互联网/电子商务行业概览：AI的淡季——客户体验领导者亦应引领智能体领域

The dog days of AI–Customer experienceleadersshould also lead in Agentic Industry Overview Stocksunder pressure as AI concerns build 27 February 2026 The Internet sector is down17% on average YTD, underperforming the S&P (+1%). 4Qresults were mixed, with revenue strength (‘27 rev. estimates moved up 1% on average),andavg. 2027 EBITDA estimates up 3%, but avg. EPS ests. revisions were down 1% onincreasing capex and investment spend. In total, 59% of our coverage group hadpositive 2027 revenue revisions, 51% had positive 2027 EBITDA revisions and 51% hadpositive EPS revisions. Directionally, 2027 revenue/bottom line revisions didn’t show astrong correlation to performance for large & SMID cap stocks, and multiplecompression on AI risk has been the main driver of the negative sector performance. EquityUnited States Justin PostResearch AnalystBofAS+1 415 676 3547justin.post@bofa.com Michael McGovernResearch AnalystBofAS+1 415 676 3520mmcgovern@bofa.com AI risk hard todisprove, but AI not a traffic driver todayUsage of AI is growing& Agentic AI capabilities will only get better, spurred by model improvements & massive investment. Looking back, despite strong traffic growth to AIsites, AI sourced traffic to eComm sites has been very limited. We think AI usage hasserved to increase overall Online activity & acce the Online penetration shift, benefittingeComm, OTA room night & delivery growth in 2025. Risk ahead is that growing AgenticAI use will: 1) cannibalize direct traffic/ad revenue, 2) lead to higher distribution costs,and/or 3) enable a new wave of disruptive competition. We think Street is notappreciating how hard audience building, fulfilment and customer service can be toreplicate, and how superior service levels from vertical leaders like AMZN, BKNG, DASH,and UBER could be favored by AI Agents making purchase decisions. Omar Dessouky, CFAResearch AnalystBofAS+1 646 855 0686omar.dessouky@bofa.com Nafeesa GuptaResearch AnalystBofAS+1 415 370 6386nafeesa.gupta@bofa.com Nitin Bansal, CFAResearch AnalystBofAS+1 415 676 3551nbansal7@bofa.com Google/OpenAI agentic ramp the catalyst/risk aheadBoth OpenAIand Google have built foundations to enable broader Agentic booking & Steven McDermottResearch AnalystBofAS+1 646 855 4472steven.mcdermott@bofa.com purchase capabilities in 2026. Google launched an agentic checkout pilot in 4Q, addedthe Universal Commerce Protocol & numerous retail partners in January, and we expectit to add travel & other vertical capabilities in 2026, a risk for most Internet subsectors.So far, Google’s Agentic monetization approach appears to be through an ad-drivenmodel vs commissions, which we think will be less disruptive than a commission model,and possibly benefit companies with best user experiences, loyalty programs and searchtraffic capabilities. To counter possible long-term direct traffic share loss to Agents, weexpect increasing eCommerce/OTA sector investment in Internal Gen-AI capabilities,pricing (including loyalty program benefits), selection and service speeds. Harvey QinResearch AnalystBofAS+1 917 864 5179huiyu.qin@bofa.com Kemunto OngeraResearch AnalystBofAS+1 646 743 0581kemunto.ongera@bofa.com Largeand small cap Internet stocks at big discountsOur Internet coverage sector is valued at 10x‘27 EBITDA, below 5-yr. avg. at 16x ,with DAU: Daily Activity Users P/E & P/FCF also below 5 yr. averages (P/E at 16x vs avg. at 34x), per Bloomberg. SmallCaps are valued at an even lower 7x EBITDA, a big discount to a 16x avg. All of oursubsectors, including eComm, travel, Gig economy & gaming are valued well below vs5yr avg. Three Buy rated large to mid-cap stocks in our coverage group that have hadminimal YTD 2027 rev. revisions, are down at least 15% YTD, and in our view will beleast disrupted by Agentic AI or incremental AI driven competition: DoorDash, Take-Two,and Chewy. OTA: Online Travel Agency BofA Securities does and seeks to do business with 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 17 to 20. Analyst Certification on page 16. PriceObjective Basis/Risk on page 14.12941876 AI risk in the headlines While not new, Internet sector AI risk has been elevated YTD by both significantincreases in AI investment spend by public hyperscalers and AI focused privatecompanies, as well as Agentic Commerce advances by Google, OpenAI and others. ForInternet mega caps, there is both business disruption and AI capex return risk, whilesmaller caps have increasing competitive uncertainty from expectations for growingAgent AI usage. The Internet sector is down 17% on average YTD, underperforming theS&P (+1%), while sector revenue and EPS estimates for 2027 have been relativelyunchanged. AI driving accelerating Onli