With energy becoming a critical AI bottleneck, Google's $4.75 billion acquisition of Intersect is a move to secure power for its data centers ...

Alphabet Inc (NASDAQ: GOOGL) is in focus today after announcing plans to acquire Intersect, a leading clean energy and data centre infrastructure firm based in San Francisco, CA. Integrating Intersect's clean power generation capabilities with its cloud infrastructure will enable Google to scale more efficiently while reducing exposure to volatile energy markets. The acquisition also strengthens its ESG profile – appealing to institutional investors increasingly focused on sustainability. Beyond optics, the ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: North America Internet sector, with emphasis on trends and projections for 2026 [1][3] Core Insights and Arguments 1. **Evolution of Internet Usage**: The way users interact with the internet is changing, with search evolving into a more answer-oriented approach. This is driven by the adoption of AI technologies, particularly agentic browsers that provide a personalized and interactive experience [6][14] 2. **AI Agent Adoption**: The integration of AI agents is expected to transform online shopping (Agentic Commerce), travel booking (Agentic Travel), and website development. However, this transition is still in its early stages, with varying impacts across different sectors [6][14] 3. **Resilience in Online Marketplace Demand**: The demand for online marketplaces remains strong, particularly in mobility and delivery sectors. The adoption of grocery and retail services is anticipated to be a key focus area in 2026 [6][14] 4. **Cloud Infrastructure Growth**: Revenue growth for cloud services, particularly AWS and Google Cloud, is accelerating. Projected infrastructure capital expenditures for 2026 across major players (GOOGL, AMZN, META) are expected to reach approximately $350 billion [6][14] 5. **Online Advertising and eCommerce Trends**: The U.S. online advertising market is projected to grow by 14% year-over-year, while eCommerce is expected to increase by 7% in 2026, driven by AI and end-to-end automation tools [6][14] 6. **Margin Expansion Trends**: A pause in margin expansion is noted across multiple companies in 2026, following years of consistent growth post-2022 downturn. Future product developments from current investments are anticipated to drive the next growth phase [6][14] Company-Specific Insights - **Amazon (AMZN)**: Added to Citi's Focus List due to accelerating AWS revenue growth and strong margin expansion trends. Target Price (TP): $320 [6] - **Alphabet (GOOGL)**: Query growth is accelerating, supported by advancements in AI technologies. TP: $343 [6] - **Reddit (RDDT)**: Focus on daily active user growth with a revamped app expected to enhance monetization. TP: $265 [6] - **DoorDash (DASH)**: Anticipated margin expansion reversion in 2027 as core order growth accelerates. TP: $283 [6] - **Carvana (CVNA)**: Expected growth in used vehicle sales driven by improved awareness and inventory. TP: $550 [6] Additional Important Insights 1. **Market Performance**: The average year-to-date return for the internet sector in 2025 was +5%, compared to +15% for the S&P 500 and +19% for the NASDAQ. Larger cap companies outperformed, with GOOGL leading at +60% [11] 2. **Valuation Metrics**: Most sub-sectors are trading below their 10-year EV/Revenue and EV/EBITDA averages, with GOOGL, EBAY, and KSPI trading at a premium [12][13] 3. **Key Trends for 2026**: - Search is evolving into a more answer-focused model - The rise of agentic browsers for a personalized web experience - Robust demand for online advertising and cloud services - Growth in autonomous vehicles and food delivery services [14] This summary encapsulates the critical insights and projections for the North American internet sector as discussed in the conference call, highlighting both macro trends and specific company performances.

Group 1 - The ongoing AI investment cycle has led to significant investments in data centers, propelling Nvidia to become the world's largest company by market capitalization [1] - Nvidia's stock price has risen nearly 1,000% in three years, but Alphabet is positioned as a formidable challenger in the AI space [2] - Alphabet is predicted to surpass Nvidia and become the world's largest company by 2026 due to its comprehensive AI capabilities [3] Group 2 - Alphabet is recognized as a leading internet company with a dominant search engine and a wide array of assets, including YouTube, Google Chrome, Android, and Google Workspace [6][7] - The company possesses a complete AI ecosystem, which provides significant competitive advantages over other AI firms that typically own only parts of the ecosystem [9] - Alphabet's Google Cloud is the third-largest cloud computing platform, and the company has developed custom AI chips (TPUs) for its data centers [8] Group 3 - Alphabet has primarily funded its data center investments through profits from its established businesses, avoiding substantial debt unlike some AI hyperscalers [10]

