图片来源：视觉中国 全球半导体芯片巨头本周将齐聚中国台湾顶级科技博览会，展示人工智能主导产业"下一个前沿"。 英伟达首席执行黄仁勋（Jensen Huang）在周一[台北国际电脑展（Computex）前夕]发表主题演讲，此 时科技行业正面临美国关税冲击和供应链中断的双重挑战。 这场为期四天的活动将吸引全球计算机和芯片企业汇聚于此，其半导体产业对从iPhone到运行ChatGPT 的服务器等所有产品的生产都至关重要。 中国台湾生产全球大部分最先进的芯片，包括最强大的人工智能应用和研究所需的芯片。 黄仁勋上周五在台北对记者表示："我将披露诸多令人惊喜的消息。" "我们处于技术生态系统的核心，这里有许多合作伙伴，期待共同宣布诸多合作项目、新项目、新技术 和新倡议。" 来自高通（Qualcomm）、联发科技（MediaTek）和富士康（Foxconn）的高管也将在台北国际电脑展上 发表演讲，届时，将人工智能从数据中心融入笔记本电脑、机器人和汽车的技术进展将成为焦点。 专业研究公司Counterpoint在一份报告中指出："从驱动更智能个人设备的代理式人工智能到重塑自动化 的物理人工智能，本届展会勾勒出下一个前沿领域图 ...

图片来源：视觉中国 近期，新势力车企4月交付成绩陆续公布，零跑继3月首次登顶后，再度蝉联榜首。 今年1月，零跑汽车发布盈利预告称，公司2024年第四季度实现净利润转正，提前一年达成单季度盈利 目标。这标志着零跑汽车成为继理想汽车之后，第二家实现盈利的造车新势力。但需注意的是，零跑 2024年全年净亏损为28.2亿元。 根据其官方微博，零跑4月交付量为41039台，同比增长173%，增速创新高。这种销售势头延续到了本 月，5月前5天，零跑全系订单超18000台，其中5日单日订单便突破3700台。 5月19日，零跑汽车发布2025年第一季度财报，期内，零跑销量为87552台，同比增长162%，营收达百 亿，同比增长187.1%，毛利率14.9%，创历史新高。 在去年四季度单季盈利后，零跑汽车的净利润环比由盈转亏，今年一季度零跑归属母公司净亏损1.3亿 元人民币。但相比2024年同期亏损额10.1亿元，已大幅收窄。 资本市场上，2025年开年以来，零跑汽车港股股价已近乎翻倍，体现出现阶段投资者对其前景仍持积极 态度。 在这轮股价上涨前，零跑曾度过了一段艰难时期。2022年，零跑在"蔚小理"之后成为第四家登陆港股的 ...

图片来源：Getty Images / Rattankun Thongbun 大学往往被吹捧为年轻人探索激情和兴趣的时期，但激情无法支付账单。根据纽约联邦储备银行的最新 数据，主修教育、社会工作或艺术专业的毕业生在职业生涯前五年的收入中位数最低。 外语专业毕业生是所有初入职场的大学毕业生中薪资最低的，年薪中位数为4万美元。普通社会科学专 业的毕业生紧随其后，年薪中位数为4.1万美元。表演艺术专业的情况稍好一些，年薪中位数为4.19万美 元。人类学和幼儿教育专业以4.2万美元的薪酬中位数并列倒数第五。 尽管外语技能对许多求职者而言是加分项，但并不总能转化为高薪职位。如今，人们比以往更易通过多 邻国（Duolingo）等应用程序掌握语言能力，无需正式学位。外语专业毕业生通常进入公共服务或翻译 等薪资较低的领域。 即使这些专业的毕业生晋升到职业生涯中期的职位，其薪资与科技行业同行相比仍显微薄。幼儿教育专 业毕业生在职业生涯中期的薪资是所有大学毕业生中最低的，年薪中位数为4.9万美元。小学教育专业 稍高一些，职业生涯中期的年薪中位数为5.3万美元。 主修科学、技术、工程和数学教育领域（如工程和计算机科学）的毕业生往往 ...

Core Viewpoint - The rapid adoption of AI technologies, particularly chatbots like ChatGPT, has not significantly impacted employment hours or wages, despite initial expectations of productivity gains [2][3][4]. Group 1: AI Adoption and Employment Impact - A study by economists Anders Humlum and Emilie Vestergaard found that AI chatbots have negligible effects on income or recorded work hours across various professions [2]. - The research analyzed data from 25,000 employees in 7,000 workplaces, focusing on jobs perceived to be vulnerable to AI disruption, such as accountants and IT support specialists [2][3]. - Users of AI in the workplace saved an average of 3% of their time, but this did not translate into significant wage increases, with only 3%-7% of productivity gains reflected in salary growth [2][3]. Group 2: Limitations of AI's Economic Impact - Despite the rapid deployment of AI technologies, the overall economic impact remains limited, as highlighted by the mixed results of AI projects in companies [3][7]. - A survey of 2,000 CEOs revealed that only 25% of AI projects achieved expected returns on investment, indicating a disconnect between investment and actual productivity gains [7]. - The phenomenon of "fear of missing out" (FOMO) drives many CEOs to invest in AI without fully understanding its potential value [7]. Group 3: Factors Influencing AI Effectiveness - The effectiveness of AI in enhancing productivity is influenced by employer support and employees' time management skills [5][6]. - Employees often allocate over 80% of the time saved by using AI to other tasks rather than leisure, which may dilute the perceived benefits of AI [5]. - The complexity of real-world workplaces complicates the integration of AI, as many employees use these tools without clear guidance or encouragement from management [6]. Group 4: Future Outlook on AI and Productivity - The potential for AI to enhance productivity is acknowledged, but significant improvements may require organizational changes and investment in employee training [8][9]. - Historical context suggests that transformative changes, such as those seen during the Industrial Revolution, take time to materialize fully [9]. - Estimates indicate that AI could contribute to a GDP increase of 1.1% to 1.6% over the next decade, which, while substantial, falls short of more optimistic projections [7][9].

