--- type: "Topics" locale: "en" url: "https://longbridge.com/en/dolphin/post/44162543.md" description: "$Alphabet(GOOGL.US) $Alphabet - C(GOOG.US) Gemini 4 has finally rolled out, but for safety controls it is not yet open to individual users.It is limited to internal use and Gov. submissions for now, with phased access to consumers to follow. Benchmark scores suggest Gemini 4 Argon is a major step-up vs. the prior gen, with overall intelligence now in the top tier and back among the AI Big Three.Pricing looks compelling as well (list price vs. Opus 5.5, but launched at a 50% discount), yet market reaction was muted, with shares giving back early gains intraday.海豚君认为原因有三：They are as follows. 1. 可看不可用Argon not being publicly accessible is the biggest bug.With leaderboard gaming increasingly common, hands-on tests by influencers have become the new gold standard, so company-disclosed benchmarks carry less weight when Argon cannot be independently tested. 2. 编程性能仍不领先Gemini has long lagged in AI coding, so the market is focused on whether coding has improved.Argon leads GPT 6 Astra, Fable 5.1, and Opus 5.5 on DeepSWE (large-scale, multi-file feature implementation) and Vibe Code Bench (natural language to runnable full apps), but trails in frontier software capabilities (FrontierSWE v2), command-line ops (Terminal-Bench 4.0), and desktop system ops (OSWorld-2.0).In other words, it still falls short vs. OpenAI and Anthropic on long-running, hardcore coding tasks and native terminal workflows without a GUI. 3. 短期催化减少，但搜索侵蚀是长期持续With the widely anticipated Gemini 4 catalyst now out, concerns around search erosion will resurface, and some near-term bulls may choose to take profits.Search erosion has always been an issue of timing and magnitude: while Google’s search volume share looks relatively stable, rising agent-driven search means volume/share no longer fully reflect shifts in revenue share.与此同时 Meta Muse 承接了 Google 的一部分功能场景，也让资金加剧了对 Google 搜索的影响担忧，并期待 Google 能够推出同样的个人 Agent 来进行抗衡。Investors are looking for Google to release a comparable personal agent to counterbalance. 总体而言，近期的谷歌在 Gemini 4 相对 “不及预期”+AI 侵蚀搜索的空头叙事中而承压，再加上明年的利润削弱预期，情绪整体是偏消极的。A sentiment reset likely needs more catalysts to flip the narrative (e.g., Argon opening up, new agent launches), but the timeline remains unclear.不过对于 Muse 等个人 agent 入口对 Google 的影响，正如我们此前对 Muse 商业化空间的分析，海豚君认为倒不必急于恐慌定价：Muse only launched about two weeks ago, with fast top-line traction so far at ~5 mn cumulative downloads and 700–800k DAUs; retention needs a full month of data.与此同时，目前 Muse 最受欢迎场景是处理账单、取消无用订阅以及比价砍价等帮助个人财务省钱场景，以及整理邮箱、填表等个人生活杂务的处理，仍偏次抛的工具化属性，要拉时长做广告、购物等纯商业变现还是有点吃力。Its most popular use cases are bill management, canceling junk subscriptions, price comparison and bargaining to save on personal finances, plus inbox tidy-up and form-filling.It remains largely utilitarian with low stickiness, making it harder to drive time-on-app for ads or shopping monetization." datetime: "2026-10-02T04:01:08.000Z" locales: - [en](https://longbridge.com/en/dolphin/post/44162543.md) - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/44162543.md) - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/44162543.md) author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)" generator: "portal-rs" --- # $Alphabet(GOOGL.US) $Alphabet - C(GOOG.US) Gemini … ### Related Stocks - [C07.SG](https://longbridge.com/en/quote/C07.SG.md) - [ANTH.NA](https://longbridge.com/en/quote/ANTH.NA.md) - [META.US](https://longbridge.com/en/quote/META.US.md) - [GOOG.US](https://longbridge.com/en/quote/GOOG.US.md) - [GOOGL.US](https://longbridge.com/en/quote/GOOGL.US.md) - [GOOGN.US](https://longbridge.com/en/quote/GOOGN.US.md) - [OpenAI.NA](https://longbridge.com/en/quote/OpenAI.NA.md) - [FBL.US](https://longbridge.com/en/quote/FBL.US.md) - [METU.US](https://longbridge.com/en/quote/METU.US.md) - [METD.US](https://longbridge.com/en/quote/METD.US.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**