue [9][10]. International Expansion - Both companies are looking to international markets for growth, with Tencent Music investing in SM Entertainment for the Asian music market and Baidu expanding its autonomous driving services in the Middle East and Europe [10].