美银最新研报指出，图片社交平台Pinterest不仅面临大型零售广告主因关税问题缩减预算的压力，其市场份额正被规模更大的数字平台逐步侵蚀。该行已将Pinterest股票评级下调至中性。
分析师指出："虽然关税因素对Pinterest的冲击较同业更为显著，但大型平台通过人工智能驱动的广告投资回报率优化，正在削弱Pinterest获取增量广告预算的能力。"他们强调，关税逆风虽将在第三季度缓解，但人工智能加持的竞争对手（如谷歌和即将入局的OpenAI）将构成持续威胁。
报告同时承认，此前关于用户参与度提升及2024年10月推出的AI广告工具套件Performance+将改善业绩的预期未能实现。受此影响，Pinterest股价当日暴跌18%。
（注：本文根据市场讨论整理，不构成投资建议）
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