雅虎香港財經 CFO財報解密│Generative AI進展要睇分析師會議（Benny）
自從上年尾Open AI 推出Chat GPT後，Generative AI概念成為焦點。市場覺得呢樣革命性科技將會顛覆世界，科技巨頭都會因為佢而令本身業務更上一層樓。所以Meta、Amazon、Google、Microsoft、Apple都因為呢股熱潮，股價年初至今都升咗好多。
美股外幣即時報價 多國新聞任睇
但當原汁原味用英文睇番今輪業績期嘅分析師會議，各投行問管理層過咗兩季後，Generative AI 進展同實質收益時，你會發現係一次對佢哋一直吹噓AI效益嘅靈魂拷問。
Amazon業績會提咗24次Generative AI話題
當有人問到幾時會有相關收入貢獻？
「…to develop these large language models, it takes billions of dollars and multiple years to develop…」攪呢啲嘢真係要洗好多錢同好多時間㗎…即係有排都未得。
「...we're in the very early stages there. We're a few steps into a marathon in my opinion」時間太早啦，係馬拉松嘅賽程…即係你咁早問我，我而家都唔知㗎。
Meta業績會提咗8次Generative AI話題
當有人問Generative AI 資本支出要幾多？
「...we don't know how quickly our new AI products will grow, we may not have a clear handle on this until later in the year..」
「kind of brand-new things, aren't many precedents.. actually quite hard to forecas..」
「that's one of the big unknowns.. one of the things ..debating heavily the amount of AI CapEx ..we just don't know how quickly these will scale.」
呢一刻確定唔到產品推出速度、太新啦無以前經驗、內部成日傾，但無結論，說穿了即係仲係燒錢探索嘅階段。
當有人問到相關開放式Generative AI幾時可以有收入貢獻？
「I don't think that that's going to be a large amount of revenue in the near term.」暫時唔會有重大收入貢獻，遲啲再睇吓點啦。
Google業績會提咗27次Generative AI話題
當有人問幾時有Generative AI 嘅搜尋收入貢獻：
「focused on bringing this experience and making sure it works well for users...first of all... there are certain queries for which the answers are so, so significantly... And so I think we are definitely headed in the right direction...」明晒，即係做緊嘢但未攪掂、唔好催。
Microsoft業績會提咗8次Generative AI話題
當有人問關於Generative AI嘅預期毛利同實質收入貢獻？
「...on gross margins... going forward, I would say is I expect gross margins here to transition over time...」
「...and then in the second half of the next fiscal year, we’ll start getting some of the real revenue signal from it.」
意思係需要長時間、係一個轉化過程…即係呢一刻未答到你，因為起碼要等2024財年嘅下半年先有真實有意義嘅收入。
蘋果業績會提咗1次Generative AI話題
其實冇人問蘋果管理層關於Generative AI收入貢獻，因為蘋果本身都唔多提。所以只可以好籠統問：你地個Generative AI攪成點？
「…AI and machine learning as core fundamental technologies that are integral to virtually every product that we build.」AI技術一定係發展核心，每樣產品嘅建立都離唔開AI。
「we've been doing research...going to continue investing and innovating and responsibly advancing our products with these technologies...」係，我地係負責任地攪緊，
但「…And so that's what it's all about for us. 」我哋無乜特別嘢想講，因為...
「we tend to announce things as they come to market, and that's our MO, and I'd like to stick to that.」你知我哋不嬲都係有嘢拎出嚟，我地先會大大聲同你講...
關於Generative AI進展，喺商業化、盈利貢獻嘅層面，似乎呢一刻各科技巨頭都係無乜實質嘅貨交到出嚟，但邊個吹得大縮得快、邊個比較務實穩建，似乎喺呢啲分析師會議度都睇得好清楚。
Benny Yam
執業會計師
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