Internet: Spring Series Presentation and Sector FAQs

研报英文原文证据摘录

Internet: Spring Series Presentation and Sector FAQs

FAQ #5: What are Key AI Risks & Opportunities?

Ticker KEY AI RISKS KEY AI OPPORTUNITIES

Cloud migrations accelerate; Retail

●AMZN Cloud share loss; Agentic competition

frequency/personalization gains

Cloud monetization; Expansionary to Search, YouTube;

●GOOG/L Search share loss to AI; OpenAI/LLM ad competition

Subscriptions

AI Ads stack optimizations; frontier model innovation,

●META Engagement loss, OpenAI/LLM Ads; Frontier models

engagement lift

●NFLX AI-generated content Engagement lift, lower content costs

●SPOT AI competition/DSPs AI monetization; engagement lift

●SMID Ads (PINS, SNAP, RDDT) Engagement Loss; OpenAI/LLM Ads AI Ads stack optimizations; engagement lift

AV competition; Pricing pressure & impact on unit TAM expansion; Engineering efficiencies, Customer

●Rideshare (UBER/LYFT)

economics support costs

●Food & Grocery Delivery Better targeting for advertising; personalization leads to

Agentic commerce; Advertising revenue risk

(UBER/DASH/CART) better conversion; Customer support costs

●OTAs (BKNG, ABNB, EXPE, Diversify traffic acquisition; Personalization; Connected

Disintermediation, competition

TRIP, TRVG) trip planning / bookings

●SMID E-Comm (EBAY, CHWY, Greater frequency & personalization; higher AOVs &

Agentic commerce; Search & Ads shift

ETSY, STUB) conversion rates

Incremental traffic & merchant adoption; Greater

●SHOP Agentic commerce; Payments & Storefronts shift

frequency; AOVs & conversions

Teaching efficacy improves; Video Call/Speaking;

●DUOL AI Apps; OpenAI/LLMs

●PTON Time spent competition Improved engagement & personalization

●FVRR Simple, lower-end projects at risk Better matching & conversion, w/more complex jobs

●Online Real Estate (Z/ZG,