谷歌(GOOGL.US)CEO深度对话：10年CEO生涯低谷、反转和后悔的事

智通财经网04-09

近日，谷歌（GOOGL.US）CEO桑达尔·皮查伊在执掌公司十周年之际，接受了支付巨头Stripe联创约翰·克里森（John Collison）和科技天使投资人埃拉德·吉尔（Elad Gil）的联合访谈。访谈中，皮查伊回顾了谷歌在AI浪潮中从被动到领先的历程。他正面回应了那段令谷歌人“意难平”的历史：明明Transformer架构诞生于谷歌，最后却成了OpenAI推出ChatGPT，并且成为颠覆...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2626180793?lang=zh_CN&edition=full","thumbnail":"https://img.zhitongcaijing.com/image/20260409/20260409212450_26625.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","is_english":false,"pubTime":"2026-04-09 21:24","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2626180793","market":"fut","top_or_hot":-1,"title":"谷歌(GOOGL.US)CEO深度对话：10年CEO生涯低谷、反转和后悔的事","media":"智通财经网","content":"<div>\n<p>近日，谷歌（GOOGL.US）CEO桑达尔·皮查伊在执掌公司十周年之际，接受了支付巨头Stripe联创约翰·克里森（John  Collison）和科技天使投资人埃拉德·吉尔（Elad Gil）的联合访谈。访谈中，皮查伊回顾了谷歌在AI浪潮中从被动到领先的历程。他正面回应了那段令谷歌人“意难平”的历史：明明Transformer架构诞生于谷歌，最后却成了OpenAI推出ChatGPT，并且成为颠覆...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1426767.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>谷歌(GOOGL.US)CEO深度对话：10年CEO生涯低谷、反转和后悔的事</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n谷歌(GOOGL.US)CEO深度对话：10年CEO生涯低谷、反转和后悔的事\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-09 21:24 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1426767.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近日，谷歌（GOOGL.US）CEO桑达尔·皮查伊在执掌公司十周年之际，接受了支付巨头Stripe联创约翰·克里森（John  Collison）和科技天使投资人埃拉德·吉尔（Elad Gil）的联合访谈。访谈中，皮查伊回顾了谷歌在AI浪潮中从被动到领先的历程。他正面回应了那段令谷歌人“意难平”的历史：明明Transformer架构诞生于谷歌，最后却成了OpenAI推出ChatGPT，并且成为颠覆...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1426767.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1642822529.SGD","symbol_name":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1426767.html","article_id":"2626180793","we_media_id":null,"thumbnails":["https://img.zhitongcaijing.com/image/20260409/20260409212450_26625.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2626180793","pubTimestamp":1775741057,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"谷歌十年CEO皮查伊：Transformer诞生于谷歌却成就了OpenAI，内部早期版ChatGPT\"毒性太强\"不敢发布。AI“价值增长曲线极其陡峭”，2026年资本支出将达1800亿美元，晶圆产能将成最大掣肘。2027年谷歌业务预测将全面交给AI，太空数据中心已小规模启动。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","BK4588":"碎股","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","NVDA":"英伟达","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU0426417589.