CITIC Securities: Google is expected to catch up through organizational adjustments, improved computing power supply, and advantages in AI ecology.

CITIC Securities Research report stated that we believe Google has built a comprehensive AI moat integrating data, computing power, models, applications, and commercialization, and has achieved efficient monetization of AI through advertising, subscriptions, cloud computing, and other businesses. With added value from ecosystem empowerment and cost reduction and efficiency improvement space, Google has a better AI benefit logic. Although there are doubts in the current market about Google's large-scale model development pace, we believe that Google is expected to catch up through organizational adjustments, improved computing power supply, and AI ecological advantages, leaving room for overtaking in the exploration of multimodal and global models.