克雷西 发自 凹非寺 量子位 | 公众号 QbitAI 谷歌来给考生送福利了！ 从现在起，备考SAT的学生可以免费通过Gemini进行模拟考试，分数立等可取，还能帮你讲解错题。 谷歌CEO劈柴哥表示，这对学生党来说是一个大好的消息。 除了劈柴哥的个人号的75万阅读，谷歌官号还有两百多万网友在线围观。 而且不少人都对这个功能赞不绝口，还有网友在许愿能不能支持其他考试。 这次，我们也简单体验了一下这套模拟考试流程，接下来就一起看看。 实测用Gemini备考SAT 谷歌这次确实没少下功夫，直接拉来了老牌机构The Princeton Review，把那一整套经过验证的SAT模拟题全都塞进了Gemini里。 有网友表示，刚花了1500美金买princeton review的冤种真的是亏大了。 打开实际体验一下，它还真不是随便编几道题糊弄。 在对话框里敲一句「I want to take a practice SAT test.」，就能召唤出这套全真模拟考试系统。 整个测试结构基本复刻了真实的SAT流程，分成了Reading and Writing与Math两大块，每一块又细分成两个章节，难度也是循序渐进的。 而且它给 ...

Core Viewpoint - The fourth quarter of 2025 experienced a sharp 5% sell-off followed by a quick recovery, with global stocks reaching all-time highs, influenced by concerns over a potential AI bubble and subsequent strong earnings from NVIDIA [4][5]. Portfolio Performance & Attribution - The Polen Global Growth Composite Portfolio returned -2.5% gross of fees and -2.7% net of fees in Q4 2025, underperforming the MSCI All Country World Index, which returned +3.3% [7]. - Top relative contributors included Eli Lilly, Alphabet, and Shopify, while Oracle, Paycom Software, and CoStar Group were the largest detractors [7][8]. - Eli Lilly's stock rallied over 40% in Q4 due to strong financial results and a favorable agreement on drug pricing, despite earlier concerns [8]. - Oracle's performance reversed from the previous quarter, primarily due to skepticism regarding its future revenue tied to OpenAI, impacting its stock negatively [9]. Portfolio Activity - New positions were initiated in Tencent Holdings and Spotify, while positions in Sage Group, Willis Towers Watson, ICON Plc, and Workday were eliminated to fund these investments [10][11]. - Tencent has shown consistent earnings growth of over 30% annually for the past three years, and its valuation is considered reasonable for sustainable revenue growth [11]. - Spotify is viewed as a leading streaming network with significant growth potential, expecting over 20% annual free cash flow growth for the next five years [12]. Outlook - The datacenter capital expenditure cycle is expected to continue, driven by increasing demand and supportive government policies, suggesting a favorable environment for growth in revenues and earnings for key players [17]. - The portfolio is positioned to deliver above-average earnings growth, with a focus on sectors outside of the AI and datacenter themes, ensuring resilience regardless of market drivers [18].

