CITIC Securities: AI Disrupts the Narrative of U.S. Internet Stocks, Short-term Overinterpretation

People’s Finance and News, April 2—In a research report, CITIC Securities said that AI has overly exaggerated the narrative about disrupting the U.S. stock internet sector in the short term. In consumer scenarios, incremental value from improved AI experiences is limited, and AI replacement faces cost constraints. Since model companies themselves also have clear ability boundaries, AI is more likely to be a cooperative relationship with existing internet platforms rather than a replacement. Some high-quality companies have been clearly and wrongly sold off. CITIC Securities suggests focusing on companies that have AI-era competitive moats such as connections to the physical world, strong network effects, accumulation of data and algorithms, and high-quality content IP, while also looking for directions in which demand expands as AI penetration increases.