Meta发布新基础模型Muse Spark，AI大模型竞争再起，流媒体、跨界游戏与跨媒介IP价值凸显

Beyond the Click... META Makes a Splash With NewMuse Spark AI Model Internet Bottom Line: META'snewMuse Sparkmodel re-enters the foundational model race with a solidoffering.NFLXpushes deeper into gaming with the launch ofNetflix Playground.Anthropic expands partnership withGOOGLto onboard multiple gigawatts of TPUcapacity starting in 2027, thoughAMZNremains Anthropic's primary cloud/trainingprovider.The Super Mario Galaxy Moviecontinues to dominate the box office,underscoring the strength of the transmedia franchise and likely serving as a tailwindforNFLX,TTWO,RBLX,andUBI.AMZNstrikes a USPS deal. What's Inside We discuss the latest trends across the entire Internetlandscape, including artificial intelligence, digitaladvertising, advertising technology, e-commerce,general marketplaces, online travel, and interactivemedia. Key Points META Is Back in the AI Model Race With Muse Spark Launch —Muse Spark is the firstmodel released from the new Superintelligence Labs. The model delivered impressivebenchmarks against leading models from Anthropic, Google, and OpenAI, as METAshows signs of life on its $132B of 2026E CapEx. Anthropic Leans Into GOOGL's TPUs —The expanded partnership onboards multiplegigawatts of TPU capacity starting in 2027, underscoring GOOGL's full-stack strength andlong-term TPU opportunity. AMZN remains Anthropic's primary cloud/training provider.Separately, Anthropic hits $30B in ARR, up from $9B in Dec '25. NFLX Pushes Deeper Into Games With Netflix Playground—A separate app designedfor users under 8 years old with no ads or in-app purchases. We strongly believe NFLXwants to expand further into the ~$200B global gaming industry, which could supportcontinued subscriber price increases over time and accelerate Netflix's engagementgrowth. We see Playground as potentially competitive long-term to RBLX, but questionwhether Playground will have any meaningful impact in the near term. Apple App Store Sees Explosion of New Apps —As the YoY growth in new AppleApp Store Apps has meaningfully accelerated since the start of 2025, to 84% YoYgrowth in new App Store launches in 1Q26. We believe AI-driven product launches andengineering efficiencies are the primary drivers of launch acceleration. We seeGOOGLandAAPL(Not Rated) as primary beneficiaries of a more robust app ecosystem. The Super Mario Galaxy MovieSuggests Transmedia Success Has Legs —Asthe Mario sequel has driven $430M in global box office sales since its 4/1 release,meaningfully above its $110M budget. The sequel's success underscores the massivetransmedia opportunity, as we believeNFLX, TTWO, RBLX,andUBIare all well-positioned to benefit from broader transmedia trends. TTD Loses Its 4th Board Member in 2026 —Lise Buyer's resignation represents the4th resignation from TTD's Board of Directors in 2026.TTD is also losing several keyemployees, including Chief Commercial Officer Ian Colley. AMZN Reaches USPS Deal —The tentative agreement reduces the number of Amazonpackages handled by USPS by ~20%, less than the initially threatened two-thirdscut. The deal, following months of negotiations, still needs approval from the PostalRegulatory Commission and comes before the existing contract expires in Sep 2026. Waymo Launches Service in Nashville —The service now operates in 11 cities and3 airports, with plans to expand further through 2026.LYFTis serving as the fleetmanagement partner and will offer the service through its app later this year. IndustryResearch META Releases New Foundational Model, Muse Spark BMO Take:META has finally announced the long-anticipated next foundational model release with therelease of "Muse Spark", which becomes the first model release under the new Superintelligence team.Muse Spark represents the first model in a new series of LLMs from Meta's Superintelligence Labs, whichthe company hopes will eventually lead to superintelligence, with assistants that can help any user,anywhere. The Muse Spark model benchmarks fairly strongly against some of the most powerful models in theworld from Anthropic, Google, and OpenAI, suggesting that META has made some meaningful progress inthe last year. Notably, META highlighted that Muse Spark already powers the Meta AI assistant in the Meta AI app andthat a broader rollout across its family of apps will follow in the coming weeks. However, we believe META still trails the leading model providers, who are nearing the release of theirnext foundational models, likely to show meaningful improvements in intelligence. Ultimately, we are encouraged by the model release, which appears to show that META is getting itsfoundational model strategy back on track. However, despite the massive investments that META ismaking behind AI, we still question the path to driving ROI from the ~$135B of expected CapEx spend in2026E. Source:META Meta and CoreWeave Expand AI Infrastructure Agreement BMO Take:CoreWeave and Meta announced an expanded long-term AI infrastructure agreement val