商报讯（记者 朱慧丽）一篇由AI自动生成的文稿，将无关公司包装成知名企业的"重要子公司"，由此 引发一起不正当竞争纠纷。面对指控，涉案自媒体博主倍感委屈，直言："内容是AI生成的，我为何要 承担责任？"那么，AI生成内容错误引发纠纷，到底该谁来"买单"？近日，杭州市滨江区人民法院依法 审结一起因传播AI幻觉内容引发的不正当竞争纠纷案。 使用者需尽审核义务 "技术的局限，不应成为使用者规避责任的'避风港'，法律所关注和规制的，始终是人的行为。"杭州市 滨江区人民法院白马湖人民法庭（数据知识产权法庭）庭长倪晓花表示，对于AI生成的、涉及其他市 场主体的事实性信息时，使用者应尽到与其注意能力相符的审核义务。涉案文章将案外公司错误表述为 原告旗下企业，相关股权关系及战略布局等内容通过公开的工商登记信息即可初步核实，但被告未进行 任何核实即行发布，导致虚假信息传播，存在明显过错。 自媒体博主发布AI生成文 虚构企业关联关系 记者从杭州市滨江区人民法院了解到，原告阿里巴巴集团控股有限公司、杭州阿里巴巴广告有限公司系 知名互联网企业。被告李某是百度百家号"地某"账号的运营者，该账号被认证为电商推广号，拥有数万 粉丝，通过商 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 25Q4业绩前瞻：广告承压延续，云业务短期放缓，Non-GAAP利润修复成为主要边际变量。我们预计 25Q4 百度核心业务收入同比下降约8.7%，收入端压力主要来自传统搜索广告需求偏弱及流量结构调整； 利润端方面，25Q3一次性资产减值完成后，相关折旧摊销压力在25Q4 起阶段性减轻，预计对 Non-GAAP 经营利润形成一定支撑。 1、在线营销业务：需求恢复有限，广告业务以企稳为主 我们预计 25 年百度广告收入约 622 亿元，同比下降14.7%。当前广告业务并非公司资源投入重点，在 AI 搜索与 AI 应用持续分流用户注意力的背景下，传统搜索广告在收入结构中的占比预计延续下行趋势，后 续业务目标聚焦阶段性企稳。 2、非在 ...

Core Insights - Meta has developed a new AI model named Avocado, which is described as the company's "most powerful pre-trained foundational model to date" [1] - The Avocado model has completed its pre-training phase, which is crucial for AI model development, allowing it to learn general knowledge and patterns from large datasets [2] - Avocado has demonstrated competitive performance in knowledge, visual perception, and multilingual capabilities, even before undergoing fine-tuning [1][2] - The actual performance of Avocado remains to be independently verified upon public release, and Meta has not disclosed a timeline for its release or commercialization plans [2][3] Group 1 - The Avocado model is developed by Meta's Super Intelligence Lab, which is responsible for AI research within the company [3] - Pre-training is a key initial phase in AI model development, where the model acquires general knowledge and patterns from large datasets before being fine-tuned for specific tasks [3] - Avocado's competitive performance was achieved without post-training optimization, which is typically used to refine models for specific applications [3] Group 2 - Meta has not revealed whether the Avocado model will be released as open-source or for internal use only [3] - The company's stock price fell by 3.28% following the announcement of the Avocado model's progress [1]

Core Insights - Google's latest quarterly report indicates resilience in its internet business amid an AI transformation, presenting potential growth opportunities for the company [1] - Alphabet Inc's fourth-quarter profit surged 30% year-over-year to $34.5 billion, with revenue increasing 18% to $113.8 billion, surpassing analyst expectations [2] Financial Performance - Alphabet's profit for the fourth quarter reached $34.5 billion, or $2.82 per share, while revenue climbed to $113.8 billion [2] - Digital ad sales for Google totaled $82.3 billion in the fourth quarter, reflecting a 14% increase from the previous year [10] - Google Cloud revenue, which supports AI services, rose 48% to $17.7 billion [10] AI and Business Strategy - CEO Sundar Pichai highlighted that AI is driving an "expansionary moment" for the company, with increased usage in search and advertising [4] - Alphabet is significantly investing in AI, with capital expenditures projected to reach $91 billion in 2025, a substantial increase from previous years [8] - The company's capital expenditure budget is expected to represent nearly half of its projected 2025 revenue of $403 billion [9] Market Position and Competition - Alphabet's stock price has increased nearly 60% over the past five months, achieving a market value of $4 trillion [5] - Apple has partnered with Google to utilize its Gemini technology in an upgrade to Siri, indicating confidence in Google's AI capabilities [6] - Google is actively integrating its Gemini AI into its search engine, Gmail, and Chrome to maintain its competitive edge against emerging companies like OpenAI [6]

