BERNSTEINE：2026年中国互联网：AI全面战争-我们对全栈竞争的看法报告（英文版）

All’s fair in love and AI. One of the more interesting ongoing debates we’ve had with investors and industry contacts relates to the potential for AI-enabled services to shake up the established order at the top of the Internet funnel. In this note we’ve outlined some thoughts on the state of play in China, and implications for our coverage. High level, we expect the leading Chinese devs to remain fast followers on model development. But we expect unique domain data and entrenched user intent