2026年被视为AI商业化成败的关键节点，高盛提出十大行业主题：从生成式AI与代理式搜索的崛起，到广告、电商与社 交电商的深度融合；从高位资本开支与云回报考验，到自动驾驶出行加速落地；再到空间计算、互动娱乐、健康科技与企 业在增长和投入间的再平衡，共同构成新一年的产业主线。 硬·AI 作者 | 张雅琦 编辑 | 硬 AI 在经历了多年的基础设施建设后，2026年将成为AI技术验证的关键年份，市场焦点将从单纯的资本支出转 向应用层的实际效用与商业化回报。 高盛全球投资研究团队Eric Sheridan等分析师于10日发布了2026年互联网行业展望报告。报告提出，随 着通用大语言模型（LLM）代理和聊天机器人使用率在2025年的提升，2026年或将成为消费者计算领域 的转折点。 市场关注的焦点将从单纯的付费订阅模式，转向包括广告、电商及代理功能在内的多元化变现途径。高盛 强调，AI技术必须在基础设施、模型平台及应用层持续交付动力并实现资本回报，以避免落入Gartner技 术成熟度曲线中的"幻灭低谷期"（Trough of Disillusionment）。 资本开支方面，尽管市场对"过度建设"存有疑虑，但高盛预计 ...

在经历了多年的基础设施建设后，2026年将成为AI技术验证的关键年份，市场焦点将从单纯的资本支 出转向应用层的实际效用与商业化回报。 据追风交易台消息，高盛全球投资研究团队Eric Sheridan等分析师于10日发布了2026年互联网行业展望 报告。报告提出，随着通用大语言模型（LLM）代理和聊天机器人使用率在2025年的提升，2026年或 将成为消费者计算领域的转折点。 市场关注的焦点将从单纯的付费订阅模式，转向包括广告、电商及代理功能在内的多元化变现途径。高 盛强调，AI技术必须在基础设施、模型平台及应用层持续交付动力并实现资本回报，以避免落入 Gartner技术成熟度曲线中的"幻灭低谷期"（Trough of Disillusionment）。 资本开支方面，尽管市场对"过度建设"存有疑虑，但高盛预计AI相关的资本投入在2026年仍将保持高 位。报告数据显示，过去一年市场对亚马逊、谷歌和META在2025及2026财年的资本开支（Capex）预 期分别上调了约46%和80%，两年合计增加约2500亿美元。这些在AI开发上的巨额投入能否转化为可见 的利润回报，将是未来12至18个月左右投资者情绪和公司业 ...

Diane King Hall is with us taking a look at a few more movers here on Wall Street. We'll start off with Synopsis. Good morning, Diane. >> Good morning.Good to see you, Nicole. Uh, it's interesting to watch how Synopsis is trading because after hours it did have a pop off the back of its quarterly results, but shares pretty flattened early trade off by less than a half of a percent. It did beat expectations on both the top and bottom line.Uh, adjusted EPS coming in at 290. Street was looking for 278 on this ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the digital advertising sub-sector in the Americas, specifically analyzing the Q3 2025 earnings season and making stock recommendations for companies within this industry [1][2]. Company Ratings and Price Targets - **MAX**: Downgraded from Buy to Neutral with a 12-month price target of $12.00 (previously $14.50) [1] - **IBTA**: Downgraded from Neutral to Sell with a 12-month price target of $26 (previously $30) [1] - **Unity (U)**: Initiated coverage with a Neutral rating and a 12-month price target of $38 (previously $32.50) [1][2]. - **Alphabet (GOOGL)**: Maintained Buy rating, raised price target to $288 from $234 [50]. - **Meta Platforms (META)**: Maintained Buy rating, raised price target to $870 from $830 [50]. - **Pinterest (PINS)**: Maintained Buy rating with a price target of $43 [50]. - **Opera (OPRA)**: Maintained Buy rating with a price target of $24.50 [50]. - **AppLovin (APP)**: Neutral rating with a price target of $630 [50]. - **Ibotta (IBTA)**: Downgraded to Sell with a price target of $26 [50]. Core Industry Insights - **Performance Trends**: Sustained momentum in performance-oriented budgets, particularly in direct response channels, was noted throughout Q3, with strong performance in July and August [2]. - **Brand Advertising**: Continued headwinds from a weaker brand advertising environment, especially from large advertisers, but easing revenue headwinds were observed in September, potentially improving Q4 [2]. - **Experimental Budgets**: Volatility in experimental budgets remains, with smaller platforms experiencing stalled or downside volatility [2]. - **Programmatic Platforms**: The value of programmatic platforms like Meta's Advantage+ and Alphabet's Performance Max continues to grow, attracting more industry budgets [2]. Industry Vertical Performance - **Retail & eCommerce**: Advertisers are deploying marketing dollars against stable end demand trends, particularly in less discretionary verticals [3]. - **Online Travel**: Normalizing around mid to high single-digit growth in 2H 2025, with marketing budgets adjusting accordingly [5]. - **Automotive**: Stable spending aligned with usual seasonality in Q3 [5]. - **Consumer Packaged Goods (CPG)**: Mixed trends with stable marketing and the rise of emerging brands [5]. Key Themes and Risks - **AI and Automation**: Increasing adoption of AI-driven programmatic systems is a significant theme, with potential impacts on advertising budget trends [5][6]. - **Direct Response vs. Brand Advertising**: Direct response spending remains resilient, while brand advertising is more volatile and subject to cuts during economic downturns [16]. - **User Engagement**: User growth and engagement trends are stable to rising, particularly in international markets, with short-form video driving engagement [16][30]. Pricing Trends - Q3 pricing trends across the digital advertising landscape showed slight growth year-over-year, with average CPMs for Meta's platforms experiencing a decrease of approximately 4% quarter-over-quarter but an increase of 3% year-over-year [20][25]. Conclusion - The digital advertising sector is experiencing a mix of challenges and opportunities, with a focus on performance-oriented budgets and the impact of AI on advertising strategies. Companies like GOOGL and META are positioned positively, while others face varying degrees of risk and opportunity based on their exposure to different advertising verticals and market dynamics [7][50].