Financial Data and Key Metrics Changes - Alphabet's annual revenues exceeded $400 billion for the first time, with Q4 consolidated revenues reaching $113.8 billion, up 18% year-over-year [5][29] - Net income increased by 30% to $34.5 billion, and earnings per share rose by 31% to $2.82 [31] - Operating income increased by 16% to $35.9 billion, with an operating margin of 31.6% [31] Business Line Data and Key Metrics Changes - Google Services revenues increased by 14% to $95.9 billion, driven by a 17% increase in Search and Other revenues [19][32] - YouTube advertising revenues grew by 9% to $11.4 billion, primarily driven by direct response advertising [32] - Google Cloud revenue accelerated by 48% to $17.7 billion, with significant growth in enterprise AI products [33][36] Market Data and Key Metrics Changes - Google Cloud's backlog increased by 55% quarter-over-quarter to $240 billion, reflecting strong demand for AI products [5][36] - The number of paid subscriptions across consumer services reached over 325 million, with strong adoption for Google One and YouTube Premium [5] - Daily AI Mode queries per user doubled since launch, indicating increased user engagement [12] Company Strategy and Development Direction - The company is focusing on AI investments, with anticipated CapEx for 2026 in the range of $175 billion to $185 billion [6][39] - The launch of the Universal Commerce Protocol aims to enhance agentic commerce capabilities [10][46] - The integration of AI across products and platforms is a key strategy, with significant innovations in Search, YouTube, and Cloud services [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing demand for AI products and the company's ability to capitalize on this opportunity [39][41] - There are concerns about supply constraints affecting compute capacity, which management is actively addressing [79] - The company is committed to maintaining operational efficiency while investing in growth [53][78] Other Important Information - The company reported a $2.1 billion stock-based compensation charge related to Waymo's valuation increase [30] - Record operating cash flow of $52.4 billion was generated in Q4, contributing to a total of $164.7 billion for the full year [31][32] - The company is collaborating with Apple as their preferred cloud provider to develop next-generation foundation models based on Gemini technology [26] Q&A Session Summary Question: Progress on agentic commerce products and YouTube integration - Management highlighted that 2025 was about laying the foundation for agentic commerce, with significant progress expected in 2026 [44][46] Question: Addressing demand and capacity imbalances for AI - Management acknowledged supply constraints and emphasized long-term planning to meet demand while driving efficiencies [50][51] Question: Maintaining Gemini's position in the LLM frontier - Management expressed confidence in maintaining momentum through continuous innovation and integration of multimodal models [57][59] Question: YouTube ad revenue growth and brand-related impacts - Management noted that the growth rate was affected by lapping strong election spending and emphasized the holistic view of YouTube's revenue [66][68] Question: Investment levels and core performance trends - Management explained a rigorous investment framework that balances near-term and long-term growth objectives [76][78] Question: Concerns about the Google story and future challenges - Management identified compute capacity and supply chain constraints as key concerns that require ongoing attention [79]

内容来源：苏德超老师访谈整理笔记。 分享嘉宾：苏德超，武汉大学哲学学院教授、笔记侠PPE（政经哲）书院创始顾问、西方哲学模块全程授课导师 责编| 贾宁 排版| 六月 第 9428 篇深度好文：3218字 | 12分钟阅读 思维方式 笔记君说： 今天，微信官方宣布对"元宝派"等营销裂变活动进行限制，引发了大家对微信平台价值观的讨论。 根据虎嗅的报道，Tony（张志东）曾说微信有一个特别大的优点，就是商业模式建立得比较干净，不是在透支流量状态下做的。 "我们所有业务，无论商业还是非商业，都会先衡量其对用户的实际价值是否足够大，然后再决定要不要使用这个流量。每次测试一个功能，我们首先考 虑的是用户是不是把它当成一个很友善、很好的一个功能在使用，而不是说去测试一下用户的忍耐力下限、一直到击穿它为止。" 另一位接近微信的人士也对虎嗅表示，张小龙曾在内部说，做任何事情绝对不要第一时间去考虑产品商业化如何实现，而要先考虑用户的需求跟场景是什 么。 这个决策的背后，正是微信创始人张小龙长期倡导的产品哲学。他一直反对过度商业化干扰用户体验、坚持系统健康。 确立价值观有助于避免诸多错误。例如，若将盈利作为核心理念，将不会忽视任何 ...

Scott Devitt, Wedbush equity research analyst, reacts to Alphabet's fourth-quarter earnings and spending plans on "Bloomberg The Close." The Google parent said it will spend $175 billion to $185 billion this year, compared with the $119.5 billion analysts expected. Devitt also comments on the outlook for Amazon's earnings. -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/y ...

Q4 2025 Earnings February 4, 2026 Q4 2025 Earnings Note About Forward-Looking Statements and Non-GAAP Financial Measures This presentation may contain forward-looking statements regarding our business, operations, and financial performance. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our Forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update an ...

Alphabet said on Wednesday it was targeting capital expenditure of $175 billion to $185 billion this year, in yet another aggressive ramp-up in spending from the Google parent as it deepens its invest... ...

Core Viewpoint - Alphabet Inc. is set to report its fourth-quarter results, drawing significant attention from the market as it digests the latest corporate earnings [1] Group 1: Company Performance - The upcoming earnings report is anticipated to provide insights into Alphabet's financial health and operational performance [1] - Market analysts are closely monitoring Alphabet's revenue growth and profitability metrics in light of recent industry trends [1] Group 2: Market Context - The report comes at a time when investors are evaluating the broader implications of corporate earnings across the tech sector [1] - Alphabet's performance will be a key indicator for market sentiment regarding technology stocks [1]