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 ...

Coinbase Global Inc. (NASDAQ:COIN) has reached an agreement to acquire Solana's (CRYPTO: SOL) Vector, a trading platform that helps users access fast, on-chain markets. Coinbase Expands Solana Trading CapabilitiesThe company said on Friday that Vector's tools will be integrated into Coinbase's consumer trading experience to expand access to Solana-based assets.Vector's team brings deep Solana infrastructure knowledge, including systems that detect new tokens the moment they appear on-chain.Coinbase said the ...

Core Viewpoint - Unity's Q3 performance exceeded market expectations, showing a trend of improvement, with a positive outlook for Q4 despite a slower transformation compared to peers [1][8]. Financial Performance - Q3 total revenue reached $470 million, a year-over-year increase of 5%, slightly surpassing company guidance and market expectations [17]. - Non-GAAP EBITDA margin increased by 3 percentage points, driven by cost optimization, with free cash flow reaching a record high of $150 million [30]. Operational Metrics - The net expansion rate improved to 103%, marking a return above the baseline of 100% for the first time in two years [5][24]. - The number of large clients increased by a net of 68, indicating strong demand and growth potential, particularly from the Vector advertising clients [5][25]. - Deferred revenue increased by $7.5 million, reflecting a positive trend despite being lower than the previous quarter due to large client contracts [20]. Business Segments - The "Grow" segment saw a year-over-year revenue growth of 3.8%, primarily benefiting from the Vector system, with Q4 guidance suggesting a sequential growth rate of around 5% [21][29]. - The "Create" segment's core engine subscription revenue maintained double-digit year-over-year growth, with a sequential growth of approximately 7% when excluding one-time large client fees [18]. Strategic Developments - Unity 6 has driven significant upgrades, with over 50% of existing customers migrating to the new engine, which is expected to enhance revenue through higher pricing [3][13]. - A new cross-platform payment management system was integrated into Unity, allowing developers to bypass app store fees, potentially tapping into the $120 billion in-app purchase market [18]. Market Context - The overall gaming application advertising market showed average performance, with a shift from pure advertising monetization to a hybrid model, indicating a long-term trend [8][9]. - The integration of ironSource has faced challenges, impacting client cooperation and market share, but the focus remains on optimizing the Vector system for better performance [12][13].

Financial Data and Key Metrics Changes - EVE Holding reported a net loss of $47 million for Q3 2025, with cash consumption of approximately $60 million for the quarter, reflecting higher program activity [18][19] - The company ended the quarter with BRL 412 million in cash, the highest cash level ever for EVE, and total liquidity reached BRL 534 million including awarded grants and undrawn credit lines [19] Business Line Data and Key Metrics Changes - EVE invested EUR 45 million in program development during Q3 2025, continuing to accelerate development with increased engineering engagement [17] - The total preorder backlog stands at around 2,800 aircraft, valued at approximately $14 billion, including contracts for aftermarket products and services that could generate up to $1.6 billion in revenue [13] Market Data and Key Metrics Changes - EVE has secured contracts with 14 different customers for its aftermarket products and services, indicating strong market interest [13] - The company has 21 customers for its air traffic management solution, Vector, reflecting a leading value proposition in the market [13] Company Strategy and Development Direction - EVE is focused on developing a strong network of partners in infrastructure and energy to support urban air mobility, alongside aircraft development [12] - The company aims for type certification and entry to service of its aircraft by 2027, with ongoing testing and supplier engagement [5][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in starting flight campaigns soon, with the first flight expected by the end of this year or early next year [7][20] - The company is optimistic about its cash position and liquidity, which is sufficient to fund operations and R&D through 2027 [15][19] Other Important Information - EVE successfully raised $230 million through a registered direct offering, improving its cash position and extending its cash runway [15] - The company is in the final stages of testing its engineering prototype and has begun operations with its Iron Bird, which aids in hardware testing [6][11] Q&A Session Summary Question: Updates on Bahrain agreement and flight testing - Management confirmed that test flights in Bahrain may start in 2027, potentially using the engineering prototype, with a focus on regulatory and operational readiness [26][27] Question: Cash flow expectations for 2026 - The company expects cash consumption to remain around $250 million for 2026, maintaining a disciplined approach to expenses [30] Question: Expansion in the Middle East and certification strategy - EVE plans to certify with ANAC first, then seek validation with other authorities, including the FAA, to expedite the certification process [36][37] Question: Supplier agreements and component testing - EVE has secured landing gear supply from Embraer and does not anticipate needing additional major suppliers, focusing on optimizing existing supplier relationships [45] Question: Test flight program timeline - The first test flight is targeted for late 2025 or early 2026, starting with hover flights and gradually expanding to more complex maneuvers [40][41] Question: Production scaling and supply chain risks - EVE is confident in its modular production approach and does not foresee major challenges in ramping up to 500 eVTOLs per year [60][62]

