大家好，简单关注一下Seedance2.0爆火之后，引来了好莱坞的反弹。 迪士尼指控Seedance侵权 【导读】火爆的烦恼 据媒体报道，华特迪士尼公司于周五向字节跳动发送了一封停止侵权通知函(cease-and-desist letter)。迪 士尼指控字节跳动在未支付报酬的情况下，利用其作品训练和开发人工智能视频生成模型。 这是自字节跳动周四推出Seedance2.0以来，好莱坞大型制片厂迄今为止对该公司采取的最严厉行动。 这封致字节跳动全球总法律顾问约翰.罗戈文(John Rogovin)的信函指责称，字节跳动将其Seedance服 务"预置了一个包含《星球大战》(Star Wars)、漫威(Marvel)及其他迪士尼系列受版权保护角色的盗版 库，仿佛迪士尼令人垂涎的知识产权是可以免费使用的公有领域剪贴画。" 这家娱乐巨头去年与OpenAI达成了一项全面协议，使其成为OpenAI社交视频平台Sora的首个主要内容 授权合作伙伴。作为交易的一部分，迪士尼同意向OpenAI进行10亿美元的股权投资。 好莱坞名编剧哀叹，"我们可能要玩完了" 近期，在看到一段流传甚广的、由AI生成的汤姆.克鲁斯与布拉德.皮特对 ...

Core Viewpoint - Cathay Home Inc. has withdrawn its federal trademark application for "Swift Home" after facing pressure from Taylor Swift's company, TAS Rights Management LLC, which argued that the proposed logo could cause consumer confusion [1][2]. Group 1: Trademark Dispute - Cathay Home abandoned its application for the "Swift Home" trademark for bedding products following a challenge from TAS Rights Management LLC [1]. - TAS Rights Management LLC claimed that the cursive "Swift" in Cathay's logo closely resembled Taylor Swift's trademarked signature, potentially misleading consumers into thinking Swift endorsed the products [2]. - Cathay Home's attorney stated that the company had not used the disputed mark in commerce and deemed the registration unnecessary for its business [3]. Group 2: Coexistence Agreement - Cathay Home had previously signed a coexistence agreement with Swift regarding a different "Swift Home" trademark, which is not part of the current dispute [3]. Group 3: Taylor Swift's Influence - Taylor Swift's "Eras" tour is noted as the highest-grossing concert tour of all time, generating nearly $5 billion in U.S. consumer spending, with fans spending approximately $1,300 to $1,500 per show [5].

来源：深圳商报 根据Axios获得的信件副本，当地时间2月13日，华特迪士尼公司已向字节跳动发函，指控对方在训练和 开发Seedance 2.0模型时未经许可使用迪士尼作品，要求字节跳动"停止侵权且不得再犯"。 David Singer还在信中强调，Seedance上的侵权现象可能只是"冰山一角"，而这一判断之所以令人震惊， 是因为Seedance上线仅仅只有两天而已。 据此前报道，2月12日，豆包宣布，豆包视频生成模型Seedance 2.0正式接入豆包APP、电脑端和网页 版。Seedance 2.0模型支持原声音画同步、多镜头长叙事、多模态可控生成。 相关报道：Seedance 2.0正式接入豆包，马斯克说"太快了！" 相比1.5版本，Seedance 2.0的生成质量大幅提升，其在复杂交互和运动场景下的可用率更高，物理准确 度、逼真度、可控性显著增强，更加贴合工业级创作场景的需求。 值得注意的是，目前，豆包Seedance2.0暂不支持上传真人图片作为主体参考。经实测，目前暂时无法 生成明星相关视频。 豆包对此表示，这类涉及真人明星+特定品牌的合成内容，平台有严格规范，主要是为了： 这封信件由迪士尼律 ...

