Post
Yuvi.
$GOOGL
生成式AI改变搜索入口，谷歌的护城河是在削弱还是重构？
关键是AI回答能否守住用户意图、广告转化与分发优势。若查询增长和云业务同步改善，AI投入会转化为更强现金流。
若流量增长却搜索收入放缓，我会下调判断。
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