Major Bank Ratings｜Citi: Reiterates "Buy" Rating on Google, Remains a Top Pick in the Internet Sector

Glonghui News, January 13 ｜ Citigroup released a research report stating that Apple has reached a multi-year artificial intelligence cooperation agreement with Google. Apple's intelligent platform, Apple Intelligence (including Siri), and its underlying models will utilize Google's AI technology, particularly highlighting the powerful capabilities of its flagship Gemini model, its rapidly expanding computing infrastructure, and hardware technology advantages, further underscoring Google's leading position in core AI fields. Citigroup noted that Google’s AI ecosystem continues to expand, with the monthly active users (MAUs) of its core product Gemini recording a 10% month-on-month growth in December last year. Since the launch of Gemini 3 and related products in November, Google’s market share has steadily increased, driving its global search market share up to 90.8%, despite a slight decline in the US search market over the same period. In addition, Google continues to integrate the achievements of AI-O, AI-M, and Gemini into its products, such as Gmail and Agentic Commerce. In the fourth quarter of 2025, Google is expected to process over 90 trillion AC tokens, and it is believed that as the commercialization process advances, the momentum of search volume growth will continue to accelerate. Citigroup believes that Google remains one of the top picks in the internet sector, reiterates its “Buy” rating, and sets a target price of $350.