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0109392836.USD":"富兰克林科技股A","IE00BYQQ9H92.USD":"BNY MELLON GLOBAL LEADERS \"A\" (USD) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","AAPL":"苹果","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2275660780.HKD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" (HKD) ACC","LU0444971666.USD":"天利全球科技基金","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1633808545.USD":"ALLIANZ GLOBAL EQUITY GROWTH \"AT\" (USD) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","GGLL":"2倍做多GOOGL-Direxion","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","GGLS":"1倍做空GOOGL ETF-Direxion","LU2433249047.HKD":"THEMATICS META \"R/A\" (HKD) ACC","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0557290698.USD":"施罗德环球可持续增长基金","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","IE00B5TLWC47.USD":"BNY MELLON LONG-TERM GLOBAL EQUITY \"B\" (USD) ACC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU1043141123.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) INC 2","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0130517989.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"R\" INC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU0477156953.USD":"HARRIS ASSOCIATES US VALUE EQUITY \"RE\" (USD) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","IE000F7OJYX1.SGD":"RQI GLOBAL \"I\" (SGDHDG) INC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU1548497426.USD":"安联环球人工智能AT Acc","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","GOOGL":"谷歌A","IE0000B7K699.USD":"RQI GLOBAL \"I\" (USD) INC","GOOG":"谷歌","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","IE000BZT7R73.USD":"RQI GLOBAL \"I\" (USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","IE000MB6IJN5.SGD":"RQI GLOBAL \"I\" (SGD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","IE000WAW04H5.SGD":"RQI GLOBAL \"I\" (SGD) INC A","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","IE000SO60NU8.SGD":"RQI GLOBAL \"I\" (SGDHDG) ACC A","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0345774391.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1221951046.USD":"NORDEA 1 STABLE RETURN \"HM\" (USDHDG) INC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","LU1221951129.SGD":"NORDEA 1 STABLE RETURN \"HM\" (SGDHDG) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","BK4592":"伊斯兰概念","LU1196500208.SGD":"NORDEA STABLE RETURN \"HB\" (SGDHDG) ACC","AMZN":"亚马逊","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU0345774631.USD":"NINETY ONE GSF AMERICAN FRANCHISE \"A\" (USD) INC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0342679015.USD":"ALLIANZ GLOBAL EQUITY UNCONSTRAINED \"AT\" (USD) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0138981039.USD":"FIDELITY FUNDS SUSTAINABLE MULTI ASSET INCOME \"A\" INC","BK4585":"ETF&股票定投概念","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4587":"ChatGPT概念","LU0302445910.USD":"SCHRODER ISF GLOBAL CLIMATE CHANGE EQUITY \"A\" ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","BK4550":"红杉资本持仓","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","BK4598":"佩洛西持仓","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","BK4553":"喜马拉雅资本持仓","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","BK4554":"元宇宙及AR概念","LU0861579265.USD":"联博低波幅策略股票基金A","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","BK4602":"量子计算概念","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","BK4548":"巴美列捷福持仓","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","BK4525":"远程办公概念","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","GOOP":"KURV YIELD PREMIUM STRATEGY GOOGLE (GOOGL) ETF","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","GOOW":"Roundhill GOOGL WeeklyPay ETF","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","BK4543":"AI","BK4527":"明星科技股","GOOX":"2倍做多GOOG ETF-T-REX","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","GOOY":"GOOGL期权收益策略ETF-YieldMax","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4576":"AR","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU0251142724.SGD":"Fidelity America A-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","GOU":"GraniteShares 2x Long GOOGL Daily ETF","BK4612":"AI芯片","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","BK4579":"人工智能","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1923622614.USD":"Natixis Thematics Meta R/A USD","BK4574":"无人驾驶","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","BK4573":"虚拟现实","LU0882574139.USD":"富达环球消费行业基金A ACC","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","USJW.SI":"ALPHAB 3xLongSG261006","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","TSLA":"特斯拉","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","BK4534":"瑞士信贷持仓","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","BK4561":"索罗斯持仓","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","BK4538":"云计算","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1121112475.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USDHDG) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","BK4566":"资本集团","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0994945656.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) INC 2","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","BK4507":"流媒体概念","META":"Meta Platforms, Inc.","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0080751232.USD":"富达环球多元动力基金A","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","BK4503":"景林资产持仓","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","SG9999001077.SGD":"United International Growth Fund SGD","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU2125909247.SGD":"Natixis Thematics Meta H-R/A