美国众议院周四通过了一项法案，旨在为与美元挂钩的加密货币代币（即稳定币）建立监管框架。该法 案已提交总统唐纳德·特朗普，预计特朗普将签署成为法律。 他说："世界各地的支付系统正在经历一场革命。" 支付体系将迎来重大革命 三天前提醒过一次，circle/ hood /coin 表现两天了 此次投票标志着数字资产行业的一个分水岭。多年来，该行业一直在推动联邦立法，并在去年的选举中 投入大量资金，以支持支持加密货币的 候选人。 这项将直接提交给特朗普的法案名为《天才法案》（GENIUS Act）。该法案为一种名为"稳定币"的加 密货币设定了初步的护栏和消费者保护措施。稳定币与美元等"稳定"资产挂钩，以降低其波动性。 众议院金融服务委员会主席弗伦奇·希尔在周四的辩论中表示，该法案将"确保美国的竞争力并为我们的 消费者提供强有力的保障"。 ...

Core Viewpoint - The Senate is expected to discuss recent matters, with pressure from Bessent and Trump [1] Group 1 - The discussion in the Senate is anticipated to address significant issues that have been raised recently [1]

Core Viewpoint - The industry is experiencing a shift as the period of scarcity for cards is coming to an end, with new developments indicating a potential increase in market activity and interest in AI computing power and applications. Group 1 - The recent months have seen a lack of interest in AI computing power and applications, with no inquiries for over two months [2][6]. - There has been a sudden resurgence of interest, with inquiries starting to emerge today [3][7]. - The previous assessment indicated that the state of unavailability of cards would soon be resolved, following trips to Mongolia and Hangzhou [4]. Group 2 - Developments such as self-developed ASIC cards, the upcoming release of low-end NVIDIA cards, and the launch of Alibaba and ByteDance's overseas IDC services suggest that the card scarcity period since March is nearing its end [5]. - Despite the recent uptick in interest, the market's enthusiasm remains significantly lower than that for stablecoins, at less than one-fifth of the previous levels [8].

Core Viewpoint - The article emphasizes the growing importance of Alibaba Cloud as a key highlight for Alibaba Group, especially in light of declining performance in its e-commerce segment, particularly Taobao [4][5]. Group 1: Alibaba's Current Challenges - Taobao's contribution to a service company’s revenue has decreased from over 85% four years ago to 50% currently, indicating a loss of market share to competitors like Douyin, Pinduoduo, and Xiaohongshu [4]. - Consumer dissatisfaction with Taobao's return policies and shipping fees has led to a decline in user engagement, with some families completely uninstalling the app [4]. Group 2: Alibaba Cloud's Potential - Alibaba Cloud is recognized as the only bright spot for Alibaba, attracting attention from capital markets due to its significant scale and capabilities [5]. - Alibaba Cloud ranks as the fourth largest globally and the largest in China, benefiting from economies of scale that allow it to offer competitive pricing for services like GPU leasing [6]. Group 3: AI and Cloud Adoption - The rise of AI is expected to drive a second wave of cloud adoption among enterprise customers, as many companies will seek cost-effective cloud computing solutions due to the increasing complexity of AI infrastructure [7]. - The low cloud adoption rate in China is attributed to concerns over data security and the affordability of traditional servers, but the demand for AI capabilities is likely to push more companies towards cloud solutions [6][7]. Group 4: Future Trends in AI and Cloud - The article suggests a shift towards open-source models combined with public cloud architectures, as companies become more cautious about using closed-source APIs, particularly in sensitive sectors like biotechnology [8]. - Major tech companies, including Google, are at a crossroads regarding their reliance on either open-source models or cloud services for revenue generation, indicating a broader industry trend [9]. Group 5: Alibaba Cloud's Strategy - Alibaba Cloud's internal structure promotes a straightforward approach to business development, allowing for efficient expansion while maintaining a balance between openness and conservatism compared to competitors like Tencent Cloud and Volcano [10]. - Confidence in Alibaba Cloud's future prospects remains strong, suggesting a belief in its ability to navigate the evolving market landscape [11].

