格隆汇8月2日｜美股三大指数集体收跌，道指跌1.23%，本周累计下跌2.92%，纳指跌2.24%，本周累计 下跌2.17%，标普500指数跌1.6%，本周累计下跌2.36%，热门科技股普跌，亚马逊跌超8%，Meta跌超 3%，苹果、英伟达跌超2%，特斯拉、微软、谷歌跌超1%。加密货币、计算机硬件板块跌幅居前， Coinbase跌超16%，Strategy、Circle跌超8%，安高盟跌超7%，昆腾跌近6%，戴尔科技跌超4%，超微电 脑跌近4%，罗技跌超3%。减肥药、贵金属板块走高，黄金资源涨近17%，金田涨超5%，礼来涨超 3%，诺和诺德涨超2%。 纳斯达克中国金龙指数收跌1.82%，热门中概股普跌，哔哩哔哩跌超4%，理想汽车跌超3%，拼多多、 阿里巴巴、名创优品跌近3%，百度、京东跌超1%，蔚来涨超2%。 ...

Core Insights - Google has launched Gemini 2.5 Deep Think, an optimized internal model variant that recently won the IMO 2025 gold medal [1] - The model's speed has improved, and its mathematical capabilities can reach the level of the IMO 2025 bronze medal [1] - Two versions of Deep Think have been released: a daily-use version for Ultra subscribers and a competition-level version for top mathematicians [1]

周五，美国科技股七巨头指数下跌2.90%，报179.80点，本周累计下跌1.38%，微软业绩向好之际、7月 31日曾高开至188.78点。亚马逊收跌8.27%，Meta Platforms跌3.03%，苹果跌2.50%，英伟达跌2.33%， 特斯拉跌1.83%，微软跌1.76%，谷歌A跌1.44%。此外，台积电ADR收跌2.65%，AMD跌2.64%，巴菲 特旗下伯克希尔哈撒韦B类股则收涨0.20%，礼来制药涨3.01%。 本文源自：金融界AI电报 ...

Group 1 - The core viewpoint of the article highlights the challenges and opportunities for Chinese companies going global in 2025, emphasizing a shift from anxiety to proactive responses in the face of international uncertainties [3][5] - A report indicates that 81% of global respondents are open to considering new brands, with the figure rising to 85% in the U.S., suggesting a growing acceptance of new value propositions beyond just low prices [5][19] - The marketing landscape is evolving with AI transforming search from keyword-based to intent-based understanding, allowing for more nuanced consumer engagement [7][10] Group 2 - Google introduced three AI-driven search experiences: AI Overviews, AI Mode, and Agentic AI, which enhance user interaction and advertising effectiveness [10][11] - The Power Pack toolset, including PMax and AI Max, allows advertisers to automate audience targeting and optimize campaigns based on business goals, leading to improved conversion rates [11][14] - Case studies, such as AliExpress, demonstrate significant increases in conversion rates and return on ad spend through AI-driven insights and advertising strategies [13][14] Group 3 - YouTube is positioned as a unique platform for brands to connect with global audiences, emphasizing the importance of building emotional connections over mere visibility [17][19] - The shift from product-focused to brand-focused strategies among Chinese companies reflects a deeper understanding of the need for long-term brand equity and consumer loyalty [24][25] - Trust and authenticity are critical in creator partnerships, as highlighted by Mr. Beast's approach to brand collaborations, which emphasizes genuine product endorsement over monetary incentives [26][28]

Group 1 - Nvidia responds to security concerns regarding its H20 computing chip, stating that there are no "backdoors" allowing remote access or control [2][4] - The National Internet Information Office has requested Nvidia to explain the security risks associated with the H20 chip sold to China [4] Group 2 - Alibaba's former chairman, Zhang Yong, has been appointed as a member of the China Business Advisory Committee under the Hong Kong Stock Exchange [6][8] - This appointment increases the committee's membership to nine [8] Group 3 - Epic Games has achieved a significant legal victory against Google, which will require Google to adjust its Play Store policies [9] - The court ruled that Google abused its power by monopolizing the app store and charging excessive fees to developers [9] - As a result of the ruling, Google will allow Android users to download third-party app stores directly and open access to its Play Store application directory for competitors [9]

网传"谷歌中国公告"的截图，称自2025年9月1日起，Google获准全面恢复在中国大陆地区的服务。 对此，Google回应第一财经记者问询时表示，该截图不是来自Google。 ...