SGD","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU0426412945.USD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","SG9999002232.USD":"Allianz Global High Payout USD","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","SG9999002224.SGD":"Allianz Global High Payout SGD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0079474960.USD":"联博美国增长基金A","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","BK4514":"搜索引擎","LU1046421795.USD":"富达环球科技A-ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU2362541273.HKD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (HKD) ACC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2362541513.USD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2491050071.SGD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (SGDHDG) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0238689110.USD":"贝莱德环球动力股票基金","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0072462426.USD":"贝莱德全球配置 A2","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","MSFT":"微软","LU0097036916.USD":"贝莱德美国增长A2 USD","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","BK4077":"互动媒体与服务","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD"},"translate_title":"Google (GOOGL.US) CEO in-depth conversation: 10-year CEO career troughs, reversals and regrets","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/63eb04d42bd8e92836eebad15f3cb0d2","symbols_score_info":{"GOOG":1.94,"GOOX":0.6,"MSFT":0.6,"GOOGL":1.98,"GOOP":0.6,"AMZN":0.6,"TSLA":0.6,"GOOY":0.6,"AAPL":0.6,"META":0.6,"GGLL":0.6,"GOOW":0.6,"NVDA":0.6,"GOU":0.6,"GGLS":0.6,"USJW.SI":0.6},"content_text":"近日，谷歌（GOOGL.US）CEO桑达尔·皮查伊在执掌公司十周年之际，接受了支付巨头Stripe联创约翰·克里森（John  Collison）和科技天使投资人埃拉德·吉尔（Elad Gil）的联合访谈。访谈中，皮查伊回顾了谷歌在AI浪潮中从被动到领先的历程。他正面回应了那段令谷歌人“意难平”的历史：明明Transformer架构诞生于谷歌，最后却成了OpenAI推出ChatGPT，并且成为颠覆搜索行业的基石。他承认，外界对此“有点误解”，Transformer从一开始就是为了解决翻译质量而生，并非纸上谈兵的研究。之所以没有及时发布，部分原因是谷歌对搜索质量有“更高门槛”，内部早期版本“毒性太强”不敢发布。面对当前AI竞赛，皮查伊认为市场远非零和游戏，“价值增长曲线极其陡峭”。他还透露，自己每周至少花一个小时亲自审批算力分配，“这是当下最重要的事”。在皮查伊看来，谷歌的全栈垂直整合是核心优势，包括从第七代TPU到模型再到应用，并透露2026年资本支出将达1750亿至1850亿美元。关于资源瓶颈，他认为晶圆产能是“根本约束”，警告2026年将是一个“供给紧缩之年”。但美国必须学会“以10倍速度建设物理基础设施”。他还证实，谷歌正在探索太空数据中心，“这就是2010年的Waymo”，看似遥远，但已从小团队、小预算起步。皮查伊坚信，搜索功能不会死，而是会进化成“智能体管理器”。你只需下达命令，AI智能体就能帮你完成任务。他甚至大胆预言：到2027年，谷歌内部的业务预测将完全由AI自动完成，不再需要人类插手。以下为皮查伊访谈精炼版：01 “我们不是慢，是门槛高”问：大家总是会提起那段历史：Transformer是谷歌发明的，最后却成了ChatGPT的基石。你现在怎么回头看这件事？皮查伊：这件事其实有点被误解了。Transformer不是凭空冒出来的。当时我们有一个很现实的需求：把翻译做得更好。TPU也是一样。语音识别技术已经有了，但问题是，我们要服务二十亿用户，现有的芯片根本跑不动，必须先解决推理效率的问题。问：所以Transformer一开始就是冲着产品去的？皮查伊：是的，我们的研究团队从一开始就是奔着解决实际问题去的。Transformer一出来，我们立刻就把它用到了搜索里。后面又做了BERT（双向编码器表示）和MUM（多任务统一模型），搜索质量在那段时间实现了巨大飞跃。其实我们内部也做出了类似LaMDA（对话式语言模型）的产品，只不过没有抢在第一个推向市场。问：换句话说，你们做了研究，也看到了回报，只是没有用它包打天下。皮查伊：还不止是这样。ChatGPT那种产品形态，我们内部其实也研究过，就是LaMDA。