编辑｜杨文 《庄子・人间世》中有这样一则小故事： 南伯子綦在商地的山丘游玩时，见到一棵异常高大的树，树冠能遮蔽上千辆马车。他本以为此树必有奇特用处，却发现它的细枝弯曲不能做栋梁、树根开裂不能 做棺椁、树叶舔之烂嘴、气味嗅之让人癫狂三日。 子綦由此发出感慨：此果不材之木也，以至于此其大也。翻译过来就是，这棵树正因 「毫无用处」，才不会被砍伐，得以长成这般参天巨木。 而当我在谷歌 Arts & Culture 网站闲逛时，发现这家科技巨头深得庄子「 无用之用，方为大用 」的精髓。 链接： https://artsandculture.google.com/ 谷歌的这些艺术实验项目，若从商业角度看，实在说不上有什么直接价值。 既不能像搜索引擎那样为公司带来广告收入，也不像云服务那般能创造现金流，甚至连用户停留时间恐怕也难以企及主流产品的零头。 但 正是这些看似没啥用的项目，却藏着谷歌最真诚的人文坚守 。 今天再次进入这个网站，又发现了不少有意思的新东西。 比如 2025 年新推出的 Botanic Atlas 项目，这是个交互式的世界植物地图，收录了超过 3 万种植物的标本，我们可以在地图上看到它们分布在哪儿，还能 ...

Summary of the Americas Thematic Focus List Conference Call Industry and Company Overview - **Industry**: The thematic focus is on various sectors across North America and Latin America, particularly in technology, energy, healthcare, and education. - **Companies Featured**: The focus list includes notable companies such as Amazon, Microsoft, NVIDIA, Eli Lilly, and Walmart, among others. Key Themes for 2026 1. **Tech Diffusion**: Emphasizes the rapid adoption of AI technologies across various sectors, with significant implications for productivity and competitive dynamics [12][14]. 2. **The Future of Energy**: Focuses on the increasing demand for energy driven by AI infrastructure and the transition to renewable energy sources [12][17]. 3. **The Multipolar World**: Highlights the shift towards localized supply chains and national economic security, impacting multinational corporations [12][13]. 4. **Societal Shifts**: Explores the implications of demographic changes, AI-driven employment disruption, and evolving consumer preferences [12][18]. Americas Thematic Focus List - **List Composition**: The focus list includes 18 high-conviction stock ideas, with a target holding period of 12-18 months [9][20]. - **Key Companies on the List**: - **Amazon (AMZN)**: Positioned as a leader in AI infrastructure, with a projected 32% upside to a price target of $238.18 [23]. - **Microsoft (MSFT)**: Expected to capture significant AI spending, with a 42% upside to a price target of $456.66 [23]. - **Eli Lilly (LLY)**: A leader in the GLP-1 market, with a 25% upside to a price target of $1,032.97 [23]. - **Walmart (WMT)**: Leveraging AI for operational efficiency, with a 13% upside to a price target of $119.20 [23]. Methodology and Specifications - **Focus List Size**: 15-20 stocks, with equal weighting upon construction [21]. - **Sector Weights**: No fixed sector weights, aiming for diversification [21][22]. - **Regional Weights**: Targeting 80-85% in the USA and 15-20% in Latin America [28]. Important Insights and Data - **Amazon's Growth**: Amazon's custom silicon strategy has grown 150% sequentially, indicating strong demand for its AI capabilities [29]. - **Eli Lilly's Market Potential**: The global diabesity market is projected to exceed $150 billion by the early 2030s, with significant growth opportunities for Eli Lilly [39]. - **NVIDIA's Dominance**: NVIDIA is positioned to capture a significant share of the projected $3-4 trillion in annual AI infrastructure spending by the end of the decade [53]. - **Walmart's AI Strategy**: Walmart's AI initiatives have led to a 50% automation rate in its supply chain, significantly reducing delivery costs [68]. Conclusion The Americas Thematic Focus List presents a strategic overview of high-conviction investment opportunities across key sectors, driven by transformative themes such as technology diffusion and energy transition. The insights provided highlight the potential for significant growth and the evolving landscape of investment in the Americas.

