AI search startup Perplexity is making its new Comet browser available to everyone in the world for free as it works to position the product against big browsers and search engines. For certain paid subscribers, the startup has also launched a new ‘back... https://t.co/1lrQPcUenk ...

Market Dynamics - Perplexity AI made a $345 亿 (billion) bid for Google's Chrome [1] - The bid aims to tap into Chrome's 30 亿 (billion) users [1] - The acquisition is intended to strengthen Perplexity AI's AI search position [1]

Google denies AI search features are killing website traffic | TechCrunch https://t.co/v73a2IwWPL ...

Funding - Moroccan founder raises $4.2 million for her YC-backed startup [1] AI Search Technology - Startup is building the next layer of AI search [1] Industry Focus - TechCrunch reports on the funding and the AI search technology [1]

RT Robby Stein (@rmstein)AI Mode is coming to India – our first international expansion! Labs users in India can now start testing our most powerful AI search, designed to help with your toughest questions. Exciting times ahead for Search … stay tuned for more this summer. ...

Financial Data and Key Metrics Changes - The company reported a strong Q1 performance, outperforming guidance on all metrics, with expectations of continued strength into Q2 [4][5] - There was a noted improvement in both gross and net retention rates, alongside enhanced customer satisfaction and value perception [5][35] Business Line Data and Key Metrics Changes - The core business health is improving, with significant advancements in customer retention and satisfaction [5][35] - The introduction of Yext Scout has generated interest from both existing and new customers, indicating a positive reception for new product offerings [9][12] Market Data and Key Metrics Changes - The fragmentation of the consumer search market is accelerating, driven by advancements in AI search, which is creating opportunities for Yext's products [4][21] - Google recently dipped below 90% market share, highlighting a shift in the brand discovery landscape that could benefit Yext [21] Company Strategy and Development Direction - The company is focused on reinvesting in organic initiatives and pursuing opportunistic investments through M&A or partnerships to enhance its business [5][38] - There is a strategic emphasis on maintaining a strong balance sheet and cash flow to support growth initiatives [5][38] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the macroeconomic environment, which could impact spending decisions among businesses [20][22] - Despite macro uncertainties, the company remains optimistic about the growth potential in the fragmented digital visibility market [22] Other Important Information - The company has seen a tailwind from favorable foreign exchange rates, contributing to revenue and ARR improvements [33] - The buyback program has accelerated, reflecting the company's strong cash flow and liquidity position [35][38] Q&A Session Summary Question: Update on Yext Scout and customer interest - Management indicated a mix of existing and new customers on the waitlist for Yext Scout, with positive sales traction expected [9][10] Question: Sales cycle for Yext Scout - The sales cycle for Yext Scout is anticipated to be shorter due to easier implementation and the value perceived by customers [12][13] Question: Balancing enthusiasm with macroeconomic caution - Management acknowledged macroeconomic uncertainties but highlighted the fertile environment for brand visibility products [20][22] Question: Drivers of revenue outperformance in Q1 - Revenue outperformance was attributed to improved retention rates and favorable foreign exchange impacts [33][34] Question: Buyback strategy and appetite - The company views buybacks as a key tool for capital allocation, alongside M&A opportunities [35][38] Question: Organic growth and retention improvements - Management noted that improved retention and upsell opportunities are driving organic growth [41][42] Question: Loan facility with BlackRock - The new facility provides flexibility for growth initiatives and potential acquisitions, replacing an expiring credit facility [47][48]