Group 1: Core Insights - AI is reshaping the advertising industry at an unprecedented pace, acting as an engine for a new revolution in the field [1] - Goldman Sachs predicts that AI will disrupt a global advertising profit pool of approximately $470 billion in the coming years [1][2] - The transformation encompasses various aspects including ad placement, content creation, audience targeting, and creative production [1] Group 2: AI's Impact on Advertising Profit Pool - AI is expected to accelerate the shift of traditional advertising budgets towards more efficient and measurable digital channels, representing a $170 billion opportunity [2][3] - The penetration rate of digital advertising has increased from 40.8% in 2017 to an estimated 69% by 2024, with an annual increase of about 4 percentage points [2] - Generative AI is projected to save $114 billion in creative production costs by replacing expensive and time-consuming creative development processes [3] - Automation platforms are challenging the core value of traditional advertising agencies, with a potential impact of $161 billion on their annual revenue [3] - AI-driven platforms are reducing the need for third-party advertising technology intermediaries, potentially squeezing about $25 billion from their profit margins [3] Group 3: Leading AI Advertising Products - Google's Performance Max and Meta's Advantage+ are recognized as the most successful integrated AI advertising products, allowing advertisers to automate cross-channel ad decisions and optimizations [4][5] - The adoption rate of Performance Max among advertisers in the U.S. surged from 2% in Q4 2021 to 59% by Q4 2024, accounting for 46% of Google's total ad spending [5] - Meta's Advantage+ saw a similar growth, with adoption rising from 2% in Q1 2023 to 36% by Q4 2024 [5] Group 4: Chinese Players in AI Advertising - Chinese tech giants like ByteDance, Tencent, and Alibaba are heavily investing in AI to lead the next generation of advertising paradigms [6] - ByteDance is enhancing its advertising creative production process with its "Instant Creation AI" platform, significantly reducing the time required to generate video and graphic materials [7][8] - Tencent's "Miao Si" platform leverages its self-developed AI model to provide various creative generation tools, improving efficiency by hundreds of times compared to traditional methods [11][12] - Alibaba's "Wanshang Laboratory" offers generative AI products that allow merchants to create high-quality advertising materials quickly, improving production efficiency by five times [16][17] Group 5: Overall Industry Transformation - The integration of AI in advertising is leading to more efficient and precise ad placements, while also enhancing the creativity and reducing costs of ad content production [18] - The value distribution in the advertising industry is being reshaped, with platform-based companies that possess data and technological advantages capturing more profits [18] - Advertisers and consumers are expected to benefit from higher ROI and more personalized ad experiences, respectively [18]