{"id":1182042,"date":"2025-12-02T19:28:37","date_gmt":"2025-12-02T17:28:37","guid":{"rendered":"https:\/\/www.etoro.com\/?p=1182042"},"modified":"2026-01-15T12:32:53","modified_gmt":"2026-01-15T10:32:53","slug":"comment-alphabet-google-a-transforme-son-impasse-en-domination-de-lia","status":"publish","type":"post","link":"https:\/\/www.etoro.com\/fr\/news-and-analysis\/market-insights\/comment-alphabet-google-a-transforme-son-impasse-en-domination-de-lia\/","title":{"rendered":"Comment Alphabet (Google) a transform\u00e9 son impasse en domination de l\u2019IA"},"content":{"rendered":"<p>Il y a moins de deux ans, Wall Street semblait pr\u00eat \u00e0 r\u00e9diger la n\u00e9crologie de Google. Le lancement de ChatGPT fin 2022 avait \u00e9t\u00e9 per\u00e7u comme un \u00ab ligne rouge \u00bb \u00e0 Mountain View, un moment de rupture technologique cens\u00e9 rendre le moteur de recherche traditionnel obsol\u00e8te. La th\u00e8se des vendeurs \u00e9tait simple, l&#8217;IA g\u00e9n\u00e9rative allait tuer la recherche par mots-cl\u00e9s, et avec elle, le monopole publicitaire d&#8217;<a href=\"https:\/\/www.etoro.com\/markets\/GOOG\">Alphabet<\/a>.<\/p>\n<p>Aujourd&#8217;hui, l&#8217;action Alphabet atteint de nouveaux sommets historiques. Ce revirement spectaculaire du march\u00e9 n&#8217;est pas le fruit du hasard, mais la cons\u00e9quence d&#8217;une r\u00e9alisation brutale des investisseurs, <b>Google n&#8217;est pas la victime de l&#8217;IA, il en est l&#8217;architecte, peut-\u00eatre le mieux arm\u00e9.<\/b><\/p>\n<p>Trois facteurs expliquent ce changement radical de psychologie de march\u00e9.<\/p>\n<p>Premi\u00e8rement, <b>la r\u00e9silience inattendue du \u00ab Search \u00bb<\/b>. Le sc\u00e9nario catastrophe d&#8217;une \u00e9rosion du trafic ne s&#8217;est pas mat\u00e9rialis\u00e9. Au contraire, Google a prouv\u00e9 sa capacit\u00e9 \u00e0 int\u00e9grer l&#8217;IA directement dans les r\u00e9sultats (via les <i>AI Overviews<\/i>) sans briser son mod\u00e8le \u00e9conomique. Les derniers r\u00e9sultats trimestriels le prouvent, les recettes publicitaires continuent de cro\u00eetre solidement.<\/p>\n<p>Deuxi\u00e8mement, <b>la m\u00e9tamorphose de Google Cloud<\/b>. C&#8217;est ici que le changement de perception est le plus tangible. Longtemps troisi\u00e8me roue du carrosse derri\u00e8re <a href=\"https:\/\/www.etoro.com\/fr\/markets\/AMZN\">Amazon<\/a> et <a href=\"https:\/\/www.etoro.com\/fr\/markets\/MSFT\">Microsoft<\/a>, Google Cloud est devenu le moteur de croissance du groupe, affichant une acc\u00e9l\u00e9ration de +35 % au dernier trimestre 2025. Pour les entreprises du monde entier cherchant \u00e0 d\u00e9ployer l&#8217;IA, l&#8217;infrastructure de Google est devenue incontournable. Le Cloud n&#8217;est plus un centre de co\u00fbts qui dilue les marges, mais un centre de profit puissant qui justifie une revalorisation du titre.<\/p>\n<p>Enfin, le march\u00e9 a red\u00e9couvert <b>l&#8217;avantage structurel de l&#8217;int\u00e9gration verticale<\/b>. Dans une ru\u00e9e vers l&#8217;or o\u00f9 les pelles et les pioches (les puces informatiques) co\u00fbtent une fortune, Google poss\u00e8de sa propre fonderie. Gr\u00e2ce \u00e0 ses puces propri\u00e9taires (les TPUs), d\u00e9velopp\u00e9es depuis plus de dix ans, Alphabet ne d\u00e9pend pas exclusivement de Nvidia. Cela lui conf\u00e8re un avantage concurrentiel majeur en termes de co\u00fbts et d&#8217;efficacit\u00e9 \u00e9nerg\u00e9tique pour faire tourner ses