近期，微信悄然开启了一项实用新功能的灰度测试，部分用户发现聊天界面新增了语音自动转文字并发送的便捷功能。 相关话题冲上微博热搜第一。 据用户反馈，在聊天框右侧的功能区中，多出了一个专门的语音输入按钮。点击该按钮后，按钮会变为醒目的绿色，此时用户说出的内容能被实时转换成 文字显示在输入框中。 此外，当用户完成语音输入后，只需连续说出"over over"这一指令，系统就会自动将转换好的文字消息发送出去，全程无需手动点击发送按钮。 对于双手忙碌或不便触屏的场景来说，这项功能显得尤为实用，例如开车、做饭时的场景可快速回复消息，尤其适合短句沟通。 不过目前该功能仍处于测试阶段，仅向小部分用户开放体验权限。 许多网友评价道："脑补地铁里全是'over over'的场景，太欢乐啦。"也有网友调侃道，"感觉自己像在用对讲机"、"像执行秘密任务"。 根据微博@财经网科技 发起的"你还希望微信更新哪些功能？ "的相关投票结果显示：在38008名参与者中，52.5%的网友希望微信更新好友单删微信提醒 功能；28.5%的网友希望微信更新朋友圈内容可编辑功能；10.3%的网友希望微信更新取消拍一拍功能；其他部分网友则希望微信更新可发 ...

Core Viewpoint - Alphabet is entering its Q2 earnings report with a need to demonstrate its value, as its stock performance has been flat year-to-date, trailing behind competitors like Nvidia, Microsoft, and Meta Platforms, but performing better than Tesla and Apple [1] Financial Performance - Alphabet is expected to report revenues of $79.25 billion for Q2 2025, reflecting an 11.06% year-over-year increase, with EPS forecasted at $2.14, representing a 13.2% growth compared to the previous year [3] - Estimates for the current quarter have risen by 1% in the last week, with next quarter estimates increasing by 1.85%, while next year's estimates have dropped by 1.3% [4] Market Position and Valuation - GOOGL is trading at 20x forward earnings, significantly below its 10-year median of 25.8x, indicating a valuation discount in a market focused on AI-driven premiums [2] - Despite skepticism from investors regarding potential search cannibalization from AI tools, data has not yet shown any significant decline in Alphabet's search business [2][7] Key Business Segments - Google Search remains a critical revenue driver, with ongoing scrutiny on ad spending trends and search monetization [7] - YouTube is emerging as a significant growth engine, surpassing traditional media players in US TV viewing time, and its ad monetization trends are expected to rebound after a slump [9][10] - Google Cloud has transformed into a meaningful contributor to Alphabet's revenue, generating $12.3 billion in Q1 2025, marking a 28% year-over-year increase, driven by enterprise demand for AI infrastructure [14][16] Competitive Landscape - Google Cloud is gaining market share, increasing to 11% from 10% in Q4 2024, while Amazon's share has decreased to 30% [16] - Recent partnerships, such as the deal with OpenAI, highlight Alphabet's growing credibility in AI infrastructure services [15] Long-term Outlook - Despite current bearish sentiment, Alphabet's stock is viewed as undervalued at 20x forward earnings, with expected annual earnings growth of 15% over the next three to five years [17] - The combination of low expectations, attractive valuation, and solid earnings momentum positions GOOGL as a potentially overlooked opportunity among the Magnificent 7 heading into Q2 earnings [18]

Core Viewpoint - Alphabet (NASDAQ: GOOGL) is considered a high-quality compounder with strong cash-generating ability and competitive advantages, making it a long-term investment opportunity [1]. Group 1: Investment Strategy - The company is targeted for investment due to its potential for achieving at least 15% annualized returns, with a focus on businesses that are deeply discounted from their asset base [1]. - The investor has achieved an annualized time-weighted return of approximately 16% over the past three years, indicating a successful investment strategy [1]. Group 2: Positioning - Alphabet represents 5-6% of the investor's portfolio, highlighting its significance as a major holding [1]. - The investor is open to considering takeover targets, provided they maintain a strong business model that would be acceptable to own independently of the acquisition [1].

Core Viewpoint - Alphabet Inc (NASDAQ: GOOGL) is set to announce its second-quarter results soon, with current trading showing a slight decline despite recent price-target increases from analysts [1]. Stock Performance - GOOGL shares are experiencing a potential end to a nine-day winning streak, having reached their highest level since February before reversing gains, with a year-over-year increase of 4.8% [2]. - The stock has shown resilience, bouncing off a support level at $170, guided by the 40-day moving average [2]. Earnings History - Historically, GOOGL has had a mixed performance following earnings reports, with four out of the last eight reports resulting in gains and four in losses, including a notable 10.2% increase after the April 2024 earnings [3]. - The average next-day price swing for GOOGL over the past two years has been 6.2%, while the current options market is anticipating a larger move of 8.3% [3]. Options Market Sentiment - Options traders are showing optimism ahead of the earnings announcement, with a call/put volume ratio of 3.29 at major exchanges, indicating a higher level of bullish sentiment compared to 75% of the past year's readings [4].

