According to a research report from CITIC Securities, the idea that AI will drastically disrupt U.S. internet stocks has been somewhat exaggerated for the immediate future. In consumer-oriented settings, the added value provided by AI remains constrained, and the replacement of existing technologies by AI is hindered by cost considerations. Additionally, AI model developers themselves are subject to certain limitations in their capabilities. Consequently, it is more plausible that AI will establish a collaborative dynamic with current internet platforms, rather than simply replacing them. Notably, some premium companies are currently undervalued. CITIC Securities advises investors to concentrate on companies that demonstrate key competitive advantages in the AI landscape, including the capacity to integrate with the physical world, robust network effects, a wealth of data and algorithms, and superior content intellectual property. Furthermore, investors should look for sectors where demand is poised for sustained growth alongside the increasing adoption of AI technology.