AI 策略手册- 在去中介化担忧下如何驾驭互联网-AI Playbook_ How to Navigate Internet in the Face of Disintermediation Concerns

AI disintermediation concern is in full swing, driving Internet stocks down 30% YTD. We think the space is generally well insulated, but see no obvious catalyst to shift the narrative. In the meantime, we recommend owning names the market is most likely to identify as having structural barriers to AI disintermediation, which we see breaking out first once sentiment improves. Based on our conversations, these names include ABNB, CVNA, DASH, DIS, ROKU, and SPOT. What happened? Internet stocks are down ~30% YT ...