近日，腾讯官宣人事任命和组织调整两条重要消息，在AI圈内引起广泛关注。 文 | 新质动能，作者 | 沛林，编辑 | 沐风 27岁的前OpenAI研究员姚顺雨（Vinces Yao）正式出任腾讯"CEO/总裁办公室"首席AI科学家，同时身兼 AI Infra部与大语言模型部的负责人，向总裁刘炽平和技术工程事业群总裁卢山双线汇报。 而姚顺雨，这位以研究"AI智能体"和提出"AI进入下半场"观点闻名的年轻人，会成为那个为腾讯找到破 局点的人吗？ 技术明星的"中场"思考 事实上，姚顺雨在今年9月就已入职，这次只是正式公开这一消息。 有趣的是，3个月前，关于"腾讯上亿年薪聘请前OpenAI研究员"的传言已在行业内流传，腾讯官方出面 辟谣。如今看来，当时辟谣的焦点或许是薪酬数额，而人才落地的本身，早已悄然进行。 翻开姚顺雨的履历，是一个标准的"精英故事"： 安徽理科探花、清华姚班、普林斯顿博士、师从GPT-1核心作者。他的学术轨迹，几乎与AI智能体研究 的关键进展同步。 在OpenAI期间，他深度参与的研究项目，旨在解决AI从"聊天"走向"做事"的范式转变：通过"思考—行 动—观察"的循环，让大模型学会使用工具；用"思维 ...

5 小长假 去哪里玩? 景点推荐 0 (+) (+)) O IRING BIBIL lo 双色球号码 □ Θ 15分钟快速入眠 e 的办法 e 大 乐 [0] (+) (•)) IT之家 12 月 22 日消息，阿里千问官方今日发布了"2025 十大 AI 提示词"榜单。 2025 年，人们使用千问 App 的十大高频场景分别是：股票、八字、情感咨询、朋友圈文案、景点推荐、双色球号码、失眠、解答这道题、离婚财产分 割、人生的意义。 2 己± 甲木 成土 7 IX 模室 的火 . . . t l @ 0 6 3 l u 现在适合表白吗? 情感咨询 ® (+) "这一 -次- 冠 制霸朋友圈" <= 朋友圈文案 (·)) [0] (+) 1 6 股 莫 @ 0 (•)) 2 己± 甲木 成土 7本 J女 模盆 的火 · . 手 (0) © 0 8 这题昨做 " lif JU pers C = 解答这道题⊙Θ ( •)) 9 游剧堂 离婚财产分割 61 0 人生的意义 到底是什么? 的意义 t +) O 阿里巴巴在内部沟通中提及，千问 C 端事业群的首要目标是将千问打造成为一款超级 App，成为 AI 时代用户的第 ...

以下文章来源于硅星人Pro ，作者李楠 硅星人Pro . 硅（Si）是创造未来的基础，欢迎来到这个星球。 来源丨 硅星人Pro（ID：Si-Planet） 作者丨 李楠 图源丨Midjourney 姚顺雨到腾讯，终于得到官方确认。 12月17日，腾讯升级大模型研发架构，一方面，新成立AI Infra部、AI Data部、数据计算平台部， 全面强化大模型的研发体系与核心能力；另一方面宣布，"Vinces Yao"，也就是前OpenAI明星研究 员姚顺雨，出任"CEO/总裁办公室首席AI科学家"。他将直接向腾讯总裁刘炽平汇报，同时兼任AI Infra部、大语言模型部负责人，双线向技术工程事业群总裁卢山汇报。 这里首先有三个信息值得注意：第一，腾讯第一次有了总办首席AI科学家的岗位。第二，这个岗位足 够靠近腾讯权力中心。第三，在这个位置上的是一位AI界非常年轻的明星人物。 这让人想到字节和阿里此前的人员和组织调整动作，至此，三家中国互联网巨头在AI时代也集体把AI 科学家"安插"到了自己的权力中心。 阿里字节腾讯，都把AI拉向权力中心位置 对巨头来说，组织中心位置的调整并不容易。而三家头部大厂，都想办法把AI拉向了 ...