然而去年四月接到解雇通知时，他立即意识到此次不同以往：他正以亲历者的身份见证AI重塑科技行 业格局。 尽管拥有二十年工作经验和计算机科学学位，他在投递800份简历后仅获得不足10次面试机会。更糟糕 的是，部分面试竟由AI智能体而非真人进行。 K向《财富》坦言："我感觉自己完全被忽视了。没有人在意我。仿佛在接触真人前就被系统过滤淘汰 了。" 图片来源：Courtesy of Shawn K 肖恩·K（法律姓氏为单字母）对科技行业的裁员并不陌生。 这位软件工程师先后在2008年金融危机和疫情期间失业，但两次都仅用数月便重返职场。 尽管AI取代人类工作的忧虑存在多年，这位42岁的工程师认为自身遭遇仅是"社会经济海啸"的前奏。 他近期在Substack专栏中写道："大替代潮已然汹涌而至。" 靠在DoorDash上送餐维持生计——他预言"这终将成为几乎所有人的命运" K的上一份工作就职于元宇宙公司——这个曾被预言为明日之星的领域，却因ChatGPT崛起等因素而黯 然失色。 他如今生活在纽约中部，蜗居在一套小型房车里，在寻找技术岗位无果的情况下，不得不通过非常手段 维持生计，试图填补15万美元年薪的缺口。 在持续求职、刷 ...

Core Insights - Warren Buffett, the investment master of Berkshire Hathaway, is known for his adaptability, which has led to significant profits from Apple and substantial donations to the Bill & Melinda Gates Foundation [1][10] - Buffett's journey from a $20 savings account to a wealth exceeding $200 billion showcases his exceptional investment acumen, achieving an average annual return of 19.9% from 1965 to 2024 [2][5] - His investment philosophy emphasizes rationality and continuous learning, allowing him to adapt his strategies over time [3][4] Investment Philosophy - Buffett's famous quotes reflect his investment principles, such as being greedy when others are fearful and focusing on high-quality companies rather than cheap stocks [2][3] - He initially followed Benjamin Graham's value investing approach but later embraced the idea of investing in fundamentally strong companies, even at higher prices, as influenced by Charlie Munger [4][8] - His shift in perspective allowed him to invest in companies like See's Candies, which became a valuable asset for Berkshire Hathaway [4][8] Adaptation to Market Changes - Buffett's initial avoidance of technology stocks changed when he recognized Apple's strong fundamentals and competitive advantages, leading to significant investments in the company [5][9] - Despite skepticism from Wall Street analysts regarding Apple's stock valuation, Buffett viewed it as an exceptional business with a wide "moat" [5][9] Philanthropic Strategy - Originally planning to donate most of his wealth posthumously, Buffett shifted to immediate donations, primarily to the Gates Foundation, due to their effective management and alignment with his values [6][10] - This decision reflects his belief in finding capable individuals to manage resources better than oneself [6][10] Conclusion - Buffett's ability to change his investment strategies and philanthropic approach has been a key factor in his long-term success and influence in the investment world [7][10]

Core Viewpoint - The U.S. banking industry is under significant stress due to high interest rates, with potential risks of a new banking crisis similar to the one experienced in March 2023, particularly if economic conditions worsen due to inflation and other factors [1][9][10]. Group 1: Current Banking Situation - As of the end of 2024, the total unrealized losses in U.S. bank securities investments reached $482.4 billion, an increase of $118 billion or 32.5% from the previous quarter [1]. - The peak of unrealized losses was $684 billion at the end of 2023, indicating a troubling trend for the banking sector [1]. - Experts warn that if interest rates remain high, the accumulated losses during the crisis will not dissipate, leading to further vulnerabilities in the banking system [10]. Group 2: Expert Opinions - Financial experts emphasize that unless assets are sold, unrealized losses do not appear on banks' profit and loss statements, but they pose a liquidity threat if depositor confidence wanes [2][6]. - The volatility of long-term interest rates, particularly the 10-year Treasury yield, is closely linked to bank losses, with current rates hovering above 4.5% [5][6]. - The potential for a new banking crisis remains, as any negative news about a bank could trigger a repeat of the March 2023 crisis [2][8]. Group 3: Risks and Concerns - The banking sector's exposure to long-term securities, which are classified as "held to maturity," means that their market value fluctuations do not directly impact financial statements unless sold [6][7]. - If banks are forced to sell investments, they must mark their entire portfolio to market value, which could lead to significant liquidity issues [6][10]. - Regional and super-regional banks, particularly those with asset sizes between $10 billion and $200 billion, are highlighted as particularly vulnerable due to their large uninsured deposits exceeding the FDIC insurance limit [10].