Market Overview - The three major indices showed mixed performance, with the Dow Jones up 0.10% to 49,500.93 points, the S&P 500 up 0.05% to 6,836.17 points, and the Nasdaq down 0.22% to 22,546.67 points [3] - All three indices recorded weekly declines, with the S&P 500 down 1.4%, the Dow down 1.2%, and the Nasdaq down 2.1% [3] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the January CPI rose 2.4% year-over-year and 0.2% month-over-month, both below market expectations [3] - The core CPI, excluding volatile food and energy prices, increased by 2.5% year-over-year and 0.3% month-over-month, aligning with market expectations [3] - Phil Blancato, Chief Market Strategist at Osaic, indicated that this data could pave the way for interest rate cuts and inflation control if the trend continues [3] Sector Performance - Concerns over AI disruption led to market sell-offs, affecting various sectors including software, real estate, trucking, and financial services [6] - Financial stocks such as Charles Schwab and Morgan Stanley fell by 10.8% and 4.9%, respectively, while software company Workday dropped 11% and commercial real estate firm CBRE fell 16% [6] - The media sector was also impacted, with Disney down approximately 3% and Netflix down 6% [7] Technology Stocks - Major tech stocks mostly declined, with Nvidia down 2.21%, Apple down 2.27%, Microsoft down 0.13%, Google down 1.06%, and Amazon down 0.41% [7] - Tesla saw a slight increase of 0.09%, while Oracle rose by 2.34% and Netflix increased by 1.33% [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.10%, with Alibaba down 1.89%, JD.com down 1.38%, and Pinduoduo up 0.06% [7] - NIO remained flat, while Xpeng rose by 1.36% and Li Auto fell by 1.81% [7]

格隆汇2月14日｜13F报告显示：Maverick Capital Ltd.四季度建仓做多谷歌C、应用材料、波士顿科学、 Visa、以及Camden Property。增持台积电、英伟达、GFL Environment、Carvana。清仓Kenvue、美国银 行、AMD、Danaher、以及Insmed。减持Nubank、迪士尼、Merit Medical、Acadia Health、Sherwin- Williams。重仓英伟达、微软、亚马逊、台积电、谷歌C。 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of $102.38 and a fair value of $127.17 [5]. Core Insights - The report emphasizes that Disney has built a robust business model through a combination of content production, diverse distribution channels, and offline experiences, creating a closed-loop commercial ecosystem [7]. - Disney's strategy has shifted from focusing solely on growth to enhancing quality and profitability, particularly in its D2C (Direct-to-Consumer) segment, which has seen significant investment despite lower profit margins compared to traditional television [7]. - The experience business, including theme parks and cruise lines, is highlighted as a unique competitive advantage, contributing significantly to revenue and operating profit [7]. Financial Projections - Revenue is projected to reach $102.1 billion in fiscal year 2026, with a growth rate of 8%, and $107.3 billion in fiscal year 2027, with a growth rate of 5% [4]. - Net income is expected to be $10.7 billion in fiscal year 2026, reflecting a -14% change, and $11.9 billion in fiscal year 2027, with a 10% increase [4]. - The report anticipates an EPS of $5.95 for fiscal year 2026 and $6.57 for fiscal year 2027, with corresponding P/E ratios of 17x and 15x [4]. Business Segments - Disney's primary business segments include entertainment (cable networks, D2C streaming, and content production), sports (primarily ESPN), and experiences (theme parks, resorts, and cruise lines) [26][28]. - The entertainment segment remains the largest revenue contributor, while the experience segment is crucial for profit, achieving a profit margin of 28% compared to 11% for entertainment and 16% for sports [28]. Historical Context - Disney's evolution is marked by three key phases: the early animation and theme park development, the revival under Michael Eisner with a focus on animation and cable television, and the recent era of acquisitions and streaming service expansion under Bob Iger [18][22][23]. - The company has successfully integrated acquisitions like Pixar, Marvel, and Lucasfilm, enhancing its IP portfolio and overall market position [23][43].

Core Viewpoint - InterDigital has secured another injunction against Disney for patent infringement related to HEVC compression technology, marking the fifth such injunction against Disney [1][2]. Group 1: Legal Developments - The Munich Regional Court ruled in favor of InterDigital, allowing the company to enforce an injunction against Disney for infringing on its patent [1]. - This latest ruling adds to previous injunctions issued by courts in Germany and Brazil concerning various patents, including HDR technology and additional HEVC and AVC compression technologies [2]. Group 2: Company Background - InterDigital is a global research and development company specializing in wireless, video, and AI technologies, focusing on foundational technologies that enhance connected experiences across various communication and entertainment products [3]. - The company has a long history of innovation in video compression technology, which has significantly contributed to the success of Disney's streaming business [3].

