Google's 2025 Sustainability report discloses 27% y/y higher 2024 electricity use (+25% NA, +32% int'l), stalling gains in 24/7 carbon-free energy & surging water use as Google continues to employ evaporative cooling. Alphabet's 2025 Sustainability report suggests hyperscalers are on track for 7th consecutive year of 25%+ y/y electricity demand, even before surging AI inference demand. The report indicates that GOOG's electricity use increased 27% y/y (+25% North America, +32% int'l) in 2024 to ~32 terawatt ...

Core Viewpoint - Alphabet is currently undervalued in the market despite solid performance, primarily due to investor fears regarding the impact of generative AI on its legacy business, Google Search [1][2]. Financial Performance - Alphabet's stock trades at a significant discount compared to its peers in the "Magnificent Seven" group, with a forward price-to-earnings (P/E) ratio much lower than competitors like Microsoft and Apple [4][6]. - In the first quarter, Alphabet demonstrated strong growth rates in both revenue and earnings per share (EPS), ranking second in EPS growth among its peers [6][8]. Valuation Potential - If Alphabet's valuation aligns with the average of its peers, which is 31.3 times forward earnings, the stock could potentially rise by 68% without accounting for future growth [9][10]. - Achieving this valuation would position Alphabet as one of the largest companies by market cap, tied with Microsoft [12]. Market Outlook - The market may take time to recognize Alphabet's value, but if it continues to deliver strong results, it is expected to eventually receive a premium valuation similar to its peers [13].

Core Viewpoint - Alphabet is positioned as the best investment choice among the "Magnificent Seven" stocks, with significant potential upside in various sectors including search, AI infrastructure, autonomous driving, and quantum computing [1]. Group 1: Search and Advertising - Concerns about AI chatbots replacing traditional search are prevalent, but AI queries are more expensive to run compared to traditional searches, which supports Alphabet's ad-supported search model [3]. - Alphabet's dominance in search is reinforced by its ownership of distribution channels, including the Android operating system and Chrome browser, as well as revenue-sharing agreements with Apple and other browsers [3]. - The company has built one of the largest digital advertising platforms, with user-friendly self-serve ad tools that cater to businesses of all sizes [4]. Group 2: Monetization Opportunities - Currently, only about 20% of Alphabet's searches include ads, indicating substantial room for growth in monetization [5]. - New AI-powered features like "Shop by AI" and virtual try-ons are being introduced, enhancing user experience and creating additional monetization avenues [5]. - The integration of AI and traditional search is likely to be complementary, with many users expected to continue using free, ad-based search options [6]. Group 3: Cloud Computing - Google Cloud is experiencing significant growth, with a 28% increase in revenue and a 142% surge in operating income last quarter [7]. - The Vertex AI platform is attracting customers for building and managing AI models, while Alphabet's Gemini foundational model provides a competitive edge [8]. - Custom-built Tensor Processing Units (TPUs) are designed to optimize AI workloads, offering both power and energy efficiency compared to traditional GPUs [9]. Group 4: Future Technologies - Alphabet is entering the AI chip market with the launch of Ironwood, a TPU designed for inference, which is expected to grow significantly [11]. - Waymo, Alphabet's autonomous driving subsidiary, is expanding rapidly and has shown strong usage metrics, indicating a promising future despite current unprofitability [12]. - The company is also making strides in quantum computing with its Willow chip, which has demonstrated a significant reduction in error rates [13]. Group 5: Valuation - Alphabet is currently trading at a forward price-to-earnings (P/E) ratio of just over 18 times 2025 analyst estimates, suggesting it is undervalued compared to its market position [14]. - The company holds leading positions across multiple sectors, making it an attractive option for long-term investors seeking a technology leader at a reasonable price [15].

Core Insights - Alphabet is at a critical turning point as its Gemini AI model and Google search business are becoming increasingly intertwined [1] Group 1 - The integration of Gemini AI and Google search signifies a strategic evolution for Alphabet [1] - A recent legal precedent appears to provide Alphabet with favorable conditions to advance this integration [1]

Core Viewpoint - A group of independent publishers has filed an antitrust complaint against Google in the European Union, alleging that Google's AI-generated summaries are harming their traffic and revenue by promoting its own content over original sources [1][12]. Group 1: Complaint Details - The complaint, submitted by the Independent Publishers Alliance, requests the European Commission to impose interim measures to prevent "irreparable harm" to publishers [2]. - It alleges that Google's AI Overviews misuse web content, causing significant harm to publishers, particularly in terms of traffic, readership, and revenue loss [3]. - The complaint highlights that 37 of the top 50 US news domains have experienced year-over-year traffic declines since the launch of AI Overviews in May 2024 [4]. Group 2: Impact on Traffic and Clicks - SimilarWeb reported that the percentage of news-related web searches ending without a click to a news site increased to 69% in May 2025, up from 56% in the same month the previous year [5]. - The AI Overviews feature, which displays summaries at the top of search results, is available in over 100 countries and has recently incorporated advertisements [7]. Group 3: Regulatory and Legal Context - The complaint is supported by organizations advocating for an open web, which argue that Google's practices pose an urgent threat to competition and access to news [10]. - Google is facing multiple antitrust investigations in both the EU and the US, with ongoing scrutiny regarding its dominance in search and advertising markets [16][18]. - A recent ruling in the US found that Google violated antitrust laws by maintaining monopolies in general search and search advertising [18].