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

Market Landscape of Consumer AI in 2025 - The consumer AI market in 2025 is characterized by a "winner-takes-most" trend, with OpenAI and Google leading the charge in product launches and user engagement [3][5] - ChatGPT is currently the dominant player with weekly active users estimated between 800 million to 900 million, while Gemini's user base is approximately 35% of ChatGPT's on the web and 40% on mobile [4][6] - Only 9% of users are willing to pay for more than one product among leading LLMs like ChatGPT, Gemini, Claude 3, and Cursor, indicating a strong preference for a single dominant platform [5] Product Innovations and Core Technologies - Significant advancements in image and video generation models have been made, particularly in realism and reasoning capabilities, allowing for more lifelike and coherent outputs [10][11] - OpenAI's ChatGPT-4o and Google's VO series models, including Nano Banana, have gained substantial popularity, showcasing the competitive landscape of product offerings [8][9] - The integration of search capabilities into models like Nano Banana enhances their functionality, allowing for more accurate and contextually relevant outputs [12] User Experience and Product Design - The design of consumer AI products is crucial, with successful applications needing to balance content creation and consumption, as seen in platforms like TikTok and YouTube [33] - ChatGPT's user interface is noted for its engaging design, which encourages user interaction and exploration of features, contrasting with Gemini's more utilitarian approach [24][25] - The potential for "super apps" that integrate various functionalities is highlighted, with ChatGPT aiming to leverage its high user engagement for proactive service offerings [16][40] Competitive Dynamics and Emerging Players - Emerging players like Perplexity and Grok are making strides in the market, with Perplexity's Comet browser showing impressive user retention and engagement [20][21] - The competitive landscape is evolving, with companies like Anthropic focusing on niche markets and specialized user needs, while also facing challenges in broader consumer adoption [34][36] - Meta and Grok are also recognized as challengers, with Grok rapidly advancing in image and video generation capabilities, indicating a dynamic and competitive environment [37][39] Predictions for 2026 - The enterprise market is expected to see significant growth for ChatGPT, with a reported 7-8 times increase in enterprise users, which may drive further consumer adoption [40][41] - The trend towards multi-modal capabilities in AI is anticipated to continue, with expectations for models to handle diverse input types and generate rich, varied outputs [43][44] - Initial explorations into generative technologies by leading firms may pave the way for innovative applications, allowing startups to leverage advanced models for niche market opportunities [42][45]

华见早安之声 市场概述 标普500涨1.2%，收复前一日失地，创去年11月以来最大日涨幅。小盘股再成领头羊，罗素2000涨2%创新高，连续13个交易日跑赢标普500。科技七巨头中 微软独跌2.3%，甲骨文跌超3%，奈飞财报后跌超2%。Moderna飙升16%。卡夫亨氏跌5.7%，伯克希尔拟"清仓式"减持。 日债趋于稳定。10年期美债收益率下行4.7个基点。美元反弹0.2%。 特朗普"TACO"，称与北约达成格陵兰协议框架。 贝森特达沃斯施压：欧洲增兵格陵兰是"异想天开"，丹麦对美债的投资"无关紧要"。达沃斯闭门晚宴上，美商务部长痛批欧洲"缺乏竞争力"，拉 加德愤而离席。 加拿大总理卡尼重磅演讲：基于规则的秩序已死，中等强国应团结行动，抵制某些大国胁迫。 马克龙呼吁：欧洲喜欢尊重而非霸凌、关键领域应引入中国投资。 欧洲议会宣布无限期冻结欧美贸易协定审议工作。 特朗普要败诉？美最高法对罢免美联储理事库克态度谨慎，大法官警告"粉碎"央行独立性。 特朗普态度软化后，比特币自盘中创下的去年12月低点拉涨，幅度3.5%，以太坊自日低涨超5%，突破3000美元。 现货黄金一度逼近4900美元，但随避险需求减弱，涨幅收窄。特 ...

Group 1 - Alphabet, Google's parent company, has joined the $4 trillion market-cap club alongside Nvidia, Microsoft, and Apple, indicating strong market confidence for 2026 [1][3] - The Direxion Daily GOOGL Bull 2X Shares (GGLL) allows traders to double their exposure to Google, making it a suitable option for those with bullish sentiments about the company [2] - Google's market rally is attributed to its resilience against sell-offs and the ongoing hype surrounding artificial intelligence (AI), which enhances its revenue-generating capabilities through its Google Cloud ecosystem [3][4] Group 2 - Renewed interest in Google for 2026 is particularly focused on AI and its Gemini platform, with analysts optimistic about the long-term benefits of Google's heavy capital expenditures in this area [4][5] - Analysts from Cantor Fitzgerald highlight Google's competitive advantages in AI technology, asserting that its decade-long investments have created significant competitive moats [5] - Citi analysts emphasize that Google possesses the necessary infrastructure and technology to meet growing demand in the AI sector, positioning the company favorably against its competitors [6]

We're selling 40 shares of Dover at roughly $209. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 560 shares of DOV, decreasing its weighting to about 3% from 3.2%. We're taking off more Dover as shares hit a new record high Wednesday, and the stock market rips higher in afternoon trading as President Donald Trump calls off Europe tariffs tied to Greenland. We also trimmed this industrial conglomerate position last Thursday at around $206 per share. Dover has had quite the run since the ...

