文|有风 编辑|有风 景林资产管理合伙人高云程在客户交流会上扔出一句话，把在场不少人听愣了，"现在市场就像夏天穿 棉袄，一边热得冒汗，一边冻得发抖。" 这话不假，最近走一圈市场就能发现，白酒经销商仓库里的货堆到天花板，AI芯片公司的订单却排到 了年底。 高端白酒批发价跌了小半年，有经销商吐槽，以前一箱酒赚的钱够吃顿饭，现在赚的只够买包烟。 核心城市二手房更不用说，挂牌量创新高，买家却拿着放大镜挑毛病，砍价砍得房东直摇头。 这边传统行业愁眉苦脸，那边新经济却在狂欢。 AI产业链的公司最近忙着扩产能，有光模块企业老板说，车间24小时连轴转，还是赶不上订单节奏。 新能源储能项目也火，以前找政策支持，现在各地政府主动上门谈合作。 为啥会这样？高云程觉得，这不是短期波动，是经济在换"发动机"。 旧的引擎转不动了，新的引擎刚启动，中间难免有点"换挡顿挫"。 就像开车，踩油门的瞬间，转速上去了，速度还没完全起来。 AI模型迭代快得吓人，听说景林内部都在用AI整理会议纪要，以前两小时的活儿，现在十分钟搞定。 新能源更不用说，中国企业从电池到整车，产业链一条龙，成本和效率在全球都是数一数二的。 高云程判断，今年货币政策会宽松， ...

May the slop be with you?The Walt Disney Company said Thursday it will invest $1 billion in OpenAI in a deal that will allow users to churn out AI videos with copyrighted characters from “Star Wars” and more through the artificial intelligence firm’s Sora app.The announcement of the deal — which seems poised to flood the web with even more AI slop — came a day after Disney threated legal action against OpenAI’s rival, Google, over alleged copyright infringement on a “massive scale.” 3 The photo above is a ...

Core Viewpoint - Google stock has gained significant attention due to new AI product launches and ongoing antitrust developments, raising questions about its future valuation and potential for further appreciation [2][3]. Financial Performance - Alphabet has achieved an average annual growth rate of 11.0% in its top line over the last three years, with revenues increasing by 13% from $340 billion to $385 billion in the past 12 months [7]. - Quarterly revenues rose by 15.9% to $102 billion in the latest quarter, up from $88 billion a year prior [7]. - GOOGL's operating income for the last 12 months was $124 billion, reflecting an operating margin of 32.2% [8]. - The company produced nearly $151 billion in operating cash flow during the same period, with a cash flow margin of 39.3% [8]. - GOOGL reported a net income of approximately $124 billion, indicating a net margin of around 32.2% [8]. Valuation and Market Position - GOOGL is currently viewed as fairly priced, with a high valuation reflecting its strong operational performance and financial health [3]. - The company's market capitalization stands at $3.9 trillion, with a debt of $34 billion, resulting in a debt-to-equity ratio of 1.1% [10]. - GOOGL's cash and cash equivalents amount to $98 billion, producing a cash-to-assets ratio of 18.4% [10]. Resilience and Recovery - GOOGL has shown moderate resilience during economic downturns, performing slightly better than the S&P 500 index during various recessions [9]. - The stock experienced a peak-to-trough decline of 44.3% from November 2021 to November 2022 but fully recovered to its pre-crisis high by January 2024 [11]. - GOOGL stock has demonstrated a strong recovery pattern, rebounding from significant declines during past crises, including the 2008 financial crisis and the COVID-19 pandemic [11].

Core Insights - Alphabet is emerging as a significant player in the AI chip market, particularly with its tensor processing units (TPUs), which pose a new challenge to Nvidia's dominance in the sector [3][12] - The AI infrastructure market is projected to reach $7 trillion by 2030, with substantial investments from hyperscalers, indicating robust demand for both Nvidia's GPUs and Alphabet's TPUs [14] Group 1: Alphabet's Position in AI Chip Market - Alphabet's TPUs are gaining traction and are being utilized by major tech companies, including OpenAI and Meta Platforms, highlighting their growing demand [8][9] - TPUs are specialized hardware designed for deep learning, contrasting with Nvidia's versatile GPUs that support a wide range of AI applications [5][6] - The introduction of TPUs enhances Google's cloud ecosystem, making it a compelling offering for clients seeking AI solutions [9] Group 2: Competitive Landscape - Despite the rise of TPUs, many users, including Google, continue to rely on Nvidia's GPUs, indicating that TPUs are not replacing GPUs but rather complementing them [12][16] - Major deals involving Nvidia's GPUs, such as OpenAI's $38 billion contract with AWS and Anthropic's $30 billion agreement with Microsoft Azure, demonstrate the ongoing reliance on Nvidia's technology [10][11] - The AI chip market is characterized by multiple players, suggesting it is not a winner-take-all scenario, which may mitigate concerns for Nvidia investors [14][17]

