According to the CITIC Securities Research Report, we believe that Google has built a full-stack AI moat integrating data, computing power, models, applications, and commercialization, and has achieved efficient AI monetization through advertising, subscriptions, cloud computing, etc., and superimposes ecological value and space to reduce costs and increase efficiency, and has a better AI benefit logic. Although the current market has doubts about Google's big model development pace, we believe that Google is expected to catch up through organizational adjustments, improved computing power supply, and AI ecosystem advantages, and cutting-edge exploration of multi-modal and world models has reserved room for overtaking.

According to the CITIC Securities Research Report, we believe that Google has built a full-stack AI moat integrating data, computing power, models, applications, and commercialization, and has achieved efficient AI monetization through advertising, subscriptions, cloud computing, etc., and superimposes ecological value and space to reduce costs and increase efficiency, and has a better AI benefit logic. Although the current market has doubts about Google's big model development pace, we believe that Google is expected to catch up through organizational adjustments, improved computing power supply, and AI ecosystem advantages, and cutting-edge exploration of multi-modal and world models has reserved room for overtaking.