Core Points - Google has removed over 50 diversity, equity, and inclusion (DEI) organizations from its funding list, totaling 214 groups removed and 101 added according to a report from The Tech Transparency Project [2][3] - The largest category of purged groups were DEI-related, with 58 groups removed that had mission statements including terms like "diversity," "equity," and "inclusion" [3] - The funding purge reflects a shift in Google's strategy, prioritizing investments in artificial intelligence technology amid changing political and legal landscapes regarding DEI policies [6][7] Company Actions - Google spokesperson stated that the funding list reflects contributions made in 2024 and does not encompass all contributions from other teams within the company [4] - Notable organizations removed from the funding list include the African American Community Service Agency and the Latino Leadership Alliance, which focus on empowering historically excluded communities [5][10] - Despite the removal of DEI-related organizations, Google continues to allocate funds to various groups, including $75,000 to the National Network to End Domestic Violence in 2024 [11] Industry Context - The backlash against DEI programs has intensified following the U.S. Supreme Court's 2023 decision to end affirmative action at colleges, leading to a reevaluation of DEI initiatives across various industries [7][8] - Many companies are still pursuing DEI efforts but are using alternative terminology to avoid the divisive nature of the term "DEI" [9] - Google CEO Sundar Pichai emphasized the importance of diversity in the workforce, stating that a diverse workforce is essential for serving a global user base effectively [9]

美股崩了！ 当地时间8月1日，美股三大股指全线下跌。截至发稿，道指跌1.6%，纳指跌超2.3%，标普500指数跌超1.8%。全市超4500股下跌。 7月31日，美国总统特朗普签署行政命令，对多个国家和地区征收10%至41%不等的"对等关税"，并将生效期从8月1日推迟至8月7日。 除了"对等关税"外，特朗普曾预告将在未来几周推出药品、半导体、关键矿产及其他重要工业产品的单独关税，所以贸易不确定性风险料将持续存在。同 时，美国法院还在评估"对等关税"本身的合法性。 亚马逊市值蒸发超万亿元 美元闪崩，金价狂飙，油价大跌 8月1日，美股科技七巨头全线跳水，亚马逊一度跌超7%，市值蒸发1780亿美元（约合人民币1.28万亿元），英伟达跌超3%，市值蒸发超1400亿美元（约 合人民币1万亿元），Meta、特斯拉跌超2%，谷歌、微软、苹果均下跌。 美元指数闪崩，短时间内连续跌破100、99两大整数关口。 | 国际油价大跌，WTI和布伦特原油期货均跌超1.8%。 | | --- | 与此同时，国际金价直线拉升，纽约黄金期货涨超1.5%，站上3400美元。 金融咨询机构Camarco的Kim Heuacker解读称："下周随着 ...

Core Viewpoint - The development of artificial intelligence (AI) is reshaping the global technology and industrial landscape, evolving into a comprehensive competition among nations, particularly between China and the United States, with other countries also formulating their own AI strategies [1][3]. Group 1: AI Competition Landscape - The AI competition has transcended algorithms, becoming a national-level competition involving chip manufacturing, computational infrastructure, talent mobility, and capital investment [1]. - The United States leads in AI model and chip innovation, while China is closing the gap due to its strong industrial base and large AI talent pool [1][3]. - Other regions, including the EU, Japan, South Korea, India, Israel, and the UAE, are also establishing national AI strategies to secure a position in global standards and industry applications [1]. Group 2: China's AI Policy - China has a comprehensive and effective AI policy framework that encompasses six foundational elements: chips, data, talent, capital, energy, and applications [3]. - In 2023, China added 400 GW of energy infrastructure to support large model training, and established a national data exchange to promote data market circulation [3]. - The Chinese AI talent pool remains robust, with local teams like DeepSeek being predominantly composed of domestic personnel [3]. Group 3: United States' AI Policy - The U.S. AI policy is characterized by fragmentation and volatility, relying on executive orders rather than legislative support, leading to inconsistent policies across different administrations [4]. - The U.S. government is attempting to establish global leadership through the AI Action Plan, focusing on accelerating innovation, building AI infrastructure, and enhancing AI diplomacy [5]. - Key initiatives include promoting open-source AI, supporting AI labs in cloud environments, and streamlining data center approvals for large projects [5]. Group 4: European Union's AI Approach - The EU's AI policy is risk-oriented, centered around the AI Act, emphasizing transparency, data protection, and consumer rights [4]. - While the EU has a clear legal framework, it struggles to adapt to rapid technological changes, resulting in a lag in AI startup incubation and technology commercialization [4]. Group 5: Other Countries' AI Strategies - Countries like the UAE, Estonia, India, and Brazil are exploring localized AI governance paths, with initiatives such as appointing AI ministers and integrating AI into education systems [4].

