晨星:市場高估人工智能風險 將Alphabet(GOOGL.US)公允價值預測升至161美元
晨星亞洲發表研報指,隨著OpenAI推出ChatGPT及微軟(MSFT.US)將生成式AI技術整合到旗下搜索引擎Bing,投資者正擔心谷歌母企Alphabet(GOOGL.US)失去其搜索市場份額,但晨星認為市場高估相關風險及威脅,指出微軟的發展預期對谷歌的搜索市場領導地位影響微乎其微。
不過該行預期,谷歌的收入增長可能會減慢,亦會損失部分市場份額,預期微軟Bing將取得低單位數的市佔率,而谷歌龐大的網絡效應將有助其保持市場領先地位。
晨星又指,生成式AI技術將加快谷歌雲端業務收入增長,並進一步提升經營利潤率,足以抵銷收入下降及搜索業務的利潤壓力,因此將其公允價值預測上調5%至每股161美元。(gc/u)
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