你还记得吗？当时有个工程师觉得LaMDA有了意识（后来因此被停职、辞退  lol），那其实就是早期版ChatGPT的雏形。我们内部的产品版本早就有了，只不过比ChatGPT晚了大概九个月才发布。实际上，早在2022年I/O大会上，我们就推出了AI Test  Kitchen，背后跑的就是LaMDA。但我们做了很多限制，因为那个版本没有经过RLHF（基于人类反馈的强化学习），说话“毒性”比较大，根本不敢直接放出去。另外，谷歌对搜索质量的要求一直极高，产品发布的门槛也更高。即便OpenAI发布ChatGPT的时候，他们和微软的合作也才刚刚敲定不久。所以回过头看，ChatGPT的成功并不是一件那么“理所当然”或“板上钉钉”的事。我觉得OpenAI有一个很幸运的地方：他们通过GitHub，在编程场景里先看到了机会。这个信号，我们当时可能漏掉了。在编程这件事上，模型能力的进步比纯语言场景要明显得多。从GPT-2到GPT-3，再到GPT-4，你拿它写代码，每一步的跃升都比聊天更突出。这些因素叠加在一起，才有了后来的局面。所以我觉得，这事跟什么“研究转化不成产品”关系不大，而是别的因素凑在了一起。问：我记得有人说，ChatGPT发布的时候其实很低调，选在感恩节那一周，谁也没觉得它会变成后来的样子。就是个有趣的实验。皮查伊：这就是消费互联网的常态，总会有意外。我们在谷歌的时候，做过Google Video  Search，后来YouTube出来了。Facebook也是一样，Instagram突然就冒出来了。没人会带着那种“我要被颠覆了”的戏剧感去看这些事，Facebook的做法是直接把Instagram买了。我的意思是，总有三五个人窝在一起搞原型，每天往外扔几百万个想法。我不是在贬低谁，但这种事一定会发生。你不可能在车库里随手就造出下一个iPhone，但消费互联网就是这样。关键是你得意识到这一点，并且把它真正内化到组织的基因里。02 搜索不会死问：谷歌一直以“快”著称。最早的搜索把响应时间秀在结果页上，Gmail、Chrome都比对手快一截。现在Gemini在TPU上跑，速度依然快得惊人。这是刻意的产品策略，还是有更复杂的原因？皮查伊：速度其实分两种。一种是响应速度，也就是用户感知到的快慢；另一种是迭代速度，也就是我们推出新功能、改进产品的快慢。两者都重要。你刚才问的是延迟。难就难在，我们要一边不断加新功能，一边还得保持快速响应。搜索团队现在是有毫秒级延迟预算的，比如你省下3毫秒，其中1.5毫秒要让给用户体验，另外1.5毫秒才算你给自己争取到的额度。问：人类能感知到的延迟也就几百毫秒吧？皮查伊：确实。但过去五年我们在增加一堆功能的同时，还把搜索延迟降了30%。Gemini也一样，Flash模型拥有Pro模型的九成功力，但速度快得多、价格也便宜得多。垂直整合在这方面发挥了重要作用。问：那你觉得搜索10年后还在吗？现在有人说聊天就是新界面，也有人说以后每个人都有自己的智能体，你可以直接命令它执行操作，不用亲自搜索了。皮查伊：每次技术变革，搜索能做的事情都更多。用户的预期在变，你也得跟着变。以后很多“查一下”都会变成代理式的——你给个任务，智能体帮你完成。搜索会变成一个智能体管理器。我现在用的Antigravity，里面已经有一堆智能体在干活了。问：那种输入一行关键词、返回一堆链接的形态，还会存在吗？皮查伊：现在的搜索AI模式里，已经有人在上面做深度研究了，跟你说的不太一样，但大家就这么用起来了。以后会有越来越多长时间运行的任务，而且可以是异步的。问：你刚才说搜索会变成智能体管理器。但十年后，那个搜索框会不会还在，只是大家已经不拿它当回事了？皮查伊：设备形态会变，输入输出的方式也会变。不过说实话，现在想十年后容易把自己想瘫痪。我们很幸运，处在一个只看未来一年就足够兴奋的时刻。曲线太陡了，一年后模型已经完全不同。光是跟着曲线跑，本身就足够激动人心了。而且很多人没意识到，这是个扩张性的时刻，不是一场零和游戏。你看YouTube，TikTok和Instagram都发展起来了，我们不照样活得好好的？你越觉得别人起来你就得死，它就真的会变成零和游戏。但只要你自己在创新，就不会。我们现在同时做搜索和Gemini，两者有重叠，也会逐渐分化。同时拥有它们，我觉得是有益的。问：2025年春夏之际，市场对谷歌的未来悲观到极点，都说搜索完了，你们的股价跌到150美元左右。现在回头看，那显然是个误解。谷歌在整个技术栈上，无论是应用、模型还是TPU，以及Waymo、YouTube和所有那些很酷的押注，都表现优异。你觉得投资者当时看错了什么？皮查伊：当时大家的注意力全在“反转”上，也就是所谓的  “OpenAI逆袭”。但对我来说，那个时刻反而让我觉得，谷歌就是为这个时刻而生的。这种垂直整合并非偶然或随意为之。2016年我们就在I/O大会上发布了TPU，并承诺要建AI数据中心，如今已经更迭到第七代。那一年，公司还确定了“AI  First”的方向，这不仅仅是口号。我们在前沿大模型上确实落后了一步，但内部有所有必需的能力，剩下的就是执行。让我兴奋的是，从全栈看，我们有研究团队、基础设施团队，还有各个业务平台。而AI恰好能同时加速所有这些业务，包括搜索、YouTube、云、Waymo，它们全都在一条曲线上。这是非常高效的杠杆。我当时就不觉得这是零和游戏。一切都会扩大十倍，其他人也会有空间。谷歌崛起之后，亚马逊和Facebook不也做得很好吗？我们总低估增长带来的空间。所以我的重点很简单：执行得更好。问：有没有一个标志性的时刻，让外界觉得“谷歌终于回来了”？是Gemini 3吗？皮查伊：大家真正开始注意到这个趋势，应该是Gemini 2.5。尤其是多模态能力，直接站到了前沿。这要归功于Google  DeepMind团队。我们一开始就为多模态付出了不少固定成本，Gemini从第一天起就是奔着这个方向设计的。到Gemini  2.5的时候，优势开始显现了。比如Nano Banana，你能看到所有东西整合在一起的效果。不过这个领域变化太快了。两三个头部实验室互相推着跑，这个月你觉得“太好了，这块我们领先了”，下个月就“糟糕，那边落后了”。几个月后格局可能又不一样。前沿竞争就是这么激烈。03 一年砸1800亿美元探索AGI问：有些外部研究员觉得，谷歌和其他头部实验室有个区别：谷歌没那么“迷AGI”。换句话说，谷歌不太相信AGI马上就能实现，也不太围着这个想法加速狂奔。