Alphabet：AI之战：Claude又一个重要月份，Gemini增长势头强劲

AI Wars: Another big month for Claude,strongGemini growth continues Maintain Rating:BUY| PO:370.00 USD| Price:317.32 USD Traffic: Gemini +8% m/m, ChatGPT -6%, Claude +90% 09 April 2026 InMar, per Similarweb, global daily avg. web visits to Google were up 3% y/y to 2.8bn,ChatGPT +26% y/y to 185mn, Gemini +659% to 84mn & Claude +521% to 20mn. Onm/m basis, Google was -3%, ChatGPT -6%, Gemini +8%, and Claude +90%.US webvisitsto Google were +1% y/y to 543mn, ChatGPT +53% to 34mn (6% of Google),Gemini +431% to 10mn & Claude +528% to 5.5mn. For m/m, Google was -4%, ChatGPT-9%, Gemini +0.1% & Claude +67%. Gemini was solid & Claude had another strongmonth, likely due to positive press on model improvements and stance on use of model. Equity Justin PostResearch AnalystBofAS+1 415 676 3547justin.post@bofa.com Nitin Bansal, CFAResearch AnalystBofAS+1 415 676 3551nbansal7@bofa.com DAUs: Gemini +9% m/m, ChatGPT -3%, Google +1% InMar, per Sensor Tower, Google global mobile DAUs were +12% y/y (+1% m/m) to2.2bn, ChatGPT +141% y/y to 427mn (-3% m/m), Gemini +332% y/y to 89mn (+9%m/m), Claude +848% to 9.7mn (+129% m/m), Perplexity was +136% y/y to 9mn, andGrok was at 12mn. In March, Gemini added 8mn global mobile DAUs, ChatGPT DAUsdeclined 13mn m/m, Claude added 5.5mn, and Grok added 0.4mn DAUs. Harvey QinResearch AnalystBofAS+1 917 864 5179huiyu.qin@bofa.com Search share: Google globalshare marginally up y/yPer Statcounter, Google’s global search share was down 6bps m/m vs. Bing up 15bps m/m. On y/y basis, Google’s market share was +24bps y/y (vs down 14bps in Feb) to90.0% while Bing gained 112bps y/y (vs +103bps in Febr) to 5.1%, and Others weredown 151bps y/y to 3.4%. In the US, Google’s search market share was +83bps m/m to85.0% (down 183bps y/y), while Bing was down 63bps m/m and up 226bps y/y to 9.9%. Claudegains persist, Gemini strong & Google stable Claude had another month of stronguser growth with growing adoption of Claude Codeand agentic features. For Gemini, traffic and user growth trends remain strong whileGoogle traffic growth was stable y/y, suggesting Claude’s traction was incremental or atexpense of AI competitors. We continue to see an opportunity for AI integration inGoogle Search to drive revenue upside through improved intent understanding andbetter monetization of zero-click queries. Maintain Buy. Catalyst: Cloud Next Conference(Apr 22), I/O Conf (May 19), ads in Gemini app. Risk is relatively elevated valuation (vsrecent history) & new competitive product launches (GPT-6, OpenAI ad ramp, etc.). At~$315, Alphabet is valued at 24x Street‘27E EPS (vs S&P at 20x). AIOs: AI OverviewsDOW: Department of WarAI: Artificial IntelligenceML: Machine LearningPMax: Performance MaxLLM: Large Language ModelWWDC: Worldwide Developer ConferenceDOJ: Department of JusticeNT: Near-TermAIOs: AI OverviewsGCP: Google Cloud PlatformST: Sensor Tower BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity ofthis report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 18 to 21. Analyst Certification on page 16. PriceObjective Basis/Risk on page 16.12956802 iQprofileSMAlphabet Company SectorInternet/e-Commerce Company Description Alphabet is a global technology company focused on keyareas, such as search,advertising, operating systems andplatforms, enterprise and hardware products. The companygenerates revenue primarily by delivering online advertisingand by selling apps and content on Google Play as well ashardware products. The company provides its products andservices in more than 100 languages and in 190 countries,regions, and territories. Investment Rationale We see Alphabet as well positioned long term with leadingAI technology to apply to search, YouTube, and Cloudbusinesses.Alphabet should also benefit from increasingmobile usage, video usage, Google Play activity, andconnected device activity (including autos). We believe thatAlphabet should trade at a premium to a media peer groupgiven technology leadership, high margins, and strong cashflow generation for buybacks. Stock Data Average Daily Volume30,238,960Shares / Common - Dual Listed1.00 March Data Summary Fortraffic, per Similarweb, global daily avg. web visits to Google were +3% y/y to 2.8bn,ChatGPT +26% y/y to 185mn, Gemini +659% to 84mn & Claude +521% to 20mn. Onm/m basis, Google was -3%, ChatGPT -6%, Gemini +8%, and Claude +90%.US webvisitsto Google were +1% y/y to 543mn, ChatGPT +53% y/y to 34mn (~6% of Google),Gemini +431% y/y to 10mn & Claude +528% to 5.5mn. On m/m, Google was -4%,ChatGPT -9%, Gemini +0.1% & Claude +67%. In March, Claude had another month ofstrong traffic and user growth driven by growing adoption of Claude Code and agenticfeatures. ChatGPT was down m/m, possibly due to some share s