在全球具身智能的浪潮中，数据被视为推动AI技术革新的"新石油"。在这一变革的背后，合成数据扮演 着至关重要的角色，成为AI进入物理世界的桥梁。光轮智能，这家专注于合成数据的创业公司，凭借 独特的技术视角和商业模式，吸引了全球目光。光轮智能联合创始人兼总裁杨海波，他深入分析了合成 数据在AI发展中的核心作用，并分享了公司在具身智能领域的战略布局及成就，以及对未来数据革命 的洞察。 从体制内到创业：选择充满挑战的人生 杨海波，在早年间的十年政府工作中，深度参与基层治理、宏观调控和组织管理，深谙中国政策体系与 资源调配机制；主导创建多个国家级、北京市级社会组织的经历，使其积累了丰富的资源整合与协同发 展经验；在美团负责公共事务期间，结合市场需求，将政策洞察转化为企业发展动能。2023年，看到 AI迈入智能涌现阶段、数据瓶颈凸显的机遇，杨海波与他人联合创立光轮智能。这种横跨政府、社会 组织与企业的多元履历，让他既懂政策导向，又谙市场规律，是深刻立足国情、着眼科技创新的资深专 家。 "我的人生理念就是要拥抱和享受不确定，只有不断追求变化，才是真正的成功。" 杨海波坦言，"相比 过去在不同政府机关部门、各类社会组织和大厂 ...

Core Viewpoint - After a significant increase in gold prices, recent events such as the downgrade of the U.S. sovereign credit rating by Moody's have reignited interest in gold as a potential safe-haven asset, despite short-term volatility in prices [1][3]. Group 1: U.S. Sovereign Credit Rating and Economic Indicators - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1, indicating a loss of the highest rating from all three major rating agencies, primarily due to concerns over rising fiscal deficits and debt levels [1][2]. - The U.S. federal debt has surpassed $36 trillion, with interest payments projected to exceed $1.1 trillion in the 2024 fiscal year, accounting for 22% of federal revenue [1][2]. - The Congressional Budget Office warned of potential debt default if the debt ceiling is not raised, which could lead to increased refinancing costs for the federal government [2]. Group 2: Impact on Gold and Currency Markets - The downgrade by Moody's is expected to weaken the dollar's credit system, leading to a potential shift in investor preferences towards gold and other currencies as safer assets [3][4]. - Despite rising U.S. Treasury yields, gold prices have surged, indicating a shift in gold's monetary attributes and a divergence from traditional correlations with bond yields [3][4]. - Global central banks are increasing gold purchases, with a net acquisition of 1,044.6 tons in 2024, reflecting a trend of moving away from dollar-denominated assets [4]. Group 3: Future Outlook for Gold - The path for gold to regain its status as a dominant asset is expected to be gradual, influenced by ongoing geopolitical risks and economic conditions [5][6]. - Factors such as persistent inflation, geopolitical tensions, and the potential for U.S. fiscal policies to lead to further monetary expansion are likely to support gold's appeal as an inflation hedge [5][6]. - Prominent investors, like Ray Dalio, emphasize the importance of holding gold in light of unsustainable U.S. debt levels, suggesting that the transition to gold as a currency alternative is still in its early stages [6].

各指数在当日交易时段经历多次起伏。标普500指数午后盘中一度较开盘下跌0.4%，随后收复失地。道 指最大波动幅度约200点。纳斯达克指数全天震荡，但多数时段高于开盘价。 市场相对平静的交易态势，源于中美双方同意在未来90天内降低互征关税税率。这项举措让投资者看得 到了希望，期待两大经济体最终能达成协议，使全球贸易恢复某种正常状态。至少，市场希望未来协议 能为世界经济走向提供长期确定性。中美关税休战缓解了投资者对经济衰退迫在眉睫的深切担忧。 德意志银行（Deutsche Bank）经济学家在上周三发布的分析师报告中写道："中美紧张局势降级为我们 的增长预测带来温和的上行风险，但更重要的是，显著降低了经济衰退与劳动力市场急剧恶化的可能 性。" 5月11日深夜宣布的关税休战消息推动周一开盘美股全线上涨。值得注意的是，上周走势推动标普500指 数年内首度翻红，自1月1日以来累计上涨0.4%。道指与纳斯达克指数年内仍分别下跌0.8%和0.9%。 受益于自身利好的地缘政治消息，英伟达与超威半导体两只个股全天走强。在特朗普总统海湾国事访问 期间，两家公司宣布与沙特人工智能公司Humain达成合作。Humain与英伟达签订协 ...