Core Insights - The rush to leverage artificial intelligence has led to the development of numerous "agentic commerce" tools, but many lack consumer appeal and do not align with customer needs [1][2] AI in E-commerce - AI is increasingly significant in e-commerce, accounting for approximately 16% of total retail spending last quarter, with about one-third of shoppers utilizing AI assistants [3] - Shoppers using AI on merchant websites are more likely to make purchases and tend to spend more [3] Retailer Strategies - Retailers are eager to engage big spenders and are exploring how AI can enhance the shopping experience [4] - Promising applications of AI include personalized apparel displays and anticipating consumer needs based on past purchases [5][6][7] Consumer Assistance - AI tools like Walmart's Sparky aim to assist consumers with their shopping lists, helping them consolidate trips for groceries, prescriptions, and services [8]

Financial Data and Key Metrics Changes - The company is focusing on AI-driven product development to enhance growth in its omni-retail businesses, indicating a strategic shift towards technology integration [1][2] - Management emphasizes the importance of understanding customer needs through AI, which is expected to lead to transformative experiences in commerce [19][20] Business Line Data and Key Metrics Changes - The integration of AI tools is aimed at improving customer interactions across various business lines, including advertising, data, and commerce [1][2] - The company is exploring agentic AI, which will automate recommendations and purchases based on customer behavior, enhancing the shopping experience [15][16] Market Data and Key Metrics Changes - The partnership with OpenAI and Google’s Gemini is seen as a way to reach customers at different points in their shopping journey, indicating a broader market strategy [25][26] - The company aims to leverage AI to enhance customer engagement and drive sales, particularly in categories that require more exploration, such as electronics and fashion [51][52] Company Strategy and Development Direction - The company is committed to being at the forefront of AI technology, viewing it as a critical tool for enhancing customer service and operational efficiency [20][24] - Management believes that the integration of AI will not only improve customer experiences but also create a competitive advantage over rivals [22][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the risks of being a first mover in AI but believes the greater risk lies in not innovating [20][24] - The company anticipates that AI will lead to a more personalized shopping experience, addressing individual customer needs more effectively [75][76] Other Important Information - The company is focused on creating a seamless shopping experience that integrates both online and in-store interactions, emphasizing the importance of physical stores in the retail landscape [55][56] - AI is being utilized internally to optimize supply chain operations and enhance associate productivity, demonstrating the technology's broad application [70][74] Q&A Session Summary Question: How does the company view the integration of AI in customer shopping experiences? - The company sees AI as a transformative tool that will enhance personalization and streamline the shopping process, making it easier for customers to find and purchase products [75][76] Question: What are the risks associated with being a first mover in AI? - Management believes the risk of not innovating is greater than the risk of being a first mover, as it is essential to meet evolving customer expectations [20][24] Question: How will partnerships with OpenAI and Google impact the business? - These partnerships are expected to enhance customer engagement by integrating AI into various shopping journeys, allowing the company to reach customers in new ways [25][26]

Financial Data and Key Metrics Changes - The company is focusing on AI-driven growth strategies to enhance customer experiences and operational efficiency, indicating a shift in financial performance metrics towards technology integration [11][12][20] - The management anticipates that the integration of AI will lead to transformative experiences in commerce, which could positively impact revenue growth in the coming years [19][48] Business Line Data and Key Metrics Changes - The company is leveraging AI across various business lines, including e-commerce, supply chain, and in-store operations, to improve efficiency and customer service [72][73] - AI tools are being used to optimize inventory management and enhance the shopping experience, which may lead to improved sales metrics [73][74] Market Data and Key Metrics Changes - The company is positioning itself to capture customer journeys that begin outside traditional shopping contexts, such as through AI platforms like ChatGPT and Gemini, which could expand market reach [26][46] - The integration of AI in customer interactions is expected to enhance customer acquisition and retention, potentially increasing market share [22][46] Company Strategy and Development Direction - The company is committed to being at the forefront of AI technology, viewing it as a critical tool for enhancing customer experiences and operational capabilities [20][22] - The strategy includes partnerships with leading AI firms to create a seamless shopping experience that integrates AI recommendations with Walmart's offerings [25][27] Management's Comments on Operating Environment and Future Outlook - Management believes that the current environment presents significant opportunities for growth through AI, emphasizing the importance of understanding customer needs [16][22] - The company is optimistic about the future, expecting gradual but significant changes in customer interactions and shopping experiences due to AI advancements [19][80] Other Important Information - The company is focused on maintaining customer trust and affordability as core values, which are essential for success in an agentic shopping environment [39][40] - The use of AI is not limited to customer-facing applications; it is also being utilized internally to enhance supply chain efficiency and associate productivity [72][73] Q&A Session Summary Question: How does the company view the risk of being too far ahead in AI technology? - Management believes the risk of not being at the forefront is greater than the risk of experimenting with new technologies, as it is essential to meet evolving customer needs [20][22] Question: What are the differences between partnerships with OpenAI and Gemini? - The company aims to create a unified shopping journey by integrating its AI capabilities with those of OpenAI and Gemini, enhancing customer experiences across platforms [25][27] Question: How does the company ensure it meets customer needs in an AI-driven environment? - The company focuses on understanding customer preferences and behaviors to tailor AI recommendations, ensuring that the technology serves practical customer needs [40][42] Question: What is the expected impact of AI on pricing and customer purchasing behavior? - Management acknowledges that while some customers are price-sensitive, others prioritize convenience and quality, and AI will help personalize offers accordingly [40][41] Question: How does the company plan to evolve its app and in-store experiences with AI? - The company envisions a future where AI enhances both online and in-store shopping experiences, making them more personalized and efficient [56][60]