你觉得这个观察对吗？如果对，会不会影响你们对未来方向的判断？皮查伊：你看我们的资本支出，从300亿美元涨到了1800亿美元。不真心相信这个曲线，谁会这么砸钱？我觉得这事很大程度上是语义问题。我们是一家大公司，产品覆盖太多人、太多层面，说话的方式可能不一样。但你要说谷歌不懂AGI，那说不通。许多创始人本身就是AGI迷，德米斯·哈萨比斯（Demis  Hassabis）、杰夫·迪恩（Jeff Dean）、伊利亚·苏茨克维（Ilya Sutskever）以及达里奥·阿莫代伊（Dario  Amodei），这些人当年都曾在谷歌效力。我觉得，之所以外界看起来觉得我们有分歧，部分原因可能是地理位置决定的，比如旧金山聚集了更多年轻公司和研究实验室。但这些只是表象。在根子上，大家对技术曲线的判断、对如何理解和应用AI，其实没有本质的不同。真正的差距在于，你有没有在一线见证过变化。在我们公司，有一群人天天跑在最前面，亲手部署和测试AI智能体，看着它们一步步获得新技能、搞定复杂任务。你再回头看看三个月前它们那点本事，就能实实在在地感受到指数级增长带来的冲击。问：我很好奇，你最近感受到AGI时刻即将到来是什么时候？皮查伊：我第一次有那种感觉，是在2012年。当时，迪恩演示了最早版本的Google  Brain，这个神经网络识别出了一只猫。后来我和拉里·佩奇（Larry  Page）去了DARPA挑战赛，看汽车自动驾驶。德米斯演示早期模型，模型展现出我们称之为“想象力”的东西。这样的时刻还有很多。最近的话，最直观的是编程领域的飞速进步。你给编程智能体一个复杂任务，从头到尾不用打开IDE（集成开发环境），就看着它在管理器里完成任务。那种感觉，你可以叫它AGI时刻。问：我前几天自己做个小项目，跑起来之后才发现，我连它用的什么编程语言都不知道，还得专门问它。感觉就像魔法。皮查伊：没错。曲线的斜率（变强的速度）才真正让人吃惊。你回头看三个月前，就知道进步有多大。问：说到这种亲身体验，我很好奇你是怎么保持跟产品的真实触感的。科技产品太抽象了，你不能光看报告和PPT。除了每天用Gmail这些常规操作，你怎么确保自己不脱离用户？皮查伊：我会用内部版本，专门安排时间密集使用。两周前我在健身房锻炼，手机开着Gemini  Live，接下来30分钟就一个话题跟它死磕。有的体验很好，有些令人沮丧，但你学到东西。我会逼自己用“超级用户”的方式去用。我强迫自己以那种“超级用户”模式使用它们，以此来保持接触。X（推特）也有帮助，因为有时你能得到最直接的反馈。另外，我现在会去Antigravity（我们的内部版本）里直接问AI：“我们发了这个功能，大家觉得怎么样？告诉我最差的五条和最好的五条评论。”它直接给你拉出来。我的生活变容易了吗？确实。过去我得花很多时间试图去了解情况，现在AI智能体帮我做这部分工作。当然我自己该花的体验时间还是得花，这是个学习过程。我也在努力适应这个未来。问：你刚才说这不是零和游戏，生产力的提升也实实在在。但回顾之前的技术周期，互联网、移动、SaaS，都是花了很长时间才体现在GDP里。AI这边，我们已经看到数据中心建设在拉动GDP增长了。你觉得未来三五年，美国经济会因为AI变得更大吗？会增长多少？皮查伊：为了让这些回报有意义，总得在某个地方体现出来。我记得红杉有个人写过一篇文章，说大家投了这么多钱，回报要对得上才行。当然，这已经是两年半前的事了。当时有人说这不合逻辑，因为回报率必须达到一定水平才算合理。但现在，投资规模可能已经增长了10倍，我们需要重新审视这些数字。在某个节点上，账必须算得过来。非常明确的是，我们现在是供给受限，我们在所有应用领域都看到了强劲的算力需求。问：我毫不怀疑这是个巨大的市场。问题是，很多人算账的方式可能不对。比如他们拿Token预算去比工程师工资，我觉得软件工程的市场比任何人想的都大，供给增加反而会让市场扩张十倍。我不是质疑资本支出和回报的关系，我就是好奇，你觉得增长到底能有多大？皮查伊：回顾互联网的发展，GDP增长的数字其实没完全反映出我们感受到的那种变化。也许没有互联网，GDP增长会是负的。很难做出精准的预测，社会各层面都有自然的抑制机制。最明显的一个例子：算力建设曲线和模型改进曲线截然不同，前者更慢。然后你还得考虑，怎么把技术扩散到社会里？Waymo就是个例子。它比人类司机安全，但你推出的速度还是得谨慎，所有这些层面都存在限制。美国经济比十年前大得多，哪怕增长率只提高半个百分点，也是巨大贡献。我觉得会朝这个方向走。04 供应链警报：内存、电工问：你提到供给限制，这确实是2026年的一个决定性特征。你说谷歌的资本支出大概在1800亿美元？皮查伊：1750亿美元到1850亿之间。问：有意思的是，就算谷歌想花4000亿美元，也花不出去，因为内存不够，电力不够，各种组件都不够。你能谈谈这些瓶颈吗？皮查伊：你甚至连需要的电工都找不着。问：说说都有哪些瓶颈。皮查伊：说到底要回到晶圆产能上，那是根本限制。电力和能源相对更容易解决，但许可和监管环境是个大问题，拖慢了你做事的速度。问：得克萨斯、内华达、蒙大拿等州有的是土地，但还是不够？皮查伊：我们正取得巨大进步，但美国确实需要学学怎么建得更快。你看中国的建设速度，让人惊叹。我们需要转变心态，想想怎么把实体世界的建设速度提高十倍。这会是真正的制约因素。而且阻力会越来越大，不是几个人说“我们要加快建设”就能解决的。问：还有数据中心暂停令这类问题。皮查伊：晶圆产能、审批许可、建设速度，这些都是瓶颈。政府已经做了不少事，大家也意识到需要改进。然后是供应链里的关键组件，内存就是个典型。短期内所有人都被卡在这里。我们这些做公司的，不管你多“迷恋AGI”，都得面对一个现实问题：你的判断不可能百分之百准确，总有一个误差范围。你得想清楚，你到底有多看好未来的发展？你能承受多大的利润压缩空间？因为外部因素随时可能出问题。每个人都在根据这些不确定因素做出调整。问：所以内存是你觉得最大的组件瓶颈？皮查伊：绝对是目前最关键的之一。问：你说这是短期的。市场会通过涨价来刺激供应吗？皮查伊：领先的内存厂商不可能大幅扩产。短期会受限，但慢慢会缓解。而且这种限制会倒逼创新——我们会把效率提高30倍。这些事是同时发生的。问：这是不是会强化寡头格局？模型自我改进、自己写代码、自己标注数据，算力就是抢椅子游戏。谁的算力多，谁就能跑得更远。但如果大家的算力按比例分配，那实际上就给人设置了上限。你觉得这个说法对吗？