Financial Data and Key Metrics Changes - The company reported funds from operations (FFO) of $371 million or $0.56 per unit, representing a 10% year-over-year increase driven by strong hydro generation and growth initiatives [18][20] - FFO per unit is expected to continue growing at a target rate of over 10% for the year [8] - The company has $4.7 billion of available liquidity, indicating strong financial flexibility [20] Business Line Data and Key Metrics Changes - The hydroelectric segment saw FFO increase by over 50% year-over-year, attributed to strong performance from U.S. and Colombian fleets [18][19] - The Distributed Energy, Storage, and Sustainable Solutions segments delivered nearly 40% year-over-year FFO growth, driven by Westinghouse's performance in the nuclear sector [20] - Wind and solar segments reported flat FFO compared to the prior year due to asset dispositions and gains from the previous year [19] Market Data and Key Metrics Changes - The company has commissioned 2.1 gigawatts of new renewable energy capacity in the quarter and anticipates bringing on approximately 8 gigawatts in 2025, a record for the business [8][9] - The company is experiencing a significant supply-demand imbalance for energy across its operating regions, necessitating substantial expansion of energy generation [7] Company Strategy and Development Direction - The company is focusing on a safe harboring strategy to secure tax credit eligibility for nearly all U.S. projects through 2029 [6][39] - The recent Hydro Framework Agreement with Google aims to deliver up to 3 gigawatts of hydroelectric capacity, reflecting a shift in procurement strategies among large tech companies [11][12] - The company is actively investing in critical technologies, including hydro, nuclear, and battery storage, to support growing energy demand and grid reliability [13][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate changes in tax credit eligibility and maintain development margins [37][39] - The outlook for the business remains robust, driven by strong demand for power and the need for diverse energy solutions [9][20] - Management highlighted the increasing sophistication of large tech companies in their energy procurement strategies, emphasizing the importance of long-term partnerships [79] Other Important Information - The company has successfully completed $19 billion of financings year-to-date, optimizing its capital structure and extending maturities [21][23] - The company is well-positioned to benefit from the growing nuclear capacity in the U.S. and globally, with Westinghouse playing a leadership role [70][74] Q&A Session Summary Question: Can the company accelerate development in light of recent capacity auction results? - Management noted that the supply-demand imbalance is evident and they are pulling projects forward as quickly as possible while leveraging M&A capabilities and partnerships with large power buyers [26][28] Question: What is the outlook for the hydro M&A environment in the U.S.? - Management indicated that the hydro market is becoming more liquid, and they are well-positioned to pursue opportunities that fit their framework agreements [40][41] Question: How is the company adapting to challenges in the U.S. market? - Management emphasized the importance of interconnection speed in development activities and has been prioritizing regions with better connection capabilities [46][48] Question: What are the key milestones for nuclear development in the Westinghouse business? - Management highlighted the focus on new build nuclear projects in the U.S. and Europe, with significant government interest in expanding nuclear capacity [72][74] Question: How have discussions with tech companies changed regarding new facilities? - Management noted an increased appetite for diverse energy solutions beyond wind and solar, with a focus on broader relationships with tech companies [78][79]