Samsung in talks for strategic deal with Perplexity
三星正在与 Perplexity 洽谈战略合作

Per numerous press reports, Samsung is in discussions on a possible partnership with Perplexity AI. Key aspects could include: 1) Integration with Galaxy devices: Samsung plans to preload Perplexity's AI assistant & search app on upcoming Galaxy devices, starting with the Galaxy S26 series expected in early 2026, 2) AI Integration across core services: Including integrating Perplexity's technology into Samsung's Bixby assistant and Samsung Internet browser, 3) Strategic investment: Samsung reportedly plans to invest approx. $500mn in Perplexity AI, potentially becoming one of its largest investors and valuing the startup at around $14bn, and 4) AI operating system & Agent app: The partnership could also involve co-developing an AI-native operating system and an AI agent app, leveraging Perplexity's capabilities to enable deeper device-level intelligence. Our Take: Reported partnership discussions underscore the growing options available to device manufacturers enabled by AI technology. New options could reduce Google's bargaining power with Samsung and other Android OEMs. However, we note that Samsung Internet browser share is only 2.12% per Statcounter (vs. Chrome at ~66%), possibly limiting perceived search revenue impact for Google, or stock reaction to the news (stock down 1% vs flat S&P).
据多家媒体报道，三星正在与 Perplexity AI 商讨可能的合作伙伴关系。主要内容可能包括：1）与 Galaxy 设备的整合：三星计划在即将推出的 Galaxy 设备上预装 Perplexity 的 AI 助手和搜索应用，首批设备预计为 2026 年初发布的 Galaxy S26 系列；2）核心服务中的 AI 整合：包括将 Perplexity 的技术整合到三星的 Bixby 助手和三星互联网浏览器中；3）战略投资：据报道，三星计划向 Perplexity AI 投资约 5 亿美元，可能成为其最大投资者之一，估值约为 140 亿美元；4）AI 操作系统和代理应用：合作还可能涉及共同开发 AI 原生操作系统和 AI 代理应用，利用 Perplexity 的能力实现更深层次的设备级智能。我们的看法：报道中的合作讨论凸显了 AI 技术为设备制造商带来的更多选择。新选择可能削弱谷歌与三星及其他 Android OEM 厂商的议价能力。然而，我们注意到，根据 Statcounter 数据，三星互联网浏览器的市场份额仅为 2.12%（相比于... Chrome 约占 66%，可能限制了市场对谷歌搜索收入影响的预期，或对新闻的股价反应（股价下跌 1%，而标普指数持平）。

Google brings many assets to the table
谷歌带来了许多资产

We view Google's Android Strategy as both a carrot and stick for its Android OEM partners. Partners get a competitive and functional O/S without material license fees (at least for now), with the benefit of multiple popular apps (from Google and others), a strong app store, security, and other interoperability features, plus a small share of TAC revenue from Google searches. On the stick side, for Android partners choose a different partner, or modified O/S, they could face new license fees, loss of TAC, less functional app store, and/or a much more competitive Pixel phone from Google. Our Take: Moving away from Android or Google preinstalled products will likely not be seamless or easy, but if it does happen, would expect a much more aggressive Google with Pixel phones. Also, hardware partners may find it very difficult to keep up with smart glasses innovation from Apple and Meta without Google's help, in our view.
我们认为谷歌的 Android 战略对其 Android OEM 合作伙伴既有“胡萝卜”也有“大棒”。合作伙伴可以获得一个具有竞争力且功能完善的操作系统，且目前没有实质性的许可费用，享受来自谷歌及其他方的多款热门应用、强大的应用商店、安全性及其他互操作性功能的优势，同时还能从谷歌搜索中获得一小部分 TAC 收入。在“大棒”方面，如果 Android 合作伙伴选择不同的合作方或修改操作系统，可能面临新的许可费用、TAC 收入损失、功能较弱的应用商店，或者来自谷歌的 Pixel 手机更具竞争力。我们的观点是：脱离 Android 或谷歌预装产品可能不会顺利或轻松，但如果真的发生，预计谷歌将以更激进的 Pixel 手机应对。此外，我们认为硬件合作伙伴若没有谷歌的支持，将很难跟上苹果和 Meta 在智能眼镜创新方面的步伐。

Judge signals uncertainty on aggressive search remedies
法官对激进的搜索救济措施表示不确定

Separately, during closing arguments in the DOJ's search antitrust case, Judge Mehta reportedly (per Reuters) expressed skepticism toward the DOJ's proposed remedies, citing Gen-AI's rapidly evolving role in shaping search landscape. He questioned the practicality of DOJ proposed remedies and 10-year oversight plan that would require Google to share search data and cease paying partners like Apple to remain the default search engine. Judge Mehta said, "Ten years may seem like a short period, but in this space, a lot can change in weeks". He also suggested that future competition is more likely to emerge from AI platforms [likely referring to ChatGPT, Perplexity, etc.] offering fundamentally different user experiences than from traditional search engine rivals. Our Take: Intensifying competition in the search may have a silver lining for Google, potentially prompting less aggressive remedies than feared. Maintain Buy. A decision is expected by August, but we would expect significant change in the industry during the 18-month appeal process, which could impact the final outcome
另外，在 DOJ 搜索反垄断案的结案陈词中，据路透社报道，Mehta 法官对 DOJ 提出的补救措施表示怀疑，理由是生成式人工智能在塑造搜索格局中迅速发展的作用。他质疑 DOJ 提出的补救措施的可行性以及要求谷歌共享搜索数据并停止向苹果等合作伙伴支付费用以保持默认搜索引擎地位的十年监管计划。Mehta 法官表示：“十年看似很短，但在这个领域，几周内可能发生很多变化。”他还暗示，未来的竞争更可能来自提供根本不同用户体验的人工智能平台（可能指 ChatGPT、Perplexity 等），而非传统搜索引擎竞争对手。我们的观点：搜索领域竞争加剧可能对谷歌有利，可能促使补救措施不如预期激进。维持买入评级。预计裁决将在八月作出，但我们预计在 18 个月的上诉过程中行业将发生重大变化，这可能影响最终结果。.