en.Wedoany.com Reported - CITIC Securities' latest research report states that the short-term narrative of AI disrupting US internet stocks is overplayed. In consumer scenarios, AI's incremental improvement in user experience is limited, AI replacement faces cost constraints, and model companies themselves have capability boundaries. Therefore, AI and existing internet platforms are more likely to have a cooperative rather than substitutive relationship, with some high-quality companies being significantly mispriced. This analysis directly points out that the current market's concern over AI's impact on internet platforms is exaggerated, suggesting that the short-term overreaction to the AI disruption narrative obscures the deep moats existing internet platforms possess in data, users, and scenarios.
CITIC Securities points out in the report that AI's incremental improvement in user experience is limited in consumer scenarios, AI replacement faces cost constraints, and model companies also have their own capability boundaries. From a practical application perspective, while AI assistants can improve some interaction efficiency, in scenarios involving complex transactions, social relationship networks, and local services, the merchant networks, user habits, and fulfillment systems accumulated by existing internet platforms over many years are difficult for AI agents to replicate in the short term. Model companies also face real-world constraints in terms of computing power costs, data acquisition, and commercialization, making it more likely for AI and existing internet platforms to move towards cooperation and complementarity rather than substitution and disruption. Based on this judgment, CITIC Securities believes that some high-quality internet companies previously sold off due to the AI disruption narrative are significantly mispriced.
Based on the above analysis, CITIC Securities recommends focusing on companies with competitive moats in the AI era, such as those possessing physical world connectivity, strong network effects, data and algorithm accumulation, and high-quality content IP. At the same time, it suggests seeking directions where demand expands with AI penetration. At the investment strategy level, CITIC Securities emphasizes that companies with a true moat in the AI era often possess core assets that are difficult for AI to replace—whether it's offline logistics and retail networks, long-established user social relationships, or exclusive copyrights and high-quality content libraries. These will become scarce resources in the wave of AI. Meanwhile, as AI penetration increases across various industries, demand will also expand in areas such as computing power infrastructure, AI application software, and data services.
From a broader perspective, CITIC Securities' judgment in this report regarding the short-term overreaction in the AI disruption narrative for US internet stocks provides a dose of sobriety for the market. In the current era of rapid AI technology iteration, investors need to pay attention to the transformative potential brought by technological innovation while also guarding against underestimation and misjudgment of traditional business models. The investment directions recommended by CITIC Securities—companies with physical assets, network effects, and content barriers, combined with sectors benefiting from demand expansion due to AI penetration—provide a clear allocation strategy for the market as the AI narrative returns to rationality.
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