The trial centers around Musk's donations to the AI lab when it was a non-profit and its conversion to a for-profit company. ...

Alphabet's Google is in talks with Elon Musk's SpaceX for a rocket launch deal as the search giant expands its own efforts to put orbital data centers in space, the Wall Street Journal rep... ...

A deal between the two tech titans would give a boost to SpaceX's business ahead of a historic public listing. ...

Isomorphic Labs, an artificial intelligence-driven drug discovery company, said on Wednesday it has raised $2.1 billion in its latest funding round led by existing investor Thrive Capital. ...

文章核心观点 - 谷歌股价处于52周高点，基本面强劲但估值已充分反映利好，当前风险回报不具吸引力，建议“持有”而非买入，应等待更好的入场时机或关键催化剂出现[1][3][12] 财务表现 - 2026年第一季度营收达1099亿美元，同比增长21.79%[1][5] - 第一季度每股收益为5.11美元，远超2.63美元的预期[5] - 第一季度营业利润为397亿美元，同比增长29.7%，营业利润率扩大至36.1%[7] - 第一季度自由现金流暴跌46.63%至101.2亿美元[1][9] - 第一季度净利润受到369.1亿美元未实现股权收益的提振，这部分收益不具备持续性[9] 业务部门表现 - 谷歌云收入在第一季度飙升至200.3亿美元，同比增长63%[1][6] - 谷歌云未完成订单额接近4600亿美元，环比几乎翻倍，提供了多年的收入可见性[1][6] - 搜索业务增长重新加速至19%，反驳了AI助手将削弱该业务的论点[6] - Gemini AI模型目前通过API每分钟处理超过160亿个tokens，环比增长60%[6] - Waymo自动驾驶业务每周提供50万次乘车服务[12] - 谷歌网络广告收入从72.6亿美元下滑至69.7亿美元[9] 资本支出与投资 - 第一季度资本支出达到356.7亿美元，同比增长107.44%[1][9] - 管理层指引2026年全年资本支出将在1750亿至1850亿美元之间[9] 股价表现与估值 - 谷歌C类股在过去一年中上涨了159.59%，同期标普500指数上涨30.37%，表现超出指数约5倍[4][11] - 年初至今股价回报率为26.06%，同期标普500指数回报率为7.28%[11] - 当前股价为395.30美元，接近397.28美元的52周高点[3] - 基于过去收益的市盈率为30倍，远期市盈率接近28倍[11] - 分析师平均目标价为398.06美元，意味着仅约0.7%的上涨空间[2][11] 市场情绪与评级 - 华尔街分析师给出13个“强力买入”和47个“买入”评级，仅对应6个“持有”评级，无“卖出”评级[7] - 预测市场数据显示，市场认为谷歌股价在5月份触及400美元的概率为97.4%，但触及410美元的概率仅为64.3%[10] - 过去156笔内部人士交易均为净卖出[9] 看涨论点 - 谷歌云已成为第二增长引擎，其高速增长和巨额订单积压构成了长期看涨基础[6][12] - 搜索业务增长加速，AI并未侵蚀其核心业务，反而可能重新点燃增长[6][17] - 公司资产负债表稳固[12] 看跌论点 - 巨额资本支出正在侵蚀自由现金流[8][9] - 估值不再便宜，30倍市盈率且自由现金流收缩，表明容易赚取的利润阶段可能已经结束[9] - 存在监管方面的不确定性[9] 投资建议与触发条件 - 当前建议“持有”，因股价已反映大部分利好，在52周高点买入风险回报不佳[3][12] - 买入的触发条件：股价有意义地回调至318美元的50日移动平均线附近，或第二季度财报显示云业务利润率随资本支出同步扩张[13] - 卖出的触发条件：云业务增长减速且自由现金流到年底仍未恢复[13]

Waymo has issued a software update to its fleet of nearly 4,000 vehicles to help them avoid flooded roads as part of a recall announced by the National Highway Traffic Safety Administration (NHTSA) on Tuesday.But the company hasn’t fully solved the problem of how its vehicles behave in these conditions. In documents released by NHTSA, the federal safety regulator says Waymo is still “developing the final remedy for this recall.” The issue appears to be that Waymo’s robotaxis were slowing, but not stopping ...

ToplineWaymo is recalling nearly 3,800 driverless cars, the National Highway Traffic Safety Administration said on Tuesday, over a driving software issue that could cause cars to drive through flooded roadways.Waymo said it was working on a software update to remedy the issue.dpa/picture alliance via Getty ImagesKey FactsWaymo will recall a total of 3,791 driverless cars, all of which are equipped with the company’s 5th and 6th generation automated driving systems.In a notification sent to the NHTSA, the co ...

Waymo is recalling thousands of robotaxis to fix a software issue that could cause the autonomous vehicles to drive on flooded roads.The recall affects 3,791 vehicles equipped with the company’s fifth- and sixth-generation automated-driving system, according to documents posted to the National Highway Traffic Safety Administration’s website. The Alphabet Inc.-owned robotaxi business has placed additional constraints on the system’s operations while it works on a permanent fix. The problem stems from an inci ...

宏观研究 证 券 研 究 报 告 【宏观专题】 境外中游又如何？ ——战略看多中游制造系列十 综合多个数据源，获得 240 个境外中游可分析的样本，截至 5 月 9 日合计市 值为 35 万亿美元，体量较大。选择 A 股市值超过 30 亿美元的中游与之对比， 市值为 5.49 万亿美元。将 A 股与境外这两部分的合计值，作为全球中游市值， 则中国内地占比为 13.5%。这一占比显著低于出口与生产维度的中国内地份 额，中国内地中游的市值或存在一定的低估。 上篇：境外中游的盈利增长 1、利润：增长强劲。1 季度，已披露季报数据的样本显示，当季净利润增速达 到 84.1%。利润率达到 18.6%，去年四季度为 12.2%。分行业来看，1 季度当 季，半导体、硬件设备、国防军工、电气设备、其他五个行业业绩增速较高， 分别达到 137.0%、121.8%、23.3%、23.5%、60.4%。汽车与零配件、机械利润 增速较低，分别为 5.5%、2.6%。家电业绩压力较大，为-50.9%。 2、ROE：快速上行。1 季度，样本显示，ROE 达到 21.8%，去年四季度的样 本企业 ROE 为 18.4%。当前 ROE 处于 ...

Prediction-market Kalshi named Sudhir Jain, a well-connected former regulator, as its chief compliance officer. ...