人工智能深度剖析：企业软件中的逐渐觉醒

Equity ResearchJune 16, 2025(415) 229-1559 | bthill@jefferies.comSamad Samana * | Equity Analyst(212) 284-4649 | ssamana@jefferies.comJoseph Gallo * | Equity Analyst(212) 336-7402 | jgallo@jefferies.com(415) 229-1558 | jbyun@jefferies.comMaximilian Joseph * | Equity Associate(212) 778-8926 | mjoseph1@jefferies.comBilly Fitzsimmons, CFA * | Equity Associate+1 (212) 336-6692 | bfitzsimmons@jefferies.comAnnick Baumann * | Equity Associate+1 (212) 778-8068 | abaumann@jefferies.com+1 (212) 284-2249 | byin@jefferies.comAlex Nguyen * | Equity Analyst+1 (212) 778-8978 | alex.nguyen@jefferies.comRayyana Matraji * | Equity Associate+1 (212) 707-6329 | rmatraji@jefferies.comShengQi Lin * | Equity Associate+1 (212) 778-8504 | slin4@jefferies.comRia Naidu * | Equity Associate+1 (212) 778-8244 | rnaidu@jefferies.comAnjali Papadopoulos * | Equity Associate+1 (212) 778-8590 | apapadopoulos@jefferies.comKEY STOCKS FEATURED INCLUDE:PRICE TARGET$250.00$790.00$180.00$550.00PRICE TARGET$790.00 ($700.00)$180.00 ($80.00) Brent Thill * | Equity AnalystJohn Byun * | Equity AnalystBo Yin * | Equity Associate AMZN’s ~50% cloud share positions it to benefit from the next wave of AI adoption.AMZN hasunparalleled distribution and access to enterprise data. As enterprises increasingly adopt a multi-model approach, AMZN is positioned to capture AI workloads at scale. We see upside as capacityconstraints ease and AI attach rates expand across the AWS base. Stock lagged -2% YTD; we likeadding to this pullback.SNOW well-positioned as data & orchestration are strategic pillars for AI:SNOW is emergingas a central hub for enterprise data & AI systems, with its Cortex AI stack and cloud-agnosticarchitecture enabling orchestration across multiple model providers and datasets. While AI-relatedrevs were immaterial in FY25, we believe SNOW is strategically positioned to capitalize on thegrowing demand for enterprise-grade AI enablement driving a meaningful acceleration over the nextcouple yrs.GOOGL is strengthening its platforms with AI, but investor skepticism lingers.GOOGL isleveraging its data moat & distribution (7 apps with >2B MAUs) to drive Gemini adoption acrosssearch, ads, & productivity. Gemini 2.5 Pro tops LLM benchmarks, and AI Overviews are reaching1.5B users/mo. But fears around Gen AI's impact on Search dragged GOOGL -7% YTD, for anattractive risk reward.CRWV is levered to AI infrastructure buildout.CRWV is the fastest growing vendor in our AIcoverage (60% rev CAGR FY25-28e) and we believe their infrastructure has more durability thanmost think.Please see important disclosure information on pages 208 - 215 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Summary of ChangesCompanySnowflakeSNOWMeta PlatformsMETAPreviousCoreWeaveCRWVPreviousMicrosoftMSFTPalantir TechnologiesPLTRPreviousAlphabet, IncGOOGLPreviousAmazon.com, IncAMZNPrevious^Prior trading day's closing price unless otherwise noted.Price: After hours priceCons. Rev.: Cons. Source: FactsetPlease see important disclosure information on pages 208 - 215 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. RatingPrice^BUY$208.18BUY$682.87BUY$147.19BUY$474.96UNPF$137.40BUY$174.67BUY$212.10 AI Deep Dive: GraduallyAwakening in theEnterpriseJUNE 2025AI + SOFTWARE + INTERNET + CLOUDBrent Thill415.229.1559bthill@jefferies.com Key Take–Position Ahead of Inflecting Adoption: Top Picks MSFT & METAEnterprise AI adoption is still slow but is likely to ramp up in the second half of 2025 and into 2026.•Our checks indicate that still less than 20% of Gen AI POCs have made it into production today. However, they also indicate thatgradualadoption will ramp especially with recent improvements in AI products leaving many feeling they are finally ready.1AI monetization still only low-to-mid single-digit percentage of the top large cap's revenue.•In our analysis of large cap software companies, AI revenue is still nascent, even for the leader MSFT, who we estimate has a$16Bannual Gen AI run rate representing just mid-single digit % of its overall revenue.2MSFT is our top enterprise pick.•As Azure accelerates and Copilot's momentum builds, we believe MSFT will continue to rerate. We reiterate MSFT as our franchisepickwith a $550 PT.3META is our top consumer pick.•With nearly 4B users and over 200M businesses, META has a significant opportunity to further monetize WhatsApp with its broadplatform. Moreover, META's Llama models support the open-source community, positioning META to capitalize on its success.4Brent Thill, Equity Analyst, (415) 229-1559, bthill@jefferies.com AI Winners AI Winners–Top Enterprise AI PicksMSFT–Franchise Pick (Buy, PT: $550)We believe MSFT, due to its partnership with OpenAI & end to end platform, has positioned itself as a key beneficiary of GenAIableto cash in on both Infra (Azure AI) & App (Copilot) opportunities. While we are in the early innings of AI