Core Viewpoint - Unity Software (NYSE: U) is at an inflection point in growth, with a buy rating suggested due to its two core segments, CS and GS, and the launch of Vector [1] Company Analysis - The investment approach focuses on understanding the core economics of a business, including competitive moat, unit economics, reinvestment runway, and management quality [1] - The emphasis is on long-term free cash flow generation and shareholder value creation [1] Investment Strategy - The analysis is driven by fundamental research, particularly in sectors with strong secular tailwinds [1] - The goal is to identify businesses with the potential to scale over time and unlock significant terminal value [1] Professional Background - The analyst has 10 years of experience in investment banking and is currently managing personal funds, seeded from friends and family [1] - The motivation for sharing insights is to provide value to readers and gather feedback from fellow investors [1]

Core Viewpoint - Unity Software (NYSE: U) is at an inflection point in growth, with a buy rating suggested due to its two core segments, CS and GS, and the launch of Vector [1] Company Analysis - The investment approach focuses on understanding the core economics of a business, including competitive moat, unit economics, reinvestment runway, and management quality [1] - The emphasis is on long-term free cash flow generation and shareholder value creation [1] Investment Strategy - The analysis is driven by fundamental research, particularly in sectors with strong secular tailwinds [1] - The goal is to identify businesses with the potential to scale over time and unlock significant terminal value [1] Professional Background - The analyst has 10 years of experience in investment banking and is currently managing personal funds, seeded from friends and family [1] - The motivation for sharing insights is to provide value to readers and gather feedback from fellow investors [1]

Core Insights - Unity Software Inc. has seen a stock increase of 64% over the past three months, significantly outperforming the S&P 500 and industry peers [1][7] - The company's new AI-driven performance engine, Vector, is a key growth driver, contributing to a 15% sequential revenue growth in the second quarter of 2025 [5][6] - Unity maintains a dominant position in the gaming ecosystem, with approximately 70% of top mobile games built on its platform, providing a unique data advantage [8] Financial Performance - Unity's second-quarter 2025 results exceeded expectations, with adjusted EBITDA margins at 21% and record free cash flow of $127 million [12] - The company has a strong cash position of $1.7 billion, allowing for continued investment in growth initiatives without straining its balance sheet [12] - Earnings estimates for 2025 and 2026 have been revised upward, projecting a year-over-year growth of 146.4% and 8.8%, respectively [14] Product and Market Development - Unity 6, the latest version of the company's development platform, has recorded over 6.6 million downloads, with subscription revenues growing at double-digit rates [9] - The company is expanding its strategic partnerships, including a multiyear deal with Tencent and collaborations with Scopely and Nintendo, enhancing its presence in the gaming industry [10] - Unity's technology is also being utilized in non-gaming sectors, such as automotive and healthcare, demonstrating its potential for diversification and growth [11] Technical Indicators - The stock is trading above its 50-day moving average, indicating strong upward momentum and positive market sentiment [4] - Unity's forward 12-month price-to-sales ratio is 7.9, indicating a premium valuation compared to industry peers [16] Long-Term Growth Potential - Management emphasizes that Unity is in the early stages of an AI-driven transformation, with plans to integrate AI into both the Create and Grow segments [13] - The company's dominant role in mobile game development and strategic partnerships position it well for sustained growth, particularly from 2026 onward [8][10]

Core Viewpoint - Unity Software's Q2 2025 earnings report showed mixed results, with a significant stock price fluctuation driven by market expectations and actual performance. The company is experiencing a clear operational turning point, with improving trends in revenue and profitability indicators [2][6]. Financial Performance - Unity reported total revenues of $444 million for Q2 2025, a year-over-year decline of 2%, exceeding company guidance and market expectations [17]. - The Create segment saw a stable growth in engine subscriptions, with a year-over-year increase of 2%, driven by the adoption of Unity 6 and a notable $12 million in licensing revenue [3][17]. - The Grow segment experienced a revenue decline of 3.8% year-over-year, but the advertising revenue showed strong performance, growing 15% quarter-over-quarter [20][21]. Operational Indicators - The company reported a slight improvement in EBITDA margin, reaching 20.5%, indicating a gradual increase in profitability [4][33]. - Deferred revenue increased by $30 million, reflecting new multi-year contracts with several mid-to-large clients, primarily in SaaS subscriptions [7][24]. - The net expansion rate improved to 100%, slightly below market expectations of 102%, with a net increase of 10 large clients [26][27]. Strategic Developments - The Vector system is identified as a key driver for Unity's future growth, with early feedback indicating improved advertising conversion rates [8][9]. - The company is leveraging game engine data to optimize the Vector model, aiming to enhance advertising effectiveness and revenue generation [10][11]. - Unity's management has adopted a cautious approach in guidance, allowing for flexibility in adjusting expectations based on market conditions [32][33]. Cash Flow and Financial Health - Cash and cash equivalents increased to $1.7 billion, reflecting a stable improvement in the company's cash position [37]. - The company reported a GAAP operating loss of $118 million, but adjusted EBITDA reached $91 million, surpassing both company guidance and market expectations [33].