Group 1: AI Impact on Economy and Capital Markets - Artificial Intelligence (AI) presents both significant opportunities and threats to the economy and capital markets, with the potential to enhance productivity and create new industries while also posing risks of labor displacement [2][6][8] - In 2025, AI-related companies like NVIDIA, Palantir, and Alphabet saw substantial stock gains, indicating strong market interest and investment in AI technologies [4][12] - AI's ability to automate tasks and improve efficiency could lead to a productivity boost, which is crucial for economic growth, especially in aging economies [6][7] Group 2: Market Valuations and Concentration - The S&P 500 Index shows a high concentration, with the top ten companies accounting for nearly 40% of the index, raising concerns about overvaluation and lack of diversification for investors [11][12][13] - The average price-to-earnings (P/E) ratio for the top ten S&P 500 companies is significantly higher than historical averages, suggesting that these stocks may be overvalued [12][15] - Elevated valuations could lead to lower future returns, as higher purchase prices for earnings result in diminished return on investment [15] Group 3: Financing and Investment Risks - AI companies are engaging in vendor financing arrangements, creating a feedback loop where investments are made based on projected growth, which raises concerns about sustainability and profitability [16][17] - The reliance on private credit markets for financing AI initiatives has increased, with many companies borrowing significant amounts, which could lead to risks if these companies fail to generate expected revenues [18][19] - The mismatch between the rapid evolution of technology and the long-term nature of private credit loans poses additional risks, as companies may struggle to keep up with advancements while repaying older debts [20][21] Group 4: Global Investment Opportunities - Despite concerns in the US market, there are attractive investment opportunities in undervalued assets globally, particularly in emerging markets and specific sectors like technology and healthcare [24][25] - Emerging markets are benefiting from positive demographics and structural growth, making them compelling investment options compared to developed markets [25] - The potential for a weaker dollar could further enhance the attractiveness of non-US investments, providing a hedge against domestic economic challenges [24]

Alphabet Inc (NASDAQ:GOOGL)(NASDAQ:GOOG) is positioning YouTube to lead the next phase of digital entertainment as competition with streaming platforms such as Netflix, Inc (NASDAQ:NFLX) intensified. • Alphabet stock is moving in positive territory. What’s driving GOOGL shares up?YouTube Doubles Down on Creators and ContentYouTube said it would use its scale, community and tech investments to lead the next era of the creative industry.YouTube noted that creators are reshaping entertainment and building the ...

Group 1: Earnings Reports and Expectations - The first Big Tech earnings of the year will begin with Intel reporting results, with a focus on AI monetization and spending from major companies like Amazon, Google, Microsoft, and Meta [1] - Investors are particularly interested in PC chip sales from AMD and Intel, which may benefit from Microsoft's end of support for Windows 10, although a global memory shortage could negatively impact sales outlooks [2] - Apple's earnings are anticipated to show solid growth driven by strong iPhone sales in Q4, while Nvidia's future in China remains uncertain as it seeks to reestablish its business in a key AI market [3] Group 2: AI Spending and Capital Expenditures - Major AI spenders include Amazon, Google, Meta, and Microsoft, with their earnings results expected to influence AI companies across the market [6] - Amazon plans to invest $125 billion in data centers by 2025, with even higher spending anticipated in 2026 [6] - Google has raised its 2025 capital expenditures forecast to between $91 billion and $93 billion, up from $85 billion, with significant increases expected in 2026 [7] - Meta has also increased its 2025 capital expenditures projection to between $70 billion and $72 billion, with total expenses expected to grow at a faster rate in 2026, driven by infrastructure costs and employee compensation [7][8]