Group 1 - Bill Ackman has made significant investments in the automotive sector, particularly in Uber Technologies, acquiring over 30 million shares, making it the largest holding in the Pershing Square portfolio [2][4] - Ackman increased his stake in Hertz Global Holdings by 18%, with a purchase of 12.7 million shares that was initially undisclosed due to confidentiality [2][3] - Pershing Square exited its position in Nike, previously holding 18.8 million shares, marking a complete divestment [3][5] Group 2 - The latest 13F filing reveals that Ackman and Pershing Square currently hold 11 stocks, with Uber representing 19% of the portfolio, followed by Brookfield Corporation at 18% and Restaurant Brands International at 13% [4][6] - Other notable holdings include Howard Hughes Holdings at 12%, Chipotle at 9.1%, and Canadian Pacific at 8.7% [6] - The portfolio has seen significant changes, with Hilton Worldwide Holdings decreasing by 45% and Google Class C shares down by 16% [5][6]

The three major benchmarks soared on Monday as the U.S. announced an initial import tariff agreement with China. This was a game-changing moment for investors as concerns about President Donald Trump's tariff plan had weighed on sentiment for weeks. Investors were particularly worried about an escalating trade war with China that could wreak havoc on the economy. But that worst-case scenario seems to be drifting away. This week, the U.S. agreed to set tariffs at 30% on China, a level light-years away from t ...

Core Insights - Perplexity, an AI search engine startup, is nearing completion of a $500 million funding round led by Accel, raising its valuation to $14 billion, a significant increase from $9 billion six months ago, despite falling short of its initial $18 billion target [1][3] - The company aims to challenge Google's dominance in the search engine market, having rapidly increased its valuation from $1 billion to $3 billion and now to $14 billion within a year [1][3] Group 1: Product Development and Competition - Perplexity is expanding its product line by launching a new browser named Comet, designed to provide a more personalized and task-oriented user experience compared to Google Chrome [2] - The company has introduced a voice mode feature, allowing users to perform AI searches on Apple devices through voice commands [2] Group 2: Financial Performance and Investor Support - Perplexity's annual recurring revenue has reached $120 million, up from $100 million in March and significantly higher than $5 million in January 2023, indicating strong monetization capabilities [3] - The latest funding round has attracted notable investors, including Nvidia, SoftBank Vision Fund, and prominent figures like Jeff Bezos and Yann LeCun, highlighting the strong interest in AI investments [3] Group 3: Operational Strategy and Future Outlook - The company currently has 30 million monthly active users and aims to scale to 100 million or even 500 million, necessitating ongoing capital investment [4][6] - Perplexity's CEO emphasized the rarity of achieving such a high valuation and revenue performance with a lean team of around 200 employees, indicating a focus on "lean growth" [6] - The future outlook for Perplexity appears promising as it continues to innovate and expand its product offerings, positioning itself as a significant competitor to Google in the search engine space [7]

5月7日晚谷歌大跌，源于一条"苹果开始聚焦AI搜索"的新闻。海豚君把彭博原文看了下，主要核心有两点。下面来简单聊一聊。 但不管如何，AI搜索对传统搜索用户端的份额侵蚀，是必然的，未来的搜索很可能会被切割于各个AI应用中，甚至消失于AI Agent完成任务过程中（无 需用户一步步提问引导，Agent自己能实现每一环节的动作）。 一、AI搜索对传统搜索的侵蚀？ ——确实存在，目前主要存在于用户搜索份额之间，这也是海豚君近期点评反复提及的估值压制点之一。虽然短期对广告主的预算分配的影响，只能说暂 时有限。但苹果高管的言论，情绪面上无疑加剧了市场对谷歌搜索颠覆风险的担忧。 4月苹果Safari搜索量首次下滑，Cue把问题归结为AI搜索的分流影响。但谷歌在业绩电话会上，透露随着AI Overview渗透率走高，整体搜索量是在提升 的，第三方机构披露的搜索活跃度的数据也能给到相关佐证。 海豚君认为，很可能是不同平台之间的差异。在移动端，AI App的搜索问答体验很丝滑，因此要从Safari切换到一个AI chatbot/AI专业搜索的App（比如 ChatGPT和Perplexity），甚至是Google自己的Chrom ...

Core Insights - Eddy Cue, Apple's Senior Vice President of Services, suggests that while the iPhone may not be needed in the future, Apple will find new pillars of support, indicating a shift towards AI hardware as a potential successor [1][3][17]. Group 1: Apple's Strategic Vision - Eddy Cue believes that one of Apple's wisest decisions was to discontinue the iPod, positioning the company to lead in future technologies rather than being replaced by them [3][17]. - The company is exploring AI hardware as a key component for its future, with products like Ai Pin being developed to potentially replace the iPhone [3][5][7]. Group 2: Ai Pin and Market Reception - Ai Pin, developed by Humane, was designed to challenge the iPhone with its innovative features, including a Qualcomm Snapdragon chip and various sensors, but faced significant criticism post-launch for poor user experience and technical issues [5][9][7]. - Despite initial hype, Ai Pin's launch resulted in negative reviews, leading to its service being halted and the company being acquired by HP [9][12]. Group 3: Competitive Landscape - Other AI hardware products, such as Rabbit R1 and Limitless Pendant, are emerging, focusing on specific functionalities rather than attempting to replace smartphones outright [10][12]. - Meta's Ray-Bans, featuring built-in AI, have seen significant sales, indicating a growing market for AI-integrated devices [12][14]. Group 4: Apple's Future Plans - Apple is actively developing its Vision Pro and plans to introduce smart glasses, with a goal of producing 1 billion AR devices by 2030 to replace the iPhone [14][15]. - Eddy Cue acknowledges the importance of AI search capabilities, indicating that Apple may integrate AI search options into its Safari browser, potentially shifting away from traditional search engines like Google [20][22]. Group 5: Industry Dynamics - The ongoing Google antitrust case highlights the competitive pressures in the tech industry, with AI search emerging as a significant future direction for companies like Apple [24][28]. - OpenAI's rapid growth in user engagement for its search capabilities suggests a shift in consumer preferences towards AI-driven solutions, although Google remains dominant in the search market [26][20].