皮查伊：有一定道理。但我们刚发布了Gemma  4，一个非常好的开源模型。中国的模型非常好，但我认为在中国以外，这也是一个非常好的开源模型。Gemma  4的前沿水平，与Gemini 3的架构相比，虽然差距非常大，但从发布时间上看，两者相隔并不算太久。它不像SpaceX火箭那种庞然大物。问：我一直觉得很震撼：你跑一个数据中心好几个月，最后出来的就是一个平面文件，一个Word文档一样的东西，那就是你的模型，太神奇了！皮查伊：这件事的特殊性让我想挑战刚才那个框架。至少从推理角度看，你说的有道理。但每个人都在想办法用资本的力量去突破这些限制，这个激励是巨大的。问：可你刚才也说了，世界上的内存就那么多。2026、2027年的供应问题，光靠资本激励解决不了。这可能正是模型出现更多分化的时候。皮查伊：对，但要跟晶圆产能、审批许可这些因素放在一起看。整体平衡下来，限制可能没有想象中那么严重。你得通盘考虑所有东西，包括资本。问：按理说大家愿意投更多钱，但撞上2026、2027的现实瓶颈了。就像霍尔木兹海峡，你油价定多高都行，但每天减少2000万桶供应，就必须有2000万桶的需求被消灭。内存也一样，最后一定有人拿不到。皮查伊：当然，还有安全等其他限制。但关键在于，这些模型很快就会突破几乎所有现有软件的承载极限——或许它们已经突破了，只是我们坐在这里，还浑然不觉。问：所以供应限制反而逼着你做优化，变得更高效。皮查伊：对，它逼着你去进行一些必要的对话。就拿安全来说，我们需要更多的协调，但今天这种协调还远远不够。总有一天会有一个时刻——可能来得还很突然。你不能一厢情愿地希望这些问题自己消失。05 三颗“隐藏宝石”问：说到这，谷歌的投资组合确实让人印象深刻。你们投了SpaceX，我记得很久以前大概占了10%？还有Anthropic，也是10%左右。Waymo持有多数股权。内部还有TPU、量子计算，还有其他人们可能不知道、或者低估了的“隐藏宝石”吗？皮查伊：我们一直在做各种长期项目，刚宣布的时候，稍微边缘一点的看起来都有点荒唐。比如太空数据中心，我们现在就在最早期阶段。你刚才说限制激发创造力，正好就是这个道理。从20年的长远视角来看，你打算把这些数据中心建在哪里？这个问题很难，但这就是我们今天在思考的事情，就像2010年我们开始做Waymo一样。量子计算也是其中之一，我们正在坚定地推进，我对此感到很兴奋。问：你觉得量子计算最大的影响会在哪些领域？大家主要聊分子建模和密码学。但也有人在开发抗量子密码学（指能够抵御量子计算攻击的新型密码技术），而分子建模这边，深度学习已经很强了，AlphaFold就是例子。量子真的会很重要吗？如果会，它将在哪里产生最大的影响？皮查伊：从抽象层面来说，我觉得量子计算机更适合用来模拟自然。因为自然本身遵循的就是量子力学的规律，用量子系统去模拟它，会更直接、更高效。当然，经典计算机加上足够的压缩算法，理论上也可能做到，但我直觉上觉得量子会更有优势。举个例子：我们到现在都还没完全搞懂化肥生产中的“哈伯法”（Haber  process），还有很多复杂的自然现象。我的直觉是，在模拟天气、模拟现实这些领域，量子计算最终会胜出。技术史告诉我们一个道理：你把一个东西做到能用之后，人们会在它上面找到各种你当初完全没想到的应用。我总喜欢举这个例子：手机加上GPS，后来成就了Uber。当年做手机的人，谁也想不到这个。所以我相信，只要把量子计算机真正做出来，它的应用会多到超出所有人的想象。问：抱歉打断你，请继续谈谈你刚才提到的那些超前项目。皮查伊：Google  DeepMind团队在深入做机器人。谷歌其实很早就涉足过机器人领域，但当时太早了。现在回头看，AI就是当年缺的那块拼图。Gemini  Robotics模型在空间推理上已经是顶尖水平。有意思的是，我们现在反过来跟波士顿动力、Agile这些公司合作，一起往前推。还有Wing，无人机配送。我们在扩大规模，不久将来会有4000万美国人能用上Wing的服务，这不是多少年后的事，而是很快就能实现。这些长期项目，都是一点一点积累出来的。另外还有Isomorphic。问：Isomorphic确实很让人兴奋。皮查伊：对，我们专注于用模型去改进药物发现的每一个环节。虽然后面还有三期临床试验等程序，但有了AI的帮助，让我们更有把握走向成功。06 后悔没早投Waymo问：谷歌的资本到底是怎么分配的？教科书上说，资本配置就是把钱往回报最高的地方放。波音的例子就很典型：国防合同内部收益率（IRR）为  16%，新客机19%，所有人都会选后者。但谷歌的项目根本没法这么算。给YouTube多投钱，算法一优化，用户停留时间变长，收入就会增加。给Waymo多投钱，加速扩张，但不知道什么时候才能大规模赚钱。投一个AI研究项目，五年后都未必有结果。这三个项目的回报曲线完全不一样，你怎么比较？皮查伊：这是个好问题。讽刺的是，现在比以往任何时候都更常遇到这个问题，因为TPU的分配。在某种程度上，连Waymo都需要TPU，算力让资本配置问题变得格外突出。顺便说一句，我特别期待AI能帮我做这件事。一旦我们把所有数据打通，模型其实已经能胜任了，现在卡在数据解锁上。我觉得这很快会有帮助。回过头看，谷歌有一个很大的优势：我们经常在非常早期的阶段就做出决定。这和公司的技术基因有很大关系。对于长期项目来说，早期阶段其实更容易，因为一开始需要的资金并不多。真正难的是长期持续投入，并且不断评估基础技术的进展。拿量子计算来举例，我们怎么判断该不该继续投？我们会看逻辑量子比特的错误率，看什么时候能达到稳定的大规模逻辑量子比特的阈值，看团队能不能突破这些技术难关。我学到的一个很重要的经验是：要在早期就深度押注技术。从长期来看，你其实是在用直觉判断一个项目5到10年后的期权价值和潜在市场大小。你先假设一个非常激进的增长曲线，然后反过来推演：这个决策到底合不合理？TPU的投资就是这样做的，我们一直在稳步投入。Waymo也是，大约两三年前，全世界都对自动驾驶悲观到了极点，我们反而加大了投资。别人在退缩，我们在加注。问：回到你刚才说的资本配置。谷歌确实会砍项目，Loon（热气球网络计划）就停了，但Waymo熬了那么久你们一直没放弃。你们当时看到了什么？这是个定性判断还是定量判断？怎么决定砍这个留那个项目？皮查伊：我们确实有一些量化指标。比如看Waymo的驾驶系统，看它的安全性和可靠性在如何进步。这是一条长期的曲线，你先设定好目标，然后持续跟踪执行情况。