沃尔玛(WMT.US)与谷歌(GOOGL.US)于上周日联合宣布，消费者将可通过谷歌旗下人工智能助手 Gemini，更便捷地在沃尔玛及其旗下仓储会员店山姆会员店中探索商品并完成购买流程。 即将出任沃尔玛首席执行官的约翰.弗纳与谷歌首席执行官桑达尔.皮查伊在纽约贾维茨中心举行的全美 零售联合会年度"大展"上同台宣布，双方已达成合作，但并未透露新功能的上线时间，也未披露财务条 款。沃尔玛表示，该服务将率先在美国推出，随后扩展至国际市场。 借助与谷歌的新协议，沃尔玛正加速拥抱那些习惯用AI聊天机器人省时或找灵感的消费者。早在去年 10月，该公司就携手Gemini的竞争对手OpenAI，在ChatGPT内上线"即时结账"功能，用户不用跳出对话 即可完成单件商品购买。近日，该功能已正式对外开放，OpenAI也同步与Etsy(ETSY.US)及Skims、 Vuori、Spanx等Shopify(SHOP.US)商家签署了同样的即时结账合作协议。 沃尔玛也在自家App内置了一款黄色笑脸形象的AI助手，名为Sparky。 弗纳表示："从传统的网页或App搜索转向由代理驱动的商业，标志着零售业下一次重大演进。我们不 只是旁观 ...

Core Insights - Walmart has initiated a partnership with Google to enhance its retail experience through the Universal Commerce Protocol and the Gemini AI tool, marking a significant shift towards agent-led commerce in retail [2][3] Group 1: Partnership Details - The collaboration aims to integrate Walmart and Sam's Club products into Google's Gemini, allowing for a more intuitive and personalized shopping experience for customers [2][3] - Customers linking their accounts will receive recommendations for complementary items based on past purchases and can benefit from Walmart+ and Sam's Club memberships [4] Group 2: AI Integration - Walmart is positioning AI not just as a utility but as a new interface for guiding product discovery, moving away from traditional search methods [5] - The appointment of AI specialist Shishir Mehrotra to Walmart's board signifies a strategic commitment to embedding AI leadership in decision-making processes [6][7]

Core Insights - Walmart and Google are collaborating to integrate Google's AI assistant Gemini into Walmart's shopping experience, enhancing product discovery and purchasing for customers [1][2] - The partnership was announced at the National Retail Federation's Big Show, with plans for the feature to launch first in the U.S. before expanding internationally [2] - This collaboration is part of Walmart's broader strategy to adapt to changing consumer behaviors, particularly the increasing use of AI chatbots for shopping [3][4] Group 1: Partnership Details - The collaboration aims to create a seamless shopping experience that is more intuitive and personalized for customers [4] - Walmart previously partnered with OpenAI's ChatGPT to implement an "Instant Checkout" feature, allowing purchases directly through the AI chatbot [3] - Walmart's own AI chatbot, Sparky, is also part of its digital strategy to enhance customer engagement [4] Group 2: Strategic Implications - The shift towards AI-driven commerce is seen as a significant evolution in retail, with Walmart positioning itself as a leader in this transition [4] - Walmart's digital strategy is evolving to meet customers earlier in their shopping journey, leveraging AI to enhance product discovery [4] - The impact of AI on the workforce is a concern for Walmart, as it is the largest private employer in the U.S., with leadership acknowledging that AI will transform job roles across the company [5]