Core Insights - The company is considered undervalued at current trading levels, even when assuming no further growth in its significant services segment [1] Group 1 - The analysis indicates that the company appears to be trading in the German Buy-Hold-Check investor category [1] - The author possesses a master's degree in engineering and management, which aids in understanding and interpreting the economics and technology of companies [1]

作 者 | Michael Del Monte 编译 | 华尔街大事件 相信 Cloudflare Workers 能够在未来几个季度推动显著增长，尤其是在企业寻求在其环境中利 用 AI 代理的情况下。Cloudflare 的安全平台可能会成为 AI 代理普及的驱动力，因为随着更复 杂流程的自动化，恶意 AI 代理的风险可能会增加。本质上，AI 代理是作为企业 用户 开发的， 为自主应用程序提供对内部数据的访问权限以执行其工作负载。如果没有得到适当的保护，这可 能会增加违规风险。例如，一些银行正在部署 AI 代理作为 数字工作者 ，它们将像普通员工一样 工作。这些数字工作者将能够通过电子邮件帐户和微软Teams 等应用程序进行通信。这还将涉及 登录，并且可能不可避免地会访问关键数据。 近期有一个重大动态：Cloudflare 宣布将成为首家阻止人工智能爬虫在未经许可或未支付报酬 的情况下访问内容的互联网基础设施提供商。尽管此举旨在惠及内容创作者，但部分原因也是为 了给客户提供一项新服务，从而使自身受益。 财务方面，分析师预测Cloudflare的净营收将达到5.01亿美元，调整后每 股收益为0.18美元。 预 ...

7月4日，腾讯宣布微信重大更新——优化聊天记录备份。优化后，用户可以将手机聊天记录备份至外部 存储设备。聊天记录还可以选择"自动备份"。如果距离上一次备份已超过24个小时，此时将手机连接到 外部存储设备，即可触发。 在更新后，手机微信能将聊天记录备份到U盘、移动硬盘等外部存储设备。当家庭用户共用一个硬盘或 电脑进行聊天记录备份，也不会互相干扰、泄露隐私。 在具体操作上，用户点击"微信-我-设置-通用-聊天记录迁移与备份-备份与恢复"即可启用。 此次更新后，微信还加入了自动备份聊天记录数据的功能。当系统识别到手机已连接到开启"自动备 份"时选择的电脑/外部设备时，将会进行自动备份。 在此前的微信聊天记录备份过程中，由于只能一次备份所有聊天数据，时常会出现备份数据过大，一次 需要操作几个小时，中途有些"风吹草动"还容易备份失败的问题。 在此次更新后，用户可以灵活选择备份的数据范围，包括可以根据标签或手动选择指定聊天进行备份， 也可根据指定时间进行备份。 在此次更新后，如果用户更换了新设备，无需像以前那样在旧手机登录微信，再进行繁琐的操作。现在 新手机扫扫码就能一键导出聊天记录到新机。支持直接从另一台手机或其他设备 ...

本文来自微信公众号：APPSO （ID：appsolution），作者：APPSO，题图来自：AI生成 没人喜欢被白嫖，整个互联网都一样。 就在昨天，互联网基础设施巨头 Cloudflare 宣布了一项新举措：默认拦截所有未经许可的 AI 网络爬虫（crawler）对网站内容的抓取。换言之，AI 公司想 要抓取网页数据训练模型，必须先征得网站所有者的同意，否则将被挡在门外。 这一系列举措无疑在业界引起震动——对于需要全网搜刮数据的大模型开发厂商来说，免费任吃、数据不要钱的好日子，或许没几天可过了。 从 7 月初开始，每一个新接入 Cloudflare 的站点都会被询问是否允许 AI 爬虫访问，其默认设置为拒绝，这等于给网站赋予了一键封禁 AI 抓取的权力。同 时，Cloudflare 还推出了"按次付费爬取"的新模式，网站出版商可以选择向 AI 爬虫收取抓取内容的费用。 版权的战争打了这么久，凭什么这家公司一出声，就变成大事了？ 因为这是Cloudfare，这是真正的互联网"保安"。 验证码变形记：Cloudflare如何拦住AI爬虫 要理解 Cloudflare 此举的意义，先得弄清它究竟在做什么。 传统的 ...

长江商报消息 ●长江商报公益记者李璟 在日前举行的"腾讯公益开放日 2025"开放日活动中，腾讯公益以"TECH FOR GOOD：重新想象公益"为 主题，现场集中发布15款公益数字化系列工具，为公益行业注入了科技赋能的新思考。 对此，腾讯公益的数字化物资执行工具，以专业"做产品"的思路给出解法：腾讯公益将商业领域成熟的 物流、支付、社交能力连接整合，开放给公益行业，重构仓储、运输、配送的标准流程。 以市场逻辑优化资源配置，本质是让专业的人做专业的事，实现公益资源从"分散"到"集约"的质变，既 避免了公益机构重复"造轮子"，又通过标准流程放大了公益合力。资源的优化配置，也让公益从"人海 战术"转向"智能协作"，释放了公益人的创造力，使其专注于更具温度的服务。 同时，根据腾讯近日发布的2024年度可持续社会价值报告，2024年腾讯研发开支约为706.86亿元，为将 AI用于社会价值创新奠定了坚实的技术底座。 破解公益执行痛点 公益的种子，扎根在每个普通人的朴素善念中，但传统公益模式中，存在着资金链路冗长与物资管理混 乱的问题。 以中国儿童少年基金会"春蕾陪伴计划"为例，以往公益资金的拨付，需要执行人背着数十万现 ...