Core Insights - The release of Grok 4 marks xAI's latest advancement in artificial intelligence, aiming to compete with OpenAI and Google [1] - Elon Musk claims Grok 4 demonstrates superior performance in standardized tests and exhibits doctoral-level knowledge across various disciplines [1][2] - Grok 4 is positioned as a response to existing models like OpenAI's ChatGPT and Google's Gemini, with capabilities to analyze images and answer questions [2] Summary by Sections - **Product Launch**: Grok 4 was launched on Thursday as xAI's latest AI model, part of a multi-billion dollar investment by Musk to rival major players in the AI space [1] - **Performance Claims**: Musk asserts that Grok 4 outperforms doctoral-level expertise in all academic subjects without exception [2] - **Subscription Model**: A subscription service for Grok 4 is available for $300 per month, indicating a monetization strategy for the AI model [2] - **Market Positioning**: Grok 4 is seen as a direct competitor to ChatGPT and Gemini, highlighting the competitive landscape in AI technology [2]

Core Insights - The article discusses the latest AI product rankings and highlights the growth and performance of various AI applications in June 2025, emphasizing the importance of both software and hardware in maximizing AI capabilities [4][10][15]. Global Rankings - ChatGPT remains the top AI application globally with a monthly active user (MAU) count of 655.03 million, showing a growth rate of 5.59% [15][16]. - The top five AI applications by MAU include: 1. ChatGPT: 655.03M MAU, 5.59% growth 2. Quark (Alibaba): 156.18M MAU, 2.51% growth 3. Baidu Cloud: 154.99M MAU, 1.21% growth 4. Douyin's Smart Assistant: 125.94M MAU, 6.50% growth 5. DeepSeek: 94.1M MAU, -6.06% decline [15][16][19]. Subscription Revenue Rankings - The top five AI applications by annualized subscription revenue are: 1. ChatGPT: $1.377 billion, 10.08% growth 2. Suno: $19.76 million, 8.06% growth 3. PLAUD (hardware): $16.96 million, 7.57% growth 4. Claude: $19.10 million, 7.41% growth 5. PolyBuzz: $19.64 million, 4.20% growth [10][12][13]. Domestic Rankings - The domestic AI product rankings show intense competition among the top three applications: Quark, Baidu Cloud, and Douyin's Smart Assistant, all of which are striving for growth [18][19]. - DeepSeek experienced its first negative growth, dropping to 94.1 million MAU, indicating potential challenges in user engagement [18][19]. International Expansion - The top three AI applications in the international market by growth rate are: 1. Cici (ByteDance): 24.01 million MAU, 17.56% growth 2. DreamFace (Tonghuashun): 3.90 million MAU, 7.89% growth 3. Linky (Kunlun Wanwei): 3.75 million MAU, 6.19% growth [21][23]. Event Announcement - The AI Product List will host its 2nd Anniversary Conference on July 17, 2025, in Shenzhen, focusing on the integration of software and hardware in AI development [4][6].

编者荐语： 合作单位之一敬请大家深圳参会！可以在后台向我们报名 AI产品榜 . AI产品榜 aicpb.com 按月发布AI产品榜单。AI产品榜大会，是你必参的会。 发起人：李榜主 wx：QBB2378 Ai产品榜之周年大会 抽奖奖品 以下文章来源于AI产品榜 ，作者李榜主 | | AI产品榜创始人 学傍王 | | --- | --- | | | 2025全球AI产品趋势洞察 | | | 深圳国家高技术产业创新中心 | | | 数字经济研究所所长 邵哲文 | | | 浪潮之巅:2025全球AI黄金赛道 | | | 雷鸟创新 创始人兼CEO 李宏伟 | | | 交互·硬件·生态 Al时代穿戴设备的进化之路 | | | 万兴科技创始人 董事长 吴太兵 | | | 创意产业的Al进化论 从工具赋能到生态共赢 | | 11:00 | 大会合影 | | 11:10 | 第一轮抽奖 | | 11:20 | 圆桌对话: | | | Al软件:解密Al+Z世代全球化 | | | 流量密码从"卖工具"到"卖结果" | | | 主持:创投十问 创始人 梦雯 | | | 嘉宾：Co-Founder/CTO@OpenArtAl 乔顺 ...