Investment Rating - The report assigns a "Buy" rating for Baidu.com Inc. (BIDU) with a 12-month price target of $96.00, indicating an upside potential of 14.4% from the current price of $83.92 [1]. Core Insights - The management aims to accelerate the AI search revamp, targeting a penetration rate of AIGC search results to reach 70-80% by the end of 2025, which is expected to lead to a near-term advertising revenue decline of over 10% year-on-year in Q2 and Q3 of 2025 [1][16]. - The cloud business is expected to maintain solid growth, with a 42% year-on-year increase in Q1 2025, driven by recurring subscription-based revenue despite fluctuations in project-based revenue [1][18]. - Margin pressure is anticipated in Q2 and Q3 of 2025 due to operating deleverage from advertising headwinds and investments in AI initiatives [1][20]. Advertising Outlook and AI Search Revamp - Management is focused on enhancing the AI search revamp, with expectations of a significant decline in advertising revenue in the near term due to the transition to AIGC search results [1][16]. - The advertising revenue for Baidu is projected to decrease from Rmb 72,849 million in 2024 to Rmb 67,261 million in 2025, reflecting a year-on-year decline of 8% [16]. Cloud Business Momentum - Baidu's cloud revenue is expected to grow significantly, with management highlighting the GPU cloud as a supply-constrained market where Baidu has a competitive edge [1][17]. - The cloud revenue is projected to reach Rmb 27,950 million in 2025, with a year-on-year growth rate of 28% [23]. Margin Dynamics - The report indicates that group-level margin pressure is expected due to a mix of slower advertising growth and faster growth in cloud and autonomous driving segments [1][20]. - Management anticipates that both the cloud and autonomous driving segments will see incremental margin improvements in FY25 [20][21]. Financial Projections - Total revenue is forecasted to grow from Rmb 133,125 million in 2024 to Rmb 135,929 million in 2025, reflecting a modest year-on-year growth of 2% [23]. - EBITDA is expected to decline from Rmb 34,907.5 million in 2024 to Rmb 31,420.6 million in 2025, indicating a year-on-year decrease of 10% [23]. Price Performance - The report notes that Baidu's stock has underperformed relative to the NASDAQ Composite, with a 12-month absolute return of -16.3% [12].

Core Insights - Analyst Aaron Kessler upgraded Reddit from Neutral to Buy with a price target of $165, citing strong international momentum, rising logged-in users, and a high-intent commercial audience [1][2]. User Growth - Reddit reported a quarterly revenue of $392.36 million, up from $242.96 million year-over-year, exceeding the analyst consensus estimate of $370.01 million [8]. - Total Daily Active Users (DAUs) grew in the high teens through April, with a 50% increase in the number of advertisers for the quarter [8]. - International users represent 54% of total users and approximately 20% of revenues, with significant growth driven by machine translation available in 13 languages [9]. Advertising Revenue - Advertising revenues are expected to drive second-quarter revenue growth guidance of 46-53%, with about 40% of Reddit conversations being commercial [4]. - Reddit's ad load is approximately 1 in 8 posts, compared to 1 in 5 for other leading social platforms, indicating potential for increased ad load [5]. Search and AI Integration - Reddit rolled out its first search machine learning model, enhancing the relevance of search results and integrating Reddit Answers, an AI-powered tool for dynamic search experiences [6]. Future Projections - Kessler projected second-quarter revenue of $420.3 million and earnings per share (EPS) of $0.18, with Reddit estimating revenue between $410 million and $430 million [10][11].

作者：yongxin 编辑：Siqi Agentic AI 的 3 要素是：tool use，memory 和 context，围绕这三个场景会出现 agent-native Infra 的 机会。 01 . 为什么 Search API 很重要 按照场景和信息需求类型，搜索行为大致可以被分为四类： • 第一类，高频快速查询， 指的是一两步内就能完成的查询。Google 大部分的 query 还是以几个单词为 主，用户得到答案后马上离开，不会进行深入的查询。对于这类查询 Google、Bing 还是最好的应用，新 玩家几乎没有挑战的机会。 • 第二类，研究性质的深入查询， 用户可以和搜索工具反复交流，获取知识。这一类搜索是 LLM 和 LRM 带来的新场景，对应的代表性产品形态分别是 Chatbot 和 Deep research。 Agent 所获取到的信息质量是 agent 推理的起点，虽然 LLM 带来了 perplexity 为代表的 AI answer engine，提供了完全不同于传统搜索引擎的体验，但这些产品仍旧面向的是人类用户，产品逻辑是围 绕人类行为设计的。 在我们 MCP 的研究中发现， ...