BofA互联网AI综述

Let’s Chat AI–Post(ings)attheintersection of Internet and AI Industry Overview BofAInternet AI Roundup AI capabilities and sentiment have become an important driver for Internet companystock performance. In our monthly AI Internet roundup, we review major news andevents at the intersection of Consumer Internet and AI. Avocado LLMrelease may be delayed to at least May Per reports, Meta has postponed the launch of Avocado LLM, to at least May. The delayis reportedly due to performance issues.Our take: Given MSL was formed in late 2Q/early3Q’25, we think the revised timeline likely reflects a more measured/realistic developmentcycle. However, challenges Meta is facing underscore Google’s strong LLM position & basedon Gemini’s timeline, it could take Meta a couple of years to build a leading LLM. Avocadorelease could be a catalyst for Agentic, subscription and AI assistant products from Meta. Apple exploring Siri focused Cloud deal with Google Per reports, Apple is exploring hosting the next version of Siri on Google data centers,powered by Gemini.Our take: We think the potential deal is another endorsement ofGoogle AI infrastructure and strengthens Google's mobile strategic positioning. Also, runningSiri on Google Cloud infra likely makes the partnership more durable. Big growth expectations for AWS PerReuters, Amazon CEO Andy Jassy indicated that he expects AI demand to help AWSgenerate $600bn in sales by 2036.Our take: Outlook suggest a potential 15% 11-yearCAGR, and could suggest capex catch up cycle could nearing an end (assuming 2036 AWScapex at 50% of revenues, or $300mn, would suggest 6.5% capex CAGR from here). OpenAI new model & scales back Instant Checkout Per report, OpenAI is preparing to launch a new AI model codenamed“Spud”. Also,OpenAI shifted its Agentic strategy, moving to app based referrals from checkout.Ourtake: Street will be closely watching new model releases for innovation on improving chipcapabilities. Also, OpenAI's shift toward more retail-controlled surfaces should ease Streetconcerns that agentic commerce will rapidly disintermediate retailers. Uber & Nvidia announce plans for 28 AV cities by 2028 Uber and Nvidia announced an expansion of their AV partnership, indicating that Nvidiasoftware powered Level 4 robotaxis will begin operating on Uber’s network in LA and SFin the first half of 2027, before scaling to 28 global cities by 2028.Our take: While Uber’sUS AV supply ramp still trails Waymo and potentially Teslaby multiple quarters, Nvidia OEMdeals are an important step forward in Uber’s long-term supply funnel. What’s coming– potential AI catalysts1) Google: Cloud Next (Apr 22-24), agentic launches & new eCommerce partnerships, and new large cloud deals, 2) Meta: Avocado launch, AI video creation tools, Subscriptionservices, 3) OpenAI: new model Spud, ChatGPT super-app features, agentic tools &partnerships, 4) Reddit: Expanded DPA features and Search ads, 5) Anthropic new modelMythos, new agentic features and partnerships, and expanded set of enterprise tools. Online Media Meta postpones Avocado LLM release Per reports, Meta has postponed the launch of its latest LLM, Avocado, to at least May,versus prior press reports that suggested a 1Q launch. The delay is reportedly due toperformance issues, with the model underperforming relative to leading LLMs in areaslike reasoning, coding, and writing. The report also noted that Meta has consideredtemporarily licensing Gemini models to support certain products while Avocadodevelopment continues.Our Take: Meta has indicated that the first version Avocado wasexpected to be“good”and not at the frontier, and the shift in the release timeline suggestsMeta is prioritizing model quality over speed to market. Given MSL was formed in late2Q/early 3Q’25, we think a 1Q launch timeline was ambitious and the revised timeline likelyreflects a more measured development cycle. However, challenges Meta is facing underscoreGoogle’s strong LLM position and, based on Gemini’s timeline, it is possible that Meta takesa couple of years to build a leading edge LLM. We think model launch in 2Q remains animportant catalyst for the stock, and is a catalyst for new consumer services. See our note:Meta reportedly postpones Avocado release. Meta eliminates several roles across different organizations On 3/25, Meta reportedly laid off several hundred employees across several differentorganizations within the company, including Reality Labs, Facebook, global operations,recruiting, and sales. A Meta spokesperson stated "Teams across Meta regularlyrestructure or implement changes to ensure they're in the best position to achieve theirgoals. Where possible, we are finding other opportunities for employees whose positionsmay be impacted". Earlier in the month, Reuters had reported that Meta was consideringa broader restructuring that could affect approximately 20% of the workforce,potentially impacting 15,000 to 16,000 roles. The report indicated that