Group 1: Circle Internet Group - Circle Internet Group (CRCL) is the leading stablecoin issuer in the United States, managing USD Coin (USDC) in partnership with Coinbase Global (COIN) [1] - The company experienced a rise in early trading following President Donald Trump's announcement that 11 of 12 House representatives support the GENIUS Act, which aims to establish a regulatory framework for stablecoins [1] - The GENIUS Act vote is expected to take place on Wednesday afternoon, potentially impacting the regulatory landscape for stablecoins [1] Group 2: Unity Software - Unity Software (U) received an upgrade from Jefferies, with a new price target set at $35, driven by the launch of its AI platform 'Vector' [2] - The 'Vector' platform focuses on optimizing advertising and user acquisition in the mobile gaming industry by analyzing in-game behavior and user patterns [2] - Analysts expect robust double-digit EPS growth for Unity through 2026, indicating strong future performance [2] Group 3: Rigetti Computing - Rigetti Computing (RGTI) achieved a significant performance milestone in quantum computing, reaching a 99.5% median fidelity rate for two-qubit gates on its 36-qubit modular system [4] - This breakthrough represents a twofold improvement in quantum computing capabilities, crucial for developing reliable quantum systems [4] - RGTI shares are anticipated to rise to multi-month highs, potentially influenced by a short squeeze, as approximately 20% of the RGTI float is currently short [4]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies within it [10]. Core Insights - The agency has visibility into approximately $1 billion of ad spend, with around $650 million allocated for gaming user acquisition, which is expected to grow by 25% year-over-year in FY25 compared to a 30% growth in FY24 [2][5]. - In Q2, gaming user acquisition (UA) growth exceeded expectations, while e-commerce growth moderated compared to previous discussions [2]. - Unity's contribution to the ad spend has increased, now accounting for about 6% of the expert's wallet, up from 5% in FY24 [5]. - The report highlights that APP's e-commerce budget grew in the mid-single to high-single digits quarter-over-quarter in Q2, with expectations for similar growth in Q3 and acceleration in Q4 [5]. Summary by Sections Gaming Spend - APP's Q2 gaming UA budget growth accelerated to 27%, up 2 percentage points from Q1 [5]. - Unity's share of the expert's wallet increased to approximately 6% [5]. - The report notes that the return on ad spend (ROAS) improvement for Vector has been less than during the beta phase, but significant performance improvements are anticipated in Q4 FY25 to Q1 FY26 [5]. E-commerce Spend - APP's e-commerce budget grew in the mid to high single digits quarter-over-quarter in Q2, with a high-20% share of e-commerce brands now onboarded to APP [5]. - Some of the largest advertisers reduced their spending in Q1 and Q2, but their daily spend levels stabilized in June [5]. - New advertisers on the platform reported strong first-purchase rates and efficient customer acquisition costs (CAC) [5]. Vertical Performance - The best-performing verticals include cosmetics, select electronics, and cooking products, while CPG and Food & Beverage were noted as "surprise" winners [5]. - Some retail and clothing brands have struggled to effectively utilize APP as a channel [5]. APP Ad Manager Updates - APP introduced creative-level reporting, allowing advertisers to assess performance by specific ad formats, which supports better optimization [5]. - Interactive creative formats, such as drag-and-drop and carousel units, are gaining traction, with early adopters observing ROAS gains of 5-15% [5]. Market Sentiment - Advertiser enthusiasm at Cannes was primarily focused on Meta and Google, viewed as the most reliable performance channels [5]. - There is a noted shift towards performance-driven spending, with ROAS and incrementality being top priorities [5]. Competitive Landscape - Google is becoming more aggressive in targeting APP's mediation share, offering incentives such as exclusive inventory deals and upfront payments [5].