在微软的 IE和谷歌的Chrome 统治市场的这十几年里，浏览器圈基本是一潭死水——无非就是换皮肤、 加插件，核心还是"标签页+搜索框"的老套路，背后靠广告变现的逻辑也从没变过。 业内普遍都觉得，这个赛道早就没了创业机会。 但生成式AI的爆发，直接给这个沉寂的赛道投了一颗炸雷。 硅谷明星初创公司The Browser Company果断放弃爆火的Arc浏览器，all in全新AI浏览器Dia；国内的夸 克更狠，直接绑定千问大模型变身"AI生产力中心"，用户量逆势暴涨。 这波AI浏览器热潮，到底是资本炒作的泡沫，还是下一个时代的流量入口？创业者还有机会分一杯羹 吗？ 今天就请跟着张栋伟，扒透这个赛道的底层逻辑。 核心变革：从"看网页"到"替你干活"，浏览器变智能助理了 传统浏览器本质就是个"信息窗口"——你得自己搜、自己找、自己筛选信息，遇到复杂任务就开十几个 标签页来回切换，累得不行。哪怕把页面交互做到极致，本质还是"换皮IE或者Chrome"，没跳出原有 框架。 而AI浏览器的核心野心，是把"窗口"变成"执行代理（Agent）"——简单说就是从"帮你找答案"变 成"直接帮你搞定事"。 在美国，已经开放全量使 ...

Key Points It will be the first time since going public that Berkshire will have a leader other than Warren Buffett. Warren Buffett is likely to go down as one of the greatest investors of all time. Despite the big change, Buffett and his team recently initiated a large new position in an artificial intelligence stock that has crushed it in its 11 years as a public company. 10 stocks we like better than Alphabet › With just days remaining in 2025, soon Warren Buffett will no longer be the CEO of ...

Industry Competition - Tech giants like Microsoft and Apple are actively trying to retain users within their ecosystems, favoring their own browsers like Edge and Safari [1] - Microsoft is implementing new strategies to discourage users from downloading Google Chrome on Windows [1] Market Trend - The news originates from Windows Report, indicating its relevance to the Windows operating system and its user base [1]

Privacy Concerns - Apple warns iPhone users against using Chrome, advocating for Safari due to its privacy protection features [1] - Safari aims to prevent advertisers and websites from creating device fingerprints for tracking, unlike Chrome [1] Competitive Landscape - Apple positions Safari as a privacy-focused alternative to Chrome on iPhones [1]

Privacy Concerns - Apple warns iPhone users to stop using Google Chrome due to privacy concerns [1] - Apple claims Safari better protects user privacy compared to Chrome [1] - The warning includes concerns about secretive fingerprinting [1] - Apple suggests users should stop using other Google apps as well [1]

Functionality and Performance - Clearing browser cache can speed up browsing experience by providing a clean slate [2] - Overfilled cache, especially with outdated website information, can slow down website loading speed [2] - Clearing cache may log users out of websites [2] - Frequency of clearing cache depends on usage and website update frequency, potentially every 3 months [9][10] Procedure on Different Browsers - Chrome: Open app, select three dots, settings, privacy and security, delete browsing data, select time range, check cookies and cached images, delete [4][5] - Safari: Open settings app, select Safari, history and website data, clear history and data, choose time range [6] - Firefox: Open menu, settings, data management, website data, clear all website data or specific data types [7][8] Cross-Device Implications - Clearing cache in Chrome with syncing enabled will clear cache on desktop as well [5] - Clearing Safari cache may affect all devices logged into the same iCloud account [7]

Core Insights - Microsoft considered selling its Bing search engine to Apple around 2020 to replace Google as the default search engine on iOS devices [1][2] - The discussions between Microsoft and Apple were exploratory and did not progress to deeper negotiations [1] - The ongoing legal battle between the U.S. Department of Justice and Google has renewed interest in the relationship between Microsoft and Apple regarding search engine options [1][2] Group 1: Microsoft and Apple Negotiations - Microsoft executives met with Apple’s Eddy Cue to discuss the potential sale of Bing, but the talks were not serious [1] - Microsoft launched Bing in 2009 to compete with Google but has not gained significant market share, with Bing holding less than 10% of the market [2] - In 2016, Microsoft considered investing billions into Apple to make Bing the default search engine on Apple devices, with discussions between CEOs Satya Nadella and Tim Cook [3] Group 2: Google and Apple Relationship - Google pays Apple between $4 billion and $7 billion annually to remain the default search engine on iPhones and other iOS devices [2] - Eddy Cue testified that Apple uses Google because it is the best available option, countering claims of unfair market dominance [2][3] - The agreement between Apple and Google has been extended, maintaining Google's position as the default search engine for Siri, Spotlight, and Safari [3][4] Group 3: Quality Concerns and Strategic Decisions - Apple’s decision not to acquire Bing was influenced by the substantial revenue from the Google deal and concerns over Bing's quality [3][4] - Apple has previously used Bing for certain services like Siri and Spotlight but reverted to Google in 2017 due to updated revenue-sharing agreements [3] - Eddy Cue indicated that Apple sees no need to develop its own search engine, as Google is perceived as the superior choice [4]