Market Overview - The S&P 500 has resumed its rally after a brief dip earlier this year due to tariff concerns, now trading at nearly 22 times its forward earnings, approaching its highest levels in the past 25 years [1] Company Highlights Alphabet - Alphabet is trading at around 19 times forward earnings, the lowest valuation among the "Magnificent Seven" tech stocks, which average over 27 times [4] - Concerns about AI's impact on its search business have held back Alphabet's valuation, but its search revenue increased by 10% in the first quarter to nearly $51 billion [4] - The company is benefiting from AI, with CEO Sundar Pichai noting strong growth in search driven by AI features, and the rollout of the Gemini 2.5 AI model [5] Realty Income - Realty Income, a leading REIT, has a diversified portfolio that generates stable rental income, with management projecting adjusted funds from operations (FFO) between $4.22 and $4.28 per share this year [6] - The stock is trading below $57, offering a valuation of less than 13.5 times forward earnings and a dividend yield exceeding 5.5% [7] - Despite rising interest rates, Realty Income continues to grow, making $1.4 billion in acquisitions in the first quarter and projecting $4 billion for portfolio expansion this year [8][9] Energy Transfer - Energy Transfer is one of the largest master limited partnerships (MLPs) in the U.S., with a diverse portfolio of energy infrastructure assets generating stable cash flow, 90% of which comes from fee-based structures [10] - The company currently trades at the second-lowest valuation in its peer group, offering a high distribution yield of 7.5% [11] - Energy Transfer is in a strong financial position with a low leverage ratio and distribution payout ratio, expecting growth from upcoming project completions in 2026 and 2027 [12] Investment Opportunities - Despite the overall market's rising valuations, Alphabet, Realty Income, and Energy Transfer are identified as compelling investment opportunities due to their low valuations and solid growth prospects [2][13]

Core Viewpoint - Alphabet's stock has rebounded over 20% in the last three months, leading the broader market's recovery, with significant attention on its upcoming Q2 results [1][3] Group 1: Q2 Expectations - Q2 sales are projected to increase by 11% to $79.25 billion compared to $71.36 billion in the same quarter last year [4] - Expected Q2 EPS of $2.14 reflects a 13% increase from $1.89 per share a year ago [4] - Alphabet has exceeded top and bottom-line expectations for nine consecutive quarters, with an average sales surprise of 1.24% and earnings surprise of 14.64% over the last four quarters [5] Group 2: Market Challenges - Concerns exist regarding Alphabet's Google Cloud services losing market share to Microsoft's Azure and Amazon's AWS, leading to job cuts in the cloud division [2] - The core search business faces rising competition from AI-powered platforms like ChatGPT [2] Group 3: Capital Expenditure and Financial Health - Alphabet plans to spend $75 billion on AI infrastructure in 2025, up from $52.4 billion in 2024 [7] - The company had over $95 billion in cash and equivalents at the end of Q1, with total assets of $475.37 billion, significantly above total liabilities of $130.1 billion [11] Group 4: Valuation Metrics - Alphabet's stock trades at a forward P/E ratio of 19.3X, making it the cheapest among its "Magnificent 7" peers, while the S&P 500 is at 24.3X [13] - The forward P/S ratio of 6.8X positions GOOGL as the second most affordable in the Mag 7, trailing only Amazon's 3.4X [14] Group 5: Investment Outlook - Alphabet stock holds a Zacks Rank 3 (Hold) and is on track for double-digit growth in fiscal 2025, indicating it remains a viable long-term investment [17]

Core Insights - Alphabet's second-quarter 2025 results are anticipated to show strong performance driven by growth in Search, Cloud, and advertising sectors [1] Advertising Revenue - In the first quarter of 2025, Google advertising revenues increased by 8.5% year over year to $66.885 billion, representing 74.1% of total revenues [2] - Search and other revenues, which account for 75.8% of advertising revenues, grew by 9.8% year over year to $50.702 billion [2] - YouTube's advertising revenues rose by 10.3% year over year to $8.972 billion [2] - The Zacks Consensus Estimate for advertising revenues in the upcoming quarter is $69.023 billion, indicating a 6.8% growth compared to the previous year [3] - The company has a history of exceeding earnings estimates, with an average surprise of 14.64% over the last four quarters [3] Search Business - Alphabet's integration of Generative AI technology into its search engine is enhancing Google Search's performance [5] - AI Overviews have led to over a 10% increase in usage for queries supporting this feature in major markets like India and the United States [6] - The market share for Google in the search engine space was 89.54% from June 2024 to June 2025, significantly ahead of competitors like Microsoft Bing and YANDEX [7] - The Zacks Consensus Estimate for Search and other revenues is currently $52.4 billion, suggesting an 8% growth year over year [8] Cloud Revenue - Google Cloud revenues are projected to grow by 26% year over year to $13.04 billion, supported by partnerships with NVIDIA and advancements in AI tools [9][11] - Google Cloud is positioned as the third-largest provider in the competitive cloud infrastructure market, competing with Microsoft Azure and Amazon Web Services [9] - The introduction of new technologies and tools, such as the Agent Development Kit and low-code offerings, is enhancing Google Cloud's appeal to enterprises [10]

