聊聊人工智能——互联网与AI交汇点的动态洞察

Let's Chat Al -Post(ings) at theintersection of Internet andAl 01 December 2025 BofA Internet Al Roundup EquityUnited States Al capablities and sentiment have become an important driver for Internet companystock perfomanice. In our monthly Al Intemet roundup, we revlew major developmentsat the intersection of Consumer Internet and Al. Recent major Al news/events include: AlphabetlaunchesGemini3-search/cloudhaloeffect Jusutin PostResearch Anslyst+1 415 676 3547justinpos.@bofa.com Alphabet launched Gemini 3 Pro, with stronger multimodal and contextual understandingcapabilicles and positive reviews. Tlhe company also hlghlighted that Al Overviewsreached 2bn MAUs and Geminl app 65Omn MAUs. Cur Toke: In/tiol reports suggestGenmini 3.0 capobilitles Gre Ghead of compet/tion and, instegd of AJ disruption coricerns, wesee potentiai for Gemini to be seen os d demond generator for seorch and Google Cloud Curtis Nagle, CFAResearch Anslyst-1 645 855 295C.mgetbofarom Meta exploring large-scale Google TPU deal Omur Dssnuky, CFAResearch Anslyst+1 645 855 0566BofA5omar.tdessoucQbofa.tcr Per reports, Meta is in discussions with Google on a potential deal to deploy Google'scustom TPUs in Meta's own data centers beginning in 2027. Our Take: We seediscuss/oiis Gs onother strong evidiorseiment for Google TPUs and pos/tive driver forAlphobet voluotion muitiples. For Meta, incorporating TPUs couid reduce future computecosts, potenitiolly hielping to address c materiol overhoig on the stock. Michael McGouemResezrch Anzlyst+1 415 676 3520Bof4S Strong traction for Amazon's Al shopping assistant, Rufus Amazon reported >25Omn customers have used Rufus this year. MAUs of the AIshopping assistant are up 140% y/y while interactions are up 210% y/y. Our take: Rujusis still ecrly, but seems to be driving increimentol GMV, witi1 Amazon reporting that3 /ao2 3 /jaxl aoul +%C9 ao Aauof u/ddous Su(p sriny Su(s sJBosn2expect an Agentic AJ battle between Rufus, OpenAJ and Gocgle to emerge over next 2 years. Nitin Bansal, CFAResearch Anclyst+1 415 676 3551ntase17bat0 Resezrch AnclystSteven McDermottRof45Seaen mtidmwt:gbofa con1 665 855 4677 Uberand Nvidia planto deliver100KAvs Nvidia announced an updated L4 driver tech solution (Nvidia-DRIVEI & plans to deliver10Ck AVs as part of its partnership with Uber, with L4 vehicles beginning to rollout in2027. Nvidia has indicated that Stellantis, Lucid & Mercedes will be building cars withL4 technology, some for personal use. Our take: With o growing list of AV portners, Uber'sstock couidf see G smaller impact froin Woymo/Tes/g expansion news going fcrvard. Haruy QinanCanstyethuiyuqin@bofacom+1 917 8C4 5175 emanncngeraishufatom+1 646 743 0567 OpenAltargeting$100bnARRby2027 Per reports, OpenAl is expecting $20bn ARR by end of 2025 and to grow Commerce andOur Take: Irvestors ore considering the OpenAJ dilerrma' for intermet hyperscaiers, who oread revs to S4Obn by 2030, though press is also questioning debt financing of partnersJansua2 Jof uado i/ bupado2 puo /i(2edb pno2 (ruado of /aap au uubjs 4roqusage. Weiging the prcs ond cons, ve stillview OpenAf as a riet competitive threot to BigTech Internet. See our note. A quick review of the OpenAl dilemma for interret hyperscalers Al: artificia InteligenceA105: AI T2wervieSEMG: EleectramycgraphyWWDC: Wcrldvide Develaper CanferenceSGF: Search Generatlve ExperlenceROAS: Rcturn on Ad SpendAV5: Amazon web servicessi[ealde) rquA 3AGPT: Gencrative Pre-trsined TransfomerLLM: I.arge Language MedalWAWDC: Wcrldvlde Ievelaper CanferenceML: Machire LeaningsIG: InstagramSFV: Short Fom VidaaGCF: Gcogle: Cloud Fiatfcrm What's coming - potential Al catalysts 1) Google: User ecoption of Gemini 3 in search, Agentic leunches (travel, eCommerce,etc.). Gemini driven Cloud demand, 2) Meta: Llama 5 (Spring7), Meta Business Al launch,3) OpenAl: Ads launch, and newr agentic tools, 4) Reddit Al partnership deal renewals, 5]AWS Re:Invent (Dec 1-5), BofA Securitles does and seeks to do buslness wlth issuers covered In Its researchreports. As a result, investors should be aware that the firm may have a conflict ofInterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 15 to 17. Online Media Google & Meta exploring large-scale TPU deal scale deal to deploy Google's custom TPUs in Meta's own data centers beginning indeals to other cloud customers. This would mark a meaningful strategic shift forAlphabet that lhas historically imited TPU use to Intemal workloads or Its own cloudplatform. Our Toke: We see discuss/ois os onother strong endorsement for Google TPUsfollowing the Anthroplc deai, and potentiol muit/ple expons/on driver as Street contemplatesiorge busines5 opportsanity. For AMfeta, incorporot/ng 7PUs couid reduce comipute costs cnddependence on Nvidia, hielp/ng w/tih conicerns over marg/n pressure in 2026 and 2027. Alp