mod\u00e8les Gemini. L\u00e0 o\u00f9 les concurrents voient leurs co\u00fbts d&#8217;infrastructure exploser, Google parvient \u00e0 mieux ma\u00eetriser sa rentabilit\u00e9. La maison-m\u00e8re de Google vient m\u00eame de frapper un grand coup, ou plut\u00f4t deux. Lundi 24 novembre, le site sp\u00e9cialis\u00e9 The Information a r\u00e9v\u00e9l\u00e9 que Meta discuterait avec Alphabet pour utiliser les puces de Google (con\u00e7ues par Google, optimis\u00e9es par <a href=\"https:\/\/www.etoro.com\/markets\/AVGO\">Broadcom<\/a>, fabriqu\u00e9es par <a href=\"https:\/\/www.etoro.com\/markets\/TSM\">TSMC<\/a>) pour l&#8217;intelligence artificielle dans ses centres de donn\u00e9es en 2027.<\/p>\n<p>Certes, selon les sp\u00e9cialistes, les puces de Google sont des TPU (Tensor Processing Units) et non des GPU (Graphic Processing Units) comme celles de Nividia. Elles sont donc moins puissantes et plus sp\u00e9cialis\u00e9es que celles de <a href=\"https:\/\/www.etoro.com\/fr\/markets\/NVDA\">Nvidia<\/a> mais aussi plus efficaces d&#8217;un point de vue \u00e9nerg\u00e9tique et financier. Par ailleurs, l&#8217;\u00e9cosyst\u00e8me de l&#8217;IA reste majoritairement adapt\u00e9 aux GPU, tandis que les TPU de Google ne peuvent \u00eatre utilis\u00e9s que dans les centre de donn\u00e9es du groupe de Mountain View.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1182043\" src=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/12\/FR-blog-20251202.png\" alt=\"\" width=\"1536\" height=\"1024\" srcset=\"https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/12\/FR-blog-20251202.png 1536w, https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/12\/FR-blog-20251202-300x200.png 300w, https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/12\/FR-blog-20251202-1024x683.png 1024w, https:\/\/www.etoro.com\/wp-content\/uploads\/2025\/12\/FR-blog-20251202-768x512.png 768w\" sizes=\"(max-width: 1536px) 100vw, 1536px\" \/><\/p>\n<p>La r\u00e9cente progression d&#8217;Alphabet en Bourse a \u00e9t\u00e9 spectaculaire, la capitalisation boursi\u00e8re de la maison m\u00e8re de Google fr\u00f4lant les 4 000 milliards de dollars. Ce bond boursier a co\u00efncid\u00e9 avec un recul de Nvidia, dont la course aux 5 000 milliards a \u00e9t\u00e9 stopp\u00e9e.<\/p>\n<p>Cette dynamique positive s&#8217;explique par deux facteurs principaux :<\/p>\n<ol>\n<li aria-level=\"1\"><b>L&#8217;investissement de <\/b><a href=\"https:\/\/www.etoro.com\/fr\/markets\/BRK.B\"><b>Berkshire Hathaway<\/b><\/a><b> :<\/b> L&#8217;annonce de la d\u00e9tention par Berkshire Hathaway de 5 milliards de dollars de titres Alphabet a soutenu le cours de l&#8217;action.\n<div style=\"height: 1em;\"><\/div>\n<\/li>\n<li aria-level=\"1\"><b>Le succ\u00e8s de Gemini 3 Pro :<\/b> La sortie de cette nouvelle version du grand mod\u00e8le de langage (LLM) d&#8217;Alphabet a marqu\u00e9 un tournant. Initialement moqu\u00e9 face \u00e0 ChatGPT, l&#8217;assistant virtuel a vu sa nouvelle mouture \u00eatre salu\u00e9e par les experts. Sam Altman, le PDG d&#8217;OpenAI, a m\u00eame reconnu en interne que Gemini avait rattrap\u00e9 son retard, le jugeant m\u00eame sup\u00e9rieur pour certaines t\u00e2ches, d&#8217;o\u00f9 son injonction \u00e0 ses ing\u00e9nieurs de &#8220;rattraper le retard&#8221;.<\/li>\n<\/ol>\n<p>L&#8217;impact de Gemini pourrait d\u00e9passer le seul \u00e9cosyst\u00e8me Google, le LLM \u00e9tant m\u00eame pressenti pour int\u00e9grer la prochaine version de Siri chez Apple, attendue au printemps, selon Bloomberg.