[Big Mall: Google's premium is 12%, Meta's discount is 30%, and the Internet giant's valuation is bipolar] According to the deep tide TechFlow news, according to the trend research, Morgan Stanley's research report on August 25 pointed out that the Internet sector fell by an average of 2% last week, Meta fell by about 7%, Amazon fell by about 2%, and Google was basically flat. Amazon, Google, and Meta currently have expected P/E ratios of 19 times, 17 times, and 17 times respectively for 2026, representing a discount of 36%, a premium of 36%, and a discount of 24% compared to their historical averages. According to EV/EBITDA standards, Amazon has a discount of 12% compared to the 2-year average at 11.2 times, Google has a premium of 8% at 15.1 times, and Meta has a discount of 30% at 8.7 times. The company maintains the "attractive" rating of the Internet industry, and AI capability is becoming the core variable of valuation differentiation. The overall forward EV/EBITDA of the sector is 9% lower than the 5-year average, but EV/Sales is 16% higher than the 5-year average, resulting in a divergence between revenue and profit multiples. After adjusting for stock based compensation as cash expenditure, the real EV/EBITDA of digital media increased by an average of about 36%, e-commerce increased by 30%, and travel and sharing economy increased by 44%. Subsequent catalysts include the release of Google Gemini 4, stabilization of Amazon AWS growth, progress in monetizing Meta AI advertising, and changes in interest rate environment.