4.7 日后，中美两国股市都迎来了一轮上涨： 纳斯达克累计涨幅 32.9% 。恒生科技指数 ETF （ 513180 ）累计涨幅 11.57% 。上证涨了 12.16% 。 A 股整体的上涨幅度没有美股大，从结构上看，也有 很大的差别。 逻辑是对的： 训练芯片以 H100 和 H200 为首，从 2.28 日以后其主力云上价格是往下得： 分析里面的原因：还是基础大模型的迭代变慢所致，在 transformer 架构下的基 础模型迭代明显变慢了，去年 11 月我们还能说是因为算力不够的原因，大 模型迭代受阻。但是从今年 3 月 B200 开始交付， 5 月以后情景看，基础模型的升级就是变慢了。而且从我们跟踪的行业趋势看，预训练美国大厂们还没 放弃，但是基本都把大模型迭代的重点全力投向了 RL 强化学习路径，马上要出来的 GPT5 也是这方面的集大成者。 RL 后训练强化学习阶段，老黄也认为遵 循 scaling law 法则，但比起预训练的暴力增参的大幅需求， RL 的需求显然要小一些。所以从 2 月全球一窝蜂的 转向强化学习这个路径后， H100 和 H200 的租赁价格是明确下降的，这里面也有地区影响，比如 ...

下周又要看关税后续了 90天到了。 目前越南的20% ，周五市场解读为利好。 不知道后续nv卡 等有啥招数。 唯一不变的是 三四季度 一批asic卡要面世了。 国内卡荒将得到一定缓解。 但是nv的政策，现在也不知道走向何处？？？ 1）Anthropic年化收入达到40亿美元，较年初增长近四倍； 2）Cursor通过引入Anthropic的高管增强市场竞争力； xAI控制台新增Grok4及Grok4Code引用， 全球第二Anthropic年化收入已达40亿美元，较年初增长近4倍、与 Cursor 竞争加剧 海外基建 落地： 阿里云将设立首个AI全球能力中心，并在马来西亚、菲律宾新增数据中心 阿里云将设立首个AI全球能力中心，计划联合超过1000家企业打造10余个行业AI示范项目，并与全球 120多所高校合作，每年培养10万名AI人才。 接下来还是 asic逻辑和稳定币还是不受关税影响。其它不知道。 1）Grok4作为xAI的旗舰模型，专注于自然语言处理、数学推理和综合推理能力的提升； 2）Grok4Code专为编程优化，计划与代码编辑器无缝整合，提高开发效率； 3）xAI通过API提供Grok4访问权限，未来 ...

Core Viewpoint - Robinhood is leveraging its regulatory licenses to expand into the Web 3.0 financial space, allowing for the tokenization of equity derivatives in Europe, which enhances its competitive edge in the brokerage industry [4][5]. Group 1: Revenue Model - Robinhood operates as a zero-commission brokerage, primarily earning through the bid-ask spread, which is narrower compared to other brokers [4]. - The company’s securities trading license is valuable, enabling it to engage in various financial activities [4]. Group 2: Regulatory Advantages - Robinhood acquired Bitstamp, gaining MiFID II investment company status, allowing it to operate a Multilateral Trading Facility (MTF) and legally facilitate trades of financial instruments recognized by MiFID [4]. - The MTF status enables Robinhood to provide services across the EU with a single regulatory approval, a significant advantage over competitors like Coinbase, which lacks this capability [4]. - Bitstamp has obtained a CASP license from Luxembourg, covering all aspects of crypto asset business, ensuring compliance with KYC/AML regulations [4]. Group 3: Trading Operations - Robinhood offers 24/7 trading, which theoretically exposes it to risk during non-trading hours, as it can only trade tokens when the stock market is closed [6]. - The company can partially mitigate this risk by connecting with market makers during night trading sessions [6]. Group 4: Market Potential - The new business model opens up significant opportunities, especially for European investors trading U.S. stocks, simplifying the process through the Bitstamp platform [8]. - The potential market space for this new business is varied among competitors, indicating a wide range of estimates regarding its success [8]. Group 5: Competitive Landscape - Other firms similar to Robinhood could emerge by combining brokerage services with Web 3.0 capabilities and obtaining MTF licenses in Luxembourg [9].