<\/p>\n<p>En r\u00e9sum\u00e9, le march\u00e9 est pass\u00e9 de la peur \u00e0 l\u2019euphorie. Les investisseurs ont compris qu&#8217;Alphabet dispose du triptyque gagnant : les donn\u00e9es propri\u00e9taires (YouTube, Search), l&#8217;infrastructure (TPUs, Cloud) et le capital (plus de 100 milliards de dollars de revenus par trimestre) pour gagner la guerre de l&#8217;IA. Loin d&#8217;\u00eatre un dinosaure technologique, Alphabet s&#8217;est r\u00e9invent\u00e9 en forteresse de l&#8217;intelligence artificielle.<\/p>\n<p><i>Antoine Fraysse-Soulier est responsable de l\u2019analyse des March\u00e9s chez eToro. Ayant plus de quinze ans d\u2019exp\u00e9rience en finance de march\u00e9 (Brokers, Asset Managers), il nous a rejoint en 2019 pour partager sa connaissance et son exp\u00e9rience \u00e0 toute la communaut\u00e9 eToro.<\/i><\/p>\n<p><i>N\u2019h\u00e9sitez pas \u00e0 le suivre <\/i><a href=\"https:\/\/x.com\/TonyFraysse?tblci=GiAkE_oKRdgRdRkeMc8rbI6xzZjhFE4Ga6dQk0mxFsK7zCD67VAomNeQgruWr_T5ATCf214\" target=\"_blank\" rel=\"noopener\"><i>sur X<\/i><\/a> <i>!<\/i><\/p>\n<h6><i>Cette communication promeut uniquement des actions et \u00e0 des fins d\u2019information et d\u2019\u00e9ducation et ne doit pas \u00eatre consid\u00e9r\u00e9e comme un conseil d\u2019investissement, une recommandation personnelle ou une offre ou une sollicitation d\u2019achat ou de vente d\u2019instruments financiers. Ce document a \u00e9t\u00e9 \u00e9labor\u00e9 sans aucune consid\u00e9ration \u00e0 l\u2019\u00e9gard d\u2019un quelconque objectif d\u2019investissement ou de la situation financi\u00e8re du destinataire, et n\u2019a pas \u00e9t\u00e9 \u00e9labor\u00e9 conform\u00e9ment aux exigences l\u00e9gales et r\u00e9glementaires visant \u00e0 promouvoir une recherche ind\u00e9pendante. Toute r\u00e9f\u00e9rence aux performances pass\u00e9es ou futures d\u2019un instrument financier, indice ou ensemble de produits d\u2019investissement n\u2019est pas, et ne devrait pas \u00eatre consid\u00e9r\u00e9e comme un indicateur fiable des r\u00e9sultats futurs. eToro n\u2019accorde aucune garantie et n\u2019assume aucune responsabilit\u00e9 concernant la pr\u00e9cision ou l\u2019exhaustivit\u00e9 de cette publication.<\/i><\/h6>\n<h6><i>Les performances pass\u00e9es ne sont pas garantes des r\u00e9sultats futurs.<\/i><\/h6>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Il y a moins de deux ans, Wall Street semblait pr\u00eat \u00e0 r\u00e9diger la n\u00e9crologie de Google. Le lancement de ChatGPT fin 2022 avait \u00e9t\u00e9 per\u00e7u comme un \u00ab ligne rouge \u00bb \u00e0 Mountain View, un moment de rupture technologique cens\u00e9 rendre le moteur de recherche traditionnel obsol\u00e8te. La th\u00e8se des vendeurs \u00e9tait simple, l&#8217;IA&hellip;<\/p>\n","protected":false},"author":127,"featured_media":1207232,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1312],"tags":[],"asset_type":[],"class_list":["post-1182042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights"],"acf":[],"yoast_head":"<title>Google, de la crise \u00e0 la domination dans l\u2019IA<\/title>\n<meta name=\"description\" content=\"Comment Google a converti la menace de l\u2019IA g\u00e9n\u00e9rative en moteur de croissance, entre Search r\u00e9silient, Cloud en plein essor et puissance technologique unique.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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