8月20日晚，百度发布了2025年第二季度财报，总营收327亿元，核心净利润同比增长35%至74亿元，但其中一组数字 极具里程碑意义：AI新业务收入首次突破100亿元，同比增长34%。 百亿收入并非偶然的业绩爆发，而是技术积累与产品的落地，更是一家公司在AI长跑中从布局到收获的完整叙事，是 深耕AI领域十余年的收成兑现。 当外界还在讨论AI商业化"落地难"时，百度已经凭借从算力、框架、模型到应用的全栈AI布局，在B端市场站稳脚 跟，同时在C端市场掀起一场关于"智能体验"的革新。 "独特端到端的四层AI架构已经成为我们的核心竞争优势，"百度创始人李彦宏表示，全栈AI能力正在推动智能云业务 健康增长。 这种"B端有增长、C端敢创新"的双轮驱动态势，让百亿营收更像一个信号：百度的AI战略，才刚刚进入收获期。 萝卜快跑： 全球化成果验证"技术长期主义" 打开百度Q2财报中AI应用的章节，萝卜快跑的表现堪称"现象级"。 本季度，萝卜快跑完成全球出行服务220万次，同比增长148%，累计服务量突破1400万次，位居全球第一。先后与 Uber、Lyft达成合作，计划在亚洲、中东、欧洲部署数千辆无人车。在香港，萝卜快跑半年内 ...

Core Viewpoint - Alphabet's financial performance in Q1 demonstrates the resilience of its Google search business and highlights significant growth in its cloud computing and other segments, countering narratives of decline in its core operations [2][8][12]. Google Search Performance - Google search revenue increased by 10% to $50.7 billion, with notable strength in sectors such as insurance, retail, healthcare, and travel [2]. - The introduction of multimodality features has driven search queries, with circle-to-search usage rising by 40% in the quarter [2]. Cloud Computing Growth - Google Cloud revenue surged by 28% year over year to $12.3 billion, with operating income increasing by 142% to $2.2 billion [4]. - The Google Cloud Platform (GCP) is growing faster than the overall cloud business, focusing on AI infrastructure and generative AI solutions [4]. - Alphabet plans to invest $75 billion in capital expenditures to expand data center capacity, addressing current capacity constraints [5]. YouTube and Subscription Services - YouTube ad revenue rose by 10% to $8.9 billion, contributing to a 19% increase in subscription and device revenue to $10.4 billion [6]. - YouTube has maintained its position as the No. 1 streaming service in the U.S. by watch time for the past two years [6]. Waymo Business Expansion - Waymo's robotaxi service is now delivering 250,000 paid trips per week, a fivefold increase from the previous year, with plans to expand to Atlanta, Miami, and Washington, D.C. [7]. Overall Financial Performance - Alphabet's total quarterly revenue grew by 12% (14% on a constant currency basis) to $90.2 billion, with earnings per share increasing by 49% year over year to $2.81, surpassing analyst expectations [8]. - The company repurchased $15.1 billion in shares in Q1 and announced a new $70 billion buyback plan [10]. Future Outlook - Alphabet anticipates a slight headwind in its ad business due to changes affecting Asian retailers, but remains confident in its ability to navigate macroeconomic challenges [9]. - The company is positioned favorably in the AI space, with its Gemini model and advancements in text-to-video technology [14]. - Alphabet's stock is considered undervalued, trading at a forward P/E ratio of about 18 times 2025 analyst estimates, indicating potential for long-term investment [14].