Core Viewpoint - Disney has issued a warning to Google regarding alleged copyright infringement related to the use of Disney's content for training AI models and distributing images and videos, particularly on YouTube, following Disney's $1 billion investment in OpenAI, a competitor of Google [1][4]. Group 1: Copyright Infringement Allegations - Disney claims that Google is infringing its copyrights on a massive scale by using a large corpus of Disney's copyrighted works without authorization to train and develop generative AI models and services [5]. - The letter from Disney demands that Google remove all infringing Disney content from YouTube and YouTube Shorts created with its AI services [2]. - Disney has previously sent cease-and-desist letters to other companies, including Meta and Character.AI, and has filed litigation against Midjourney and Minimax, indicating a broader effort to control piracy of its intellectual property in the AI landscape [3]. Group 2: Competitive Landscape - Disney's investment in OpenAI aims to create a legal framework for accessing its characters and intellectual property, positioning itself against Google in the competitive AI market [4]. - The letter highlights that Google's AI services, including Veo, Imagen, and Nano Banana, are being used to commercially exploit and distribute copies of Disney's protected works, raising concerns about Google's market dominance in generative AI [5]. - Disney's letter emphasizes that Google's actions are flooding the market with infringing works, leading to significant profits from the unlawful exploitation of Disney's copyrights [5].

Now, why did you decide to invest a billion dollars in OpenAI along with this deal. >> Well, obviously we've been mindful of the significant growth in AI to begin with and extremely impressed with the progress that Sam and Open AI have made and uh that includes by the way, as I said earlier, uh their agreement to both honor and value and respect our content. Uh and we want to participate in in in in what Sam is creating and what his team is creating.We think this is a good investment for the company. It's k ...

Core Viewpoint - Disney has accused Google of large-scale copyright infringement by using AI models and related services to generate and distribute images and videos without authorization, prompting Disney to send a cease-and-desist letter to Google [1][4]. Group 1: Legal Actions - Disney's lawyers have sent a letter to Google's Chief Legal Officer, claiming that Google has copied a significant amount of Disney's works as training material for its AI systems [1]. - The letter includes examples of AI-generated content that allegedly infringes on Disney's copyrights, specifically mentioning characters from popular films such as "Frozen," "The Lion King," and "Star Wars" [4]. Group 2: Demands from Disney - Disney demands that Google immediately cease the copying, displaying, distributing, or creating derivative content based on Disney characters across all Google AI output products, including YouTube and YouTube Shorts [4]. - The company insists that Google implement technical restrictions in its AI services to prevent the future generation of infringing content [4]. Group 3: Context of the Accusation - This accusation against Google follows similar cease-and-desist letters Disney has sent to Meta and Character.AI, and aligns with Disney's joint lawsuit with NBCUniversal and Warner Bros. Discovery against Midjourney and Minimax for copyright infringement [4]. - Disney argues that Google's market position is being strengthened by distributing AI services that exploit the notoriety of Disney's copyrighted works, causing further harm to Disney [4].

The Walt Disney Co. has fired off a cease-and-desist letter to Google, claiming that its AI training models and services infringe on its copyrights on a “massive scale.” The letter was sent on Wednesday, just before the company made the announcement that it has reached an agreement with a Google rival, OpenAI, to provide its characters and IP for use in the latter company’s services. Disney contended that Google’s “willful infringement is especially alarming because it is leveraging its dominance in genera ...

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Diane King Hall is with us taking a look at a few more movers here on Wall Street. We'll start off with Synopsis. Good morning, Diane. >> Good morning.Good to see you, Nicole. Uh, it's interesting to watch how Synopsis is trading because after hours it did have a pop off the back of its quarterly results, but shares pretty flattened early trade off by less than a half of a percent. It did beat expectations on both the top and bottom line.Uh, adjusted EPS coming in at 290. Street was looking for 278 on this ...