巴克莱：拆解谷歌处理的人工智能 Token（对比微软和 ChatGPT）
2025-06-19 09:46
Equity Research U.S. Internet 16 June 2025 Alphabet Inc. Unpacking the AI Tokens Processed at Google (vs. MSFT and ChatGPT) Many investors we speak to are reasonably concerned about: 1) GOOGL losing share to ChatGPT, and 2) the cost of AI in search. This note helps frame these debates with new disclosures from both GOOGL and MSFT on AI inference tokens processed in recent months, which we analyze below. We appreciate your 5-star vote in the 2025 Extel All-America Research Survey in the Internet Largecap and ...