Core Viewpoint - Google faces increasing threats to its search engine business from AI competitors, particularly after Apple revealed plans to integrate AI services into its Safari browser, which could impact Google's default search engine status and revenue stream [1][3]. Group 1: Market Dynamics - Apple is exploring AI integration in its Safari browser, which could jeopardize Google's $20 billion annual revenue from being the default search engine [1]. - There has been a notable decline in search volume for Safari, marking the first drop in history, indicating potential market share loss for Google [1]. - Google's search engine business accounts for a significant portion of its total revenue, making it a critical area of concern for investors [1]. Group 2: Financial Performance - Google's stock price fell by 7.3% on the day of the news, with a cumulative decline of 6% for the week, resulting in a market capitalization loss of $120 billion [1]. - The expected price-to-earnings ratio for Google over the next 12 months is 15, below the historical average of 21 over the past decade, while Microsoft's is significantly higher at 30 [5]. - Despite the recent downturn, Google's search engine advertising business showed resilience, contributing to stock price increases prior to the recent drop [3]. Group 3: Analyst Sentiment - Over 80% of analysts maintain a "buy" rating for Google, although this is lower than the ratings for Microsoft, Amazon, and Meta [6]. - Analysts suggest that despite slowing search volume growth, Google's revenue growth remains robust, with some recommending buying on dips [6]. - Caution is expressed by some analysts regarding overly optimistic profit expectations for 2025, indicating potential volatility in market share and profitability [6][7].

Apple senior vice president of services Eddy Cue set alarm bells ringing on Wednesday after dropping a bombshell at Google's antitrust trial: Google searches through Safari dropped in April for the first time ever. While his comments triggered a frenzied sell-off in Google stock, it might not be the only reason the company's watchers should be concerned about Google's ability to keep full control over the search market.A little-noticed number in Google's latest financial disclosure may be the realest sign ...

Group 1 - Google's search volume has declined for the first time in over 20 years, attributed to the rise of generative AI services like ChatGPT and Perplexity [1] - Following the revelation of declining search volume, Alphabet's stock dropped over 7%, resulting in a market value loss of approximately $250 billion (about 1.8 trillion RMB) [1] - Apple also experienced a stock decline of over 1% due to its lucrative partnership with Google, which involves Google paying Apple more than $20 billion annually [1] Group 2 - Google's global search market share has fallen from approximately 93% at the end of 2022 to 89.7% recently, with five out of the last six months showing a share below 90% [2] - Despite the decline in market share, most search queries directed towards AI chatbots are not commercially viable, according to analysts [2] - Alphabet's stock has seen a nearly 12% decline over the past 12 months, with its price-to-earnings ratio dropping below 16 for the first time in 12 years [2]

2025.05. 08 除了计划在Safari搜索引擎中引入AI功能，苹果已有其他尝试。苹果已在数字助手Siri中提供了 OpenAI的ChatGPT。OpenAI去年11月则推出ChatGPT Search，并在ChatGPT中引进搜索功能， ChatGPT会根据用户问询判断是否搜索网络，用户也可以手动选择搜索功能。 目前新兴的AI搜索和传统搜索引擎正在博弈。据市场调研机构statcounter数据，2023年9月至2025年 4月，全球搜索引擎市场头部厂商的份额变动不大，谷歌的份额稳定在90%左右。今年4月，谷歌、必 应、YANDEX、雅虎、DuckDuckGo和百度的市场份额分别是89.66%、3.88%、2.53%、1.32%、 0.84%和0.72%。 本文字数：1260，阅读时长大约2分钟 导读 ：手机厂商计划使用AI搜索，大模型厂商也对搜索市场虎视眈眈，OpenAI有意收购谷歌Chrome浏览器。 作者 | 第一财经 郑栩彤 AI搜索正在严重冲击传统搜索引擎行业。 当地时间5月7日消息，苹果（AAPL.O）公司高级副总裁埃迪·库（Eddy Cue）在美国司法部对谷歌 的反垄断诉讼作证时表示，苹果 ...

Group 1 - Apple is reconsidering its lucrative search partnership with Google, suggesting that this deal may not be necessary in the long run, and even the iPhone may not be used in the future [1][3] - Apple receives approximately $20 billion annually from Google for setting its search engine as the default option on devices, but there are indications that the search landscape is changing [1][2] - Eddy Cue highlighted a decline in Google search queries on Apple devices in April, marking a shift towards artificial intelligence (AI) services [1][2] Group 2 - Apple's plan to pivot its Safari browser towards AI services aims to diminish the importance of its existing agreement with Google [2] - Analysts suggest that Apple may emphasize data points to argue that Google's dominance in search is not anti-competitive, which could influence legal outcomes [2] - Despite the potential shift, there remains an opportunity for deeper collaboration between Apple and Google in the AI space, as Google has integrated its Gemini AI system into search [2] Group 3 - Eddy Cue's comments about the future of the iPhone are notable, indicating that it may not be necessary in a decade, despite the iPhone currently contributing over half of Apple's revenue [3] - Cue expressed concerns about terminating the revenue-sharing agreement with Google, stating that Google should remain the preferred search engine for now [3] - Apple is currently utilizing OpenAI's ChatGPT for Siri queries and plans to incorporate Google's Gemini as an alternative later this year [3]