Core Insights - Retailers in 2025 are increasingly focused on AI adoption, but the industry is lagging behind sectors like telecommunications and finance in technology utilization [2][3] Industry Overview - The 2025 AI industry adoption study by the Wharton School indicates that retail is falling behind other sectors despite numerous AI-related announcements from retailers [2][3] - The slower return on investment in retail is attributed to its complex physical operations compared to other industries [3] Retailer Initiatives - Companies like Amazon and Target are actively integrating AI to enhance internal processes and adapt to changing consumer behaviors [4][5] - AI-driven U.S. e-commerce traffic surged by 758% year-over-year between Nov. 1 and Dec. 1, with a 670% increase specifically on Cyber Monday [5] Specific Company Developments - **Walmart**: Launched generative AI assistants for merchants and customers, integrating AI across its business operations [8][9] - **Target**: Expanded its generative AI strategy, launching a ChatGPT shopping app and an AI-powered gift finder tool [10][11] - **Amazon**: Updated seller tools with AI capabilities and introduced a conversational assistant for marketers [13][14] - **Levi Strauss & Co.**: Announced a partnership with Microsoft to deploy an agentic AI framework across the company [15] - **Etsy**: Introduced AI tools for sellers and integrated products with ChatGPT's Instant Checkout feature [16][17] - **Wayfair**: Launched a generative AI tool called Muse for home interior inspiration [18] - **Stitch Fix**: Developed a style visualization tool using AI to help customers visualize outfits [19] - **David's Bridal**: Launched an AI-powered wedding planning tool called Pearl Planner [20] - **Saks Fifth Avenue**: Implemented an AI-powered customer service tool to reduce call volume [22] - **Best Buy**: Began using AI for customer support and personalized marketing [23] - **Guitar Center**: Introduced an in-store AI shopping assistant called Rig Advisor [24] - **eBay**: Launched an AI tool for sellers to enhance product listings and assist in buyer communications [25] - **Lowe's**: Developed an AI adviser tool named Mylow in partnership with OpenAI [26] - **Home Depot**: Debuted a suite of generative AI tools called Magic Apron to improve search results [27]

Core Insights - Artificial intelligence (AI) is transforming the shopping experience and driving a surge in holiday retail revenue, with Salesforce predicting global online sales to reach $263 billion, accounting for 21% of all holiday orders [1] Group 1: AI Impact on Retail Sales - AI is expected to significantly boost online sales during the holiday season, with a projected increase in consumer usage of AI for shopping ranging from 40% to 83% [1] - Adobe reported a 760% surge in AI traffic to U.S. retail websites from November 1 to December 1, indicating a strong consumer interest in AI-driven shopping [1] - Shoppers using AI platforms are 30% more likely to make a purchase and show 14% higher engagement compared to non-AI channels [1] Group 2: Retailers' AI Strategies - Major retailers like Walmart and Target are accelerating their AI initiatives, with Walmart launching an AI assistant named Sparky and partnering with OpenAI to allow shopping through ChatGPT [2] - Target has also announced a collaboration with OpenAI, enabling customers to shop within ChatGPT, supporting multi-item purchases and delivery options [2] - Etsy and various Shopify merchants are implementing instant checkout features in partnership with OpenAI, enhancing the shopping experience for U.S. customers [2] Group 3: Shift in Marketing Strategies - Retailers are shifting their digital marketing strategies from Search Engine Optimization (SEO) to Answer Engine Optimization (AEO) to adapt to AI platforms that prioritize relevance over paid rankings [3] - AI platforms like ChatGPT assess product relevance based on user queries and various data points, prompting retailers to optimize their product information accordingly [3] Group 4: Areas for Improvement in AI Shopping Experience - Despite advancements, some AI shopping tools still struggle to provide accurate product recommendations, as evidenced by consumer feedback on Target's Gift Finder [4] - Users have reported dissatisfaction with AI-generated suggestions, indicating that the technology may not yet fully meet consumer expectations [4][5]