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Yuvi.
$GOOGL
谷歌真正的考题，是AI搜索能否守住广告经济学。
只要生成式答案提升用户体验，同时维持商业查询的点击与转化，AI就会成为搜索升级，而非利润稀释。云业务增长还能为模型投入提供第二条变现路径。
若搜索份额、单次查询成本和广告价格保持健康，估值有修复空间；若流量增长却换不来利润，资本开支压力会被放大。
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