Guotai Haitong: Global AI industry multi-line resonance comprehensive verification from computing power to application

Guotai Haitong released a research report stating that Alphabet Inc. Class C (GOOGL.US) financial report confirmed the full outbreak of demand for AI in the cloud business, and the decoupling of Anthropic's valuation ceiling from OpenAI signifies that the global large model industry has entered a new stage of scaled implementation; domestic Sensetime (00020) models are being open sourced, and Douba is introducing a paid model, confirming that the window for commercialization of AI applications has officially opened. The entire industry chain continues to improve, with the highest certainty in computing power infrastructure and accelerated differentiation in the application sector. The bank maintains a "buy" rating for the computer sector. The main points of Guotai Haitong are as follows: Alphabet Inc. Class C's cloud business is experiencing explosive growth, with AI becoming the core driving force of growth, and continued upward revisions in capital expenditure confirming high demand for computing power. Alphabet Inc. Class C's parent company, Alphabet, announced first quarter financial results, with cloud revenue reaching $20.2 billion, a 63% year-on-year increase, far exceeding analysts' expectations of $18.05 billion. Alphabet CEO Sundar Pichai stated during the earnings call, "In the first quarter, our enterprise AI solutions became the main driver of growth for our cloud business for the first time." Alphabet Inc. Class C's parent company, Alphabet, raised its 2026 capital expenditure expectations to $180-190 billion. Pichai also pointed out, "In the short term, we face limitations in computing resources. If we could meet the demand, our cloud revenue would be even higher." The demand for cloud business far exceeds the current supply, directly confirming the urgency and sustainability of AI computing infrastructure construction. Sensetime has open sourced its native multimodal model, and Douba has entered the era of subscription fees, speeding up the commercialization process of AI applications in China. This week, Sensetime Technology open sourced the SenseNova U1 Lite series native comprehension generation unified model, using the new NEO-unify architecture to achieve collaborative processing of language and visual information. With only 8B small parameters, it can achieve the same effects and efficiency as many commercial proprietary models." In image understanding and generation benchmark tests, SenseNova-U1-8B-MoT's performance was quite outstanding, leading in multiple tests such as general understanding and spatial understanding." At the same time, Douba has officially launched a paid subscription version, with a maximum annual fee of 5088 yuan. Douba is transitioning from a phase of free customer acquisition to a more clear stage of commercialization." The free mode can quickly expand the user base, but in the long run, it is difficult to cover the computing power consumption brought by heavy users. The combination of open sourcing models and paid products marks that the domestic AI industry is transitioning from technological breakthroughs to a sustainable business cycle. Anthropic's lightning financing aims for a trillion-dollar valuation, decoupling from OpenAI reshaping the global AI competitive landscape. Anthropic is initiating a $500 billion financing round at a valuation of about $900 billion, with investors being asked to submit their quotas within 48 hours. Anthropic has received multiple proactive offers willing to invest at a valuation of $850-900 billion and a scale of about $500 billion. The core support for this valuation is revenue: its annualized run rate has exceeded $30 billion. OpenAI and Microsoft Corporation jointly announced a rewriting of their cooperation agreement, with Microsoft Corporation giving up exclusive sales rights to OpenAI's models and products, allowing OpenAI to sell all of its products on any cloud platform. However, the three-year gap has allowed Anthropic to gain a lead in the enterprise market, with 79% of companies spending money on Anthropic also paying for OpenAI, but the flow is one-way from OpenAI to Claude. Risk warning: Technological development may not meet expectations, and company business expansion may fall short of expectations.