Deepwater Asset Management partner Gene Munster warned that Google AI faces two major problems: talent drain and declining model rankings, and believes that SpaceX's AI business has better prospects.

Munster pointed out that approximately six key researchers have left Google's AI division in the past three months, which could impact the company's innovation culture and future AI model development capabilities. At the same time, he believes that Google's Gemini model has begun to fall behind competitors in AI rankings. In contrast, Munster is optimistic about the Grok model developed by SpaceX's xAI, expecting Grok to enter the top three with the release of new versions. SpaceX's financial report shows that its AI business revenue reached $2.56 billion in the second quarter, a year-on-year increase of 247%, benefiting from a significant deal with Anthropic. However, analysts also expressed concern about SpaceX's aggressive AI capital expenditure plan, with JPMorgan Chase estimating that its annual capital expenditure could reach $200 billion in 2027 and 2028, far exceeding its cash reserves.