最近市场上关于AI泡沫的持续广泛争论甚至上升到科技牛质疑。 | | | 辺二十八千知円取人阿定肩/九 | | | | --- | --- | --- | --- | --- | | 牛市名称 | 指数名称 | 最大级别调整持续时间 | 调整幅度 (%) | 调整时长 | | 互联网牛 | | 创业板指 = 2014年2月25日到5月19日 | 22.95 | 57个交易日 | | 赛道牛 | 创业板指 | 2019年4月8日到6月10日 | 21.92 | 42个交易日 | | | 创业板指 | 2020年2月26日到3月23日 | 20.75 | 20个交易日 | | | 创业板指 | 2021年2月18日到3月25日 | 25.09 | 26个交易日 | | 本轮牛市 | 创业板指 | 2025年10月30日至今 | 12.36 | 17个交易日 | | | 科创50指数 | 2025年10月9日至今 | 19.28 | 31个交易日 | 一边喊"泡沫要破了"，说AI就是资本堆出来的概念，烧钱无数却没见多少真赚钱的业务，甚至杜撰出英伟达庞氏骗局；另一边怼"格局小了"，坚信AI是下 一次生产力革命，对比互联 ...

| | | 近三轮科技牛期间最大调整情况 | | | | --- | --- | --- | --- | --- | | 牛市名称 | 指数名称 | 最大级别调整持续时间 | 调整幅度 (%) | 调整时长 | | 互联网牛 | | 创业板指 = 2014年2月25日到5月19日 | 22.95 | 57个交易日 | | 塞道牛 | 创业板指 | 2019年4月8日到6月10日 | 21.92 | 42个交易日 | | | 创业板指 | 2020年2月26日到3月23日 | 20.75 | 20个交易日 | | | 创业板指 | 2021年2月18日到3月25日 | 25.09 | 26个交易日 | | 本轮牛市 | 创业板指 | 2025年10月30日至今 | 12.36 | 17个交易日 | | | 科创50指数 | 2025年10月9日至今 | 19.28 | 31个交易日 | | 了解更多图文干货,请下载 "格隆汇App" | | | | | 一边喊"泡沫要破了"，说AI就是资本堆出来的概念，烧钱无数却没见多少真赚钱的业务，甚至 杜撰出英伟达庞氏骗局；另一边怼"格局小了"，坚信AI是下一次生产力革命， ...

Group 1: Company Overview - AppLovin, founded in 2012 and headquartered in Palo Alto, California, is a leading mobile advertising technology and game publishing platform, listed on NASDAQ under the ticker APP [3] - The company provides a full-chain solution driven by AI technology, covering user acquisition, ad monetization, and data analysis, while also developing and publishing over 350 mobile games through its Lion Studios [3] - AppLovin holds a 28% share of the mobile game advertising market, leading with a 43% share on the iOS platform, showcasing its technological advantage post-Apple's privacy policy adjustments [3] Group 2: Financial Performance - In Q3 2025, AppLovin reported a revenue of $1.405 billion, exceeding expectations of $1.34 billion, with a year-over-year growth of 68% [4] - The adjusted EBITDA reached $1.16 billion, surpassing the expected $1.09 billion, with a profit margin of 82%, indicating strong profitability in the ad tech sector [4] - Free cash flow surged to $1.049 billion, a 92% increase year-over-year, with total cash and equivalents reaching $1.7 billion [5] Group 3: Growth Drivers - AppLovin's core gaming business remains robust, while e-commerce advertising has emerged as a second growth engine, contributing to a dual growth trajectory [7] - The launch of the AxonAds self-service platform has led to a 50% increase in weekly spending from self-service advertisers, indicating strong demand from non-gaming sectors [7] - The company anticipates over 1,000 non-gaming advertisers by the end of the year, with an expected revenue growth rate exceeding 65% [7] Group 4: Technological Edge - AppLovin's growth is attributed to its 13 years of accumulated technological expertise, particularly through its AXON engine, which optimizes ad targeting using machine learning [9] - The AI-driven full-chain advertising ecosystem enhances efficiency and reduces customer acquisition costs, providing a competitive advantage that is difficult for rivals to replicate [9] - Future plans include testing generative AI for ad creative and optimizing the onboarding process for new advertisers, further solidifying its market position [9] Group 5: Market Recognition - AppLovin was included in the S&P 500 index on September 6, 2025, marking a significant milestone and reflecting its scale and industry position [11] - The company's impressive financial metrics, including a 68% revenue growth and 82% profit margin, have dispelled previous market doubts regarding its business diversification and growth sustainability [11] Group 6: Future Outlook - AppLovin's growth story is supported by three main drivers: a solid gaming advertising base, rapid expansion in e-commerce advertising, and ongoing technological advancements [13] - The company is poised for international expansion, targeting markets like Japan and South Korea, which are expected to become new growth areas [13] - With a projected 68% revenue growth rate, AppLovin's market capitalization potential remains promising [15]

Core Viewpoint - AppLovin ($APP) is emerging as a leading player in the global AI application sector, demonstrating significant growth and market recognition, particularly with a 68% revenue increase in Q3 2025, which has surpassed market expectations [2][6][12]. Company Overview - AppLovin, founded in 2012 and headquartered in Palo Alto, California, is a leading mobile advertising technology and game publishing platform, listed on NASDAQ in 2021 [4]. - The company provides a comprehensive AI-driven ecosystem for developers, covering user acquisition, ad monetization, and data analytics, while also developing and publishing over 350 mobile games through its Lion Studios [4]. Market Position - AppLovin holds a 28% share of the mobile game advertising market, with a dominant 43% share on the iOS platform, showcasing its technological advantages post-Apple's privacy policy adjustments [5]. - The company plans to launch non-gaming self-service advertising and expand into e-commerce and CTV sectors, expecting to exceed 1,000 non-gaming advertisers by year-end with a revenue growth rate exceeding 65% [5]. Financial Performance - In Q3 2025, AppLovin reported a record revenue of $1.405 billion, a 68% year-over-year increase, and provided a strong Q4 guidance of $1.57-1.6 billion, indicating a 12%-14% sequential growth [6]. - Adjusted EBITDA reached $1.16 billion with an 82% profit margin, and free cash flow surged by 92% to $1.049 billion, reflecting robust financial health [6]. Growth Drivers - AppLovin has diversified its revenue streams, with its core gaming business remaining stable while e-commerce advertising emerges as a second growth engine, supported by a self-service platform that saw a 50% increase in weekly spending from advertisers [7][8]. - The company’s AXON engine, developed over 13 years, optimizes ad targeting using machine learning, covering 1.4 billion daily active users, and is positioned to enhance ad performance amid changing privacy regulations [10]. Future Outlook - AppLovin's growth trajectory is supported by a solid gaming advertising base, expansion into e-commerce, and ongoing technological advancements, with significant potential for international market penetration and further client acquisition [14]. - The company is expected to maintain high growth rates, with a projected 68% revenue increase for 2025, indicating substantial market capitalization potential [15].