Core Viewpoint - Warren Buffett is reducing his investment in Apple, which has been Berkshire Hathaway's largest holding for a decade, due to concerns over Apple's valuation and slower revenue growth compared to competitors [1][2]. Financial Performance - Apple's revenue grew just under 7% year-over-year to $416 billion, with iPhone revenue at $210 billion and software services revenue at $109 billion [4]. - Over the last three years, Apple's revenue growth was only 7.4%, significantly lagging behind Alphabet's 37% and Microsoft's 44% growth [5]. Product Innovation - Despite some successful products like the Apple Watch and AirPods, these segments contributed only $37 billion to Apple's overall revenue, under 10% [6]. - Apple has not introduced new hardware to the mass market and has failed to invest in AI, which could jeopardize its iPhone and software services revenue streams [7][8]. Competitive Landscape - Start-ups like OpenAI are developing AI-native hardware, while competitors like Alphabet are integrating advanced AI into their products, posing a risk to Apple's market position [8]. - Apple is reportedly paying Alphabet $1 billion annually for AI services, raising concerns about the lack of innovation in its software offerings [9]. Valuation Concerns - Apple's current price-to-earnings (P/E) ratio is 37, higher than Alphabet's 27, despite Alphabet and Microsoft showing faster earnings growth [11]. - Berkshire Hathaway's decision to sell Apple shares while purchasing Alphabet indicates a shift towards companies with better growth prospects and lower valuations [12].

Core Insights - Opera has experienced significant growth in daily active iOS users in Europe, nearly tripling over the past two years, with France seeing a fivefold increase in the same period, highlighting the impact of the Digital Markets Act (DMA) on browser competition in the EU [1][2][5] User Growth - The growth rate of daily active users in Europe accelerated from 57% in the first 12 months to 88% in the last 12 months ending October 2025, making iOS Opera's fastest-growing platform [2][6] - Opera's unique features and design have resonated well with users, contributing to the increase in daily active users [3][4] Product Innovations - Opera has introduced several unique features, such as a free VPN and integrated browser AI, which have enhanced its appeal in the iOS ecosystem [4][8] - The launch of Opera One for iOS marked a complete redesign aimed at improving the browsing experience on iPhones, addressing user frustrations with tab management [4][8] Market Opportunities - The implementation of the DMA has provided a browser choice ballot screen for nearly 400 million smartphone users in the EU, with a survey indicating that 80% of Europeans are open to trying new browsers [5][10] - The combination of unique products and increased awareness efforts has fueled Opera's growth on iOS [5] Financial Performance - Opera reported $152 million in revenue for the most recent quarter, reflecting a 23% year-over-year increase, with a 17% growth in browser-based query revenue [6] - The company has maintained a 24% adjusted EBITDA margin, marking its 18th consecutive quarter as a Rule-of-40 company, indicating strong business fundamentals [6]

Core Insights - The company reported a record revenue of $102 billion for the quarter, indicating strong financial performance [1] - Services now account for 27% of overall revenue, showcasing tremendous growth with 76% margins [2] - Despite impressive numbers, concerns arise regarding the high valuation at nearly 34 times next year's earnings, given the growth rates in revenue and earnings are in the high single to low double digits [3] Financial Performance - The stock has increased by 30% leading up to the earnings report, reaching a 52-week high [4] - Hardware sales, particularly iPhone sales, have not returned to double-digit growth, which is a concern for future performance [4][7] - China sales were reported as a miss, raising concerns about future growth in that market [8] Capital Expenditure and Valuation - The company's capital expenditure (capex) has been relatively low compared to mega-cap peers, which could be seen as a risk for future infrastructure needs [5] - The lack of significant capex spending is viewed positively in comparison to competitors like Meta, which is increasing its capex without clear monetization plans [9][10] - The valuation remains a critical issue, with the company facing scrutiny over its high price-to-earnings ratio despite solid performance [6][9] Market Position and Trends - The company has been lagging in relative performance compared to its sector since 2022 but is now showing signs of recovery [11] - The stock has recently broken above its pre-tariff sell-off high, indicating potential for higher prices moving forward [12]