创作这个段子的朋友一定没想过当今外卖的 AI 含量有多高——作为当下人工智能（障） 最普及的应用场景，从你打开 App 的那一刻起，一场由 AI 导演 的《舌尖上的幻觉》就已开机。 有个互联网段子：三大平台年初说要 all in ai，结果现在 all in 外卖。为啥呢？因为 waimai 包含两个 ai。 01.制造一桌假外卖 一日两餐顿顿外卖的诸位一定见过这样的门头照：大气明亮的招牌，柔和的光线，门口大排长龙，十分热闹。 这是 AI 时代的特产，用上这些华丽的 AI 门头照，假装自己是一家拥有超高人气的堂食大店。 而其实它们真实的样子是这样的： 还有这样的： 搞外卖，那可是货真价实的 all in AI。 AI 大规模生成门头照这事前段时间被央视曝光了，各个平台就开始治理，下架掉了一大堆这种同一个模版里跑出来的 AI 图。 但其实换一个提示词就可以卷土重来，流水线上的 AI 图封掉之后，剩下的更隐蔽，让人傻傻分不清，下面这俩就是我打开软件随手截的。 不光是门头图，AI 还可以轻轻松松生成店内环境图，整齐的原木桌椅泛着温润的光，复古吊灯很有现代感。看图片很像样子，其实还是个小作坊，连堂 食位置都没有。 很 ...

Core Viewpoint - Google is facing a "compute famine" despite its vast resources and plans to invest $91 to $93 billion in capital expenditures this year, leading to internal conflicts over chip allocation among various departments [1][25][26]. Group 1: Internal Dynamics and Resource Allocation - A new executive committee has been formed to decide how to allocate limited compute resources among Google Cloud, search, and DeepMind [2][13]. - The committee includes key figures such as Google Cloud CEO Thomas Kurian and DeepMind CEO Demis Hassabis, indicating a significant power restructuring within the company [4][8][13]. - The committee aims to simplify decision-making and ensure equitable distribution of resources among departments, which previously struggled to reach consensus [32][34]. Group 2: Strategic Importance of Compute Resources - The three core lifelines for Google are future AI development, growth through Google Cloud, and sustaining its extensive product matrix [15][20][22]. - Google Cloud is seen as a major growth engine that requires substantial compute power to serve clients and maintain expansion [20]. - The need for top-tier AI models necessitates vast compute resources for continuous iteration, making it critical for Google's competitive positioning [17][18]. Group 3: Financial Implications and Challenges - Despite plans for significant capital expenditure, the long lead times for building data centers and manufacturing chips mean that immediate relief from the compute shortage is unlikely [27][28]. - Google’s capital expenditure in 2023 was only $32 billion, which is considered conservative given the AI boom, contributing to the current compute challenges [29][30]. - CFO Anat Ashkenazi acknowledged that supply-demand imbalances are expected to persist into 2026, indicating ongoing challenges for the company [31]. Group 4: Execution-Level Dynamics - At the execution level, the focus shifts to immediate revenue generation, leading to prioritization of departments that can deliver the most profit [48]. - In DeepMind, resource allocation is complex, with some researchers enjoying privileges that allow them to access multiple compute pools, while others must navigate a more competitive environment [50][54]. - The grassroots level sees a culture of resource sharing and negotiation among researchers, turning compute power into a "hard currency" that relies on personal relationships and exchanges [57][59].

Core Viewpoint - Meta Platforms, Inc. is currently viewed as a promising investment opportunity in the AI sector, with BofA Securities maintaining a "Buy" rating and a price target of $810.00, driven by key near-term catalysts despite recent market challenges [1]. Group 1: Market Performance - Meta has underperformed compared to the broader market and major peers, with a year-to-date increase of 11% in 2025, while the NASDAQ rose by 18% and Alphabet surged by 56% [3]. - Analysts have raised Meta's 2026 earnings estimates by 16% since the beginning of 2025, but the P/E multiple contracted in the second half of 2025 due to deteriorating AI sentiment and rising operating expenses [3][2]. Group 2: Investment Sentiment and Catalysts - Concerns regarding AI spending and increasing operating costs have made investors cautious about Meta's stock [2]. - The company's guidance on 2026 expenses and the anticipated launch of large language models (LLMs) in the first half of 2026 are seen as potential catalysts for positive market sentiment [3][4]. - Management's commentary on the costs associated with building LLMs versus licensing could improve investor sentiment, highlighting the long-term benefits of in-house LLM development [4]. Group 3: Strategic Focus - Meta is actively expanding its advertising capabilities and making significant investments in artificial intelligence and the metaverse, positioning itself for future growth [4].