Core Insights - Shopify (SHOP) shares are currently overvalued with a Value Score of F, trading at a forward 12-month Price/Sales (P/S) ratio of 13.75X compared to the Zacks Computer & Technology sector's 6.69X [1] - Shopify's stock is trading at a premium compared to competitors like Amazon (3.28X), Alibaba (1.98X), and Etsy (2.22X) [1] Stock Performance - Shopify shares have increased by 19.5% year-to-date, outperforming the sector's return of 9.4% and the Zacks Internet Services industry's decline of 0.2% [4] - Competitors Amazon, Etsy, and Alibaba have year-to-date returns of 3.1%, 12.7%, and 41.8%, respectively [4] - The stock is currently above both the 50-day and 200-day moving averages, indicating a bullish trend [7] Revenue Growth and Merchant Adoption - Shopify's merchant-friendly tools have driven robust growth in its merchant base, with Shop Pay processing $22 billion in Gross Merchandise Value in Q1, a 57% year-over-year increase [10] - The Zacks Consensus Estimate for second-quarter merchant solutions revenues is $1.88 billion, reflecting an 8% sequential growth [10] - For Q2 2025, Shopify expects revenue growth in the mid-twenties percentage year-over-year, supported by strong merchant adoption [18] Profitability and Earnings Estimates - Gross profit is anticipated to grow at a high-twenties percentage rate, with GAAP operating expenses expected to remain between 39% and 40% of revenue [19] - The Zacks Consensus Estimate for Shopify's 2025 earnings is $1.40 per share, indicating a year-over-year growth of 7.69% [20] - The consensus for 2025 revenues is $10.86 billion, reflecting a year-over-year growth of 22.28% [20] Strategic Partnerships and Expansions - Shopify's expanding partner ecosystem, including collaborations with TikTok, Roblox, PayPal, and others, is expected to drive merchant adoption and global expansion [15] - The integration with Roblox aims to open new monetization opportunities by targeting younger audiences [17] - Shopify has expanded its payment solutions to new markets, including Mexico and 15 new European countries, enhancing its global reach [11][14] Conclusion - Shopify's expanding merchant base, strong partner momentum, and solid performance across core revenue segments reinforce its long-term growth potential [21] - Continued focus on AI-driven tools, seamless payments, and global integrations is expected to support deeper adoption and scalability [21]

Core Viewpoint - Zacks Premium provides various tools and resources to help investors make informed decisions and enhance their investment strategies, including daily updates, research reports, and stock screening tools [1]. Zacks Style Scores - Zacks Style Scores are complementary indicators that rate stocks based on value, growth, and momentum methodologies, assisting investors in selecting stocks likely to outperform the market in the next 30 days [2]. - Each stock receives a rating from A to F based on its characteristics, with A indicating the highest potential for outperformance [3]. Value Score - The Value Style Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, Price/Sales, and Price/Cash Flow to find attractive investment opportunities [4]. Growth Score - The Growth Style Score emphasizes a company's financial health and future growth potential, analyzing projected and historical earnings, sales, and cash flow to identify stocks with sustainable growth [5]. Momentum Score - The Momentum Style Score identifies optimal entry points for stocks based on price trends and earnings outlook changes, utilizing metrics like one-week price change and monthly earnings estimate changes [6]. VGM Score - The VGM Score combines the Value, Growth, and Momentum Scores to provide a comprehensive rating, helping investors find stocks with the best overall potential [7]. Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +23.62% since 1988, significantly outperforming the S&P 500 [8]. - There are over 800 top-rated stocks available, making it essential for investors to utilize Style Scores to narrow down their choices [9]. Stock to Watch: Alphabet (GOOGL) - Alphabet has transformed from a search engine provider to a leader in cloud computing, ad-based streaming, and other innovative sectors, holding over 94% of the online search market [12]. - GOOGL is currently rated 3 (Hold) with a VGM Score of A, and it is particularly appealing for growth investors, forecasting an 18.8% year-over-year earnings growth for the current fiscal year [13]. - Recent upward revisions in earnings estimates and a strong average earnings surprise of +14.6% further enhance GOOGL's attractiveness as an investment option [13][14].

Group 1 - Alphabet's investment journey highlights its infrastructure advantage, creating a comprehensive ecosystem that integrates silicon and software specifically for AI [1] - The company focuses on long/short equity strategies, utilizing deep fundamental analysis to identify undervalued stocks for long positions and overvalued stocks for short positions in global equity markets [1] - Detailed financial models are built using discounted cash flow (DCF), relative valuation, and scenario analysis to assess company fundamentals, growth potential, and risks [1] Group 2 - High-conviction investment recommendations are delivered through comprehensive research, contributing to alpha generation for the fund [1] - Market trends, sector dynamics, and macroeconomic factors are monitored to adjust strategies and optimize portfolio performance in real time [1] - Collaboration with the Portfolio Manager is essential for sizing positions, managing risk exposure, and navigating challenges such as short squeezes or market volatility [1]