【环球网财经综合报道】北京时间2月13日凌晨，美国三大股指全线收跌，道指跌1.34%报49451.98点，标普500指数跌 1.57%报6832.76点，纳指跌2.03%报22597.15点。热门股方面，思科跌超12%，迪士尼跌逾5%，领跌道指。万得美国科 技七巨头指数跌2.2%，苹果跌约5%，脸书跌近3%。 有分析人士指出，投资者开始担忧人工智能建设会侵蚀一些公司的未来盈利，并可能颠覆多个行业的商业模式并推高 失业率，引发风险资产全线走低。 申万宏源证券此前撰文指出，近期美股科技显著跑输，主要由于估值拖累较为显著。特别是美股软件股的大幅下跌是 拖累科技股近期走势的核心关键，背后是市场担忧非上市的大模型公司对软件生态的颠覆，从远期的替代终局对软件 股进行了估值重塑。硬件公司的估值同样面临下修，市场担忧全产业链的涨价逻辑如果证伪或导致上游涨价受阻。 尽管业绩超预期且AI贡献超预期，但市场对于互联网的激进"花钱计划"依然感到担忧，体现了当前在融资环境难以进 一步宽松的背景下，AI的收入贡献的增速预期比不上当前成本支出的增速预期，难有增量资金支撑互联网估值。而此 前受到成本压力以及AI落后担忧的苹果走出下跌趋势，成 ...

来源：环球网 【环球网科技综合报道】2月12日消息，据WDW News Today报道，因遭迪士尼指控知识产权侵权，谷 歌旗下AI产品已开始拒绝生成迪士尼相关角色内容。外媒Deadline当地时间2月9日披露，谷歌Gemini、 Nano Banana等工具目前已拦截涉及迪士尼角色的生成请求，这一变化距迪士尼去年12月发出停止侵权 函仅过去约两个月。 据悉，今年1月，相关媒体曾通过提示词在谷歌上述AI工具中成功生成多个高质量迪士尼角色图像，但 如今使用相同提示词，系统会弹出提示称"由于第三方内容提供方的相关顾虑，我暂时无法生成该图 像，请修改提示词后重试"。不过目前存在例外情况，若用户自行上传迪士尼角色照片并搭配文本提 示，谷歌AI产品仍可生成相关IP内容。 时间回溯至去年12月，迪士尼外部律师戴维·辛格向谷歌发出长达32页的停止侵权函，明确指出Veo、 Nano Banana与Gemini等谷歌AI工具"在大规模侵犯迪士尼版权"。函件中附有实例图片，直观展示通过 简单提示词，这些工具就能生成达斯·维达、钢铁侠等迪士尼旗下角色的精细渲染图像。迪士尼在函件 中提出四项明确要求，包括要求谷歌立即停止侵权行为、停止 ...

Core Insights - Lindsell Train Ltd reported an equity portfolio valued at approximately $4.1–4.2 billion, maintaining a focus on a limited number of dominant consumer, media, and financial franchises [1][10] - The portfolio is highly concentrated, with the top 10 holdings accounting for over 90% of total assets, reflecting a belief in long-term brand power and cash generation [2][10] Portfolio Overview - Total Portfolio Value: ~$4.1–4.2 billion [2] - Top 10 Holdings: - TKO Group Holdings: ~$597 million (14.6%) - Alphabet (Class A): ~$543 million (13.3%) - Walt Disney: ~$427 million (10.5%) - Intuit: ~$418 million (10.3%) - Thermo Fisher Scientific: ~$397 million (9.7%) - Fair Isaac: ~$334 million (8.2%) - Mondelez International: ~$314 million (7.7%) - PepsiCo: ~$309 million (7.6%) - PayPal: ~$301 million (7.4%) - eBay: ~$223 million (5.5%) [2] Changes in Holdings - Notable Add: Alphabet (Class A) saw an increase of ~206,000 shares (+10.1% QoQ), reinforcing its role as a core long-term investment [3] - Major Trims: - TKO Group Holdings reduced by ~219,000 shares (-6.9% QoQ) - Walt Disney trimmed by ~361,000 shares (-8.8% QoQ) - Intuit reduced by ~54,000 shares (-8.1% QoQ) - Mondelez International trimmed by ~681,000 shares (-11.9% QoQ) - PepsiCo reduced by ~226,000 shares (-9.3% QoQ) - eBay reduced by ~830,000 shares (-25.3% QoQ) [8] Investment Strategy - The portfolio reflects a quality growth style focused on brand and intellectual property-led businesses, with a very long-term holding period and low turnover [9][10] - The strategy emphasizes disciplined capital allocation and patient ownership of high-return businesses, with modest rebalancing to enhance long-term compounding [11]