我们的团队一直非常出色。有些阶段进展确实比较慢，但你要相信团队能够突破。你越能在深层技术层面做出评估，决策就越准确。至少我是这么做的。问：我听过一种说法：Waymo早期是靠手绘地图和启发式规则，能处理的情况很有限。真正的突破是几年前转向端到端深度学习，正好赶上Transformer浪潮。如果Waymo是五年前才开始做，会不会跟现在差不多？还是说那十几年的积累其实必不可少？皮查伊：你可以把Waymo看作一个机器人。按理说，过去三年才开始做机器人的人，进展应该更快。但Waymo不一样，它是一个高度集成的系统，不像台积电或SpaceX那样，只在单一维度上拼技术复杂度。对于这种系统集成来说，时机和工艺的积累非常关键。话虽这么说，但端到端的方法确实会成为一个加速器。问：所以持续培养一个团队，本身就是巨大的优势。你们一直在投资，等到技术起飞的那一刻，就值了。这很聪明。那延伸到其他领域呢？比如机器人，你们会重新自己搞硬件，还是主要靠合作伙伴？皮查伊：我们保持开放心态。但从Waymo和TPU我学到一点：在涉及安全、监管的领域，你需要第一手的产品反馈循环。拥有第一方硬件最终会变得非常重要。07 每周亲自评估分配算力问：以前研发主要花在人员工资上，技术成本是次要的。现在TPU算力成了预算的大头。谷歌内部具体怎么运作？有一个总的TPU预算吗？分项目的时候，以前按人头给预算，现在是“人头+算力”预算？季度评审怎么搞？皮查伊：我们一直都有算力预算，但现在算力真的严重受限。我每周至少花一个小时，很细致地看各项目各团队用了多少算力，评估怎么分配。这件事现在是重中之重。问：所以算力成了稀缺资源，你要确保它花在最值得的地方。皮查伊：没错。问：那谷歌云呢？你们一边自己要用算力，一边还要卖给客户。这个矛盾怎么处理？皮查伊：靠提前规划。云团队做前瞻性计划，我们对客户的承诺是坚决要履行的。大家都在受限的世界里运作，云团队也总说算力不够，但提前规划能解决大部分问题。问：说到谷歌云，GCP/MCP（AI助手与谷歌云交互协议）很好用，你们的AI可以直接通过编程方式调用谷歌云，几乎什么都能做，就差核心权限设置了。以前谷歌云最大的痛点是功能太多太杂，登录之后要建组织、建项目、找服务，非常麻烦。现在这些都不重要了，你直接说“加这个功能”就行。AI读懂了所有API文档，成了一个导航层。这个体验太好了。皮查伊：AI作为编排层，能处理你想到的任何事。企业内部也一样，CEO不缺数据，缺的是把数据放一起的方法。以前得搞个大ERP项目，现在AI就是那个编排层。问：产品越复杂，AI导航的好处越大。Stripe也有这个体会，但GCP的效应应该更明显。皮查伊：我们还能做得更好，但你说得对，机会巨大。问：OpenClaw这类产品让我感兴趣的是，它们允许消费者使用有状态的AI。比如“每天早上把我感兴趣的新闻汇总发给我”，这种需要持久记忆的事情，主流AI应用都做不了。这个功能快来了吗？皮查伊：方向上是肯定的。用户需要以可靠、安全的方式运行持久、长期的任务。身份、权限这些问题要想清楚。但这就是AI智能体的未来，为消费者带来这种能力，是我们正在探索的、令人兴奋的前沿。问：这也是我想提的。Dreamer，就是前Stripe  CTO的公司，刚被Meta收了，他们在有状态AI（Stateful  AI）这方面做得特别好。你可以自己做小应用，体验很流畅。让人有惊喜感。‌（注：有状态AI‌是指在多步骤交互或复杂工作流中，AI能保留并利用历史上下文、记忆和状态信息的AI系统。）皮查伊：消费级界面底层会有完整的编码模型，加上合适的工具和技能，再加上云端安全持久运行的能力。这些基础组件正在汇聚。今天大概只有0.1%的人活在这个未来里，他们在给自己造东西。但把它推向大众市场，是一个令人兴奋的前沿。问：我参与的那些公司，哪怕是最近才成立的，都彻底改变了产品开发、工程实践、甚至设计团队的定位。谷歌也在重新思考这些吗？工作流程有大变化吗？皮查伊：可以用同心圆来理解。有些团队已经深刻转变了，我的任务是把这种变化扩散出去。早期很多东西是半残废的，想推也推不动。但今年曲线在急剧转变。Google  DeepMind和有些软件工程团队已经活在智能体管理器里了，他们用的内部工具叫Jet  Ski，其实就是Antigravity。上周我们刚把它推给搜索团队。在大公司里，变更管理是技术扩散的最大难点，小公司切换起来快得多。问：我想补充几个AI实际落地中遇到的问题。第一，工程师需要时间学会怎么有效提示AI，而且每个公司还有自己特定的知识。第二，AI生成的代码库共享起来很难，因为改动范围大、代码变动快，多人协作变得复杂。第三，除了工程领域，数据权限是大问题——你想让智能体回答“这个交易状态怎么样”，公司知道这些信息，但权限引擎需要重写。第四，角色定义也在变，工程、产品、设计这些角色可能需要合并。总之，模型能力已经达到了相应水平，但我们用得还远远不够。你怎么看？皮查伊：你提到的这些问题，Gemini企业团队和Antigravity团队正在一个一个解决。这就是我们的路线图。我们在内部使用、遇到障碍、克服障碍，然后变成产品往外推。身份访问控制是真实存在的难题，我们对安全的要求又特别高，所以必须谨慎。但也正因为如此，当我们解决问题的时候，推出来的东西会更稳健。我们现在就在经历这个固定成本阶段。08 AI接棒人类时间表问：谷歌每年会做几次正式的业务预测。理论上，你可以让AI完全自动完成这件事，不需要任何人参与。你觉得谷歌第一次实现完全由AI智能体来做预测，会是在哪个季度？皮查伊：我预计2027年会是重要的转折点。一开始还会有人负责核查，但会慢慢切换过去。2027年，这些转变会非常明显地发生。问：所以除了工程流程之外，那些非工程的流程，你觉得2027年也会真正启动AI化？皮查伊：对。这也是初创公司的优势，他们可以招AI原生的团队，从头就是这套玩法。而我们要做再培训、做转型。年轻公司在这方面确实有优势，我们必须自己推动这个转型。问：现在谷歌内部有什么让你兴奋的小项目？皮查伊：说出来可能让人意外。太空数据中心，我们就是从几个人的小团队开始的，拿着很小的预算去实现第一个里程碑。大想法也要从小处着手。本文转载自：腾讯科技；智通财经编辑：陈筱亦。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626180793","isCrawlerRequest":true}