Core Viewpoint - Bill Ackman's investment strategy through Pershing Square Capital shows strong performance in 2025, with potential for continued success in 2026, focusing on building a diversified holding company similar to Berkshire Hathaway [1][2]. Group 1: Alphabet Inc. - Ackman's investment in Alphabet represents 22.6% of his marketable equities, driven by the belief that the market undervalues its AI capabilities and overestimates competition from AI chatbots [3][4]. - Alphabet's Google Cloud revenue grew by 34% year-over-year in Q3, with expanding operating margins and strong adoption of its AI accelerators, TPUs [4][5]. - The company has made significant advancements with its Gemini AI model, leading to a 15% growth in Google Search revenue in Q3 2025, and a partnership with Apple to enhance Siri, expected to generate billions in revenue [5][6]. Group 2: Brookfield Corp. - Brookfield Corp. accounts for 17.7% of Ackman's marketable equities, primarily driven by its subsidiary Brookfield Asset Management, which constitutes about 75% of its value [7][9]. - The company reported $154 million in net carried interest in Q3, a significant increase from $61 million year-over-year, with expectations of $25 billion in net carried interest over the next decade [10][11]. - Brookfield's Wealth Solutions insurance business is projected to double its assets in five years, with a 15% return on equity, leading to strong earnings growth [11]. Group 3: Uber Technologies - Uber Technologies makes up 15.5% of Ackman's marketable equities, facing concerns about competition from autonomous vehicles but positioned as a key partner for self-driving initiatives [12][13]. - The company has seen a 17% increase in monthly active users and a 4% rise in trips per user in Q3, contributing to strong top-line growth and 33% adjusted EBITDA growth [15][16]. - Despite significant investments in future technologies, Uber's stock is valued at around 22 times its trailing adjusted EBITDA, indicating strong growth potential [16].

Core Viewpoint - Artificial intelligence (AI) is expected to drive significant growth in the stock market in 2026, with a focus on AI infrastructure investments [1] Group 1: AI Computing Hardware Providers - Nvidia is the leader in AI computing, with unmatched graphics processing units (GPUs) and a strong ecosystem, leading to sold-out production capacity for cloud GPUs [4] - AMD is positioned as a second-choice GPU provider, potentially gaining market share as Nvidia's capacity is maxed out, presenting growth opportunities for AMD [6] - Broadcom is developing specialized computing units (ASICs) for AI, which could outperform GPUs in specific workloads, indicating a different approach to AI computing hardware [7][9] Group 2: Cloud Computing Providers - Alphabet and Amazon are heavily investing in AI through their cloud computing platforms, which are benefiting from the growing demand for AI workloads [10] - Google Cloud reported a 34% year-over-year revenue growth in Q3, while AWS saw a 20% increase, highlighting the strong demand for accessible AI computing power [12] - The trend of success in cloud computing for AI is expected to continue into 2026, with both companies likely to see significant returns on their investments in AI data centers [13]

Core Insights - Reddit (RDDT) and Alphabet (GOOGL) are significant players in the digital advertising sector, with RDDT emerging as a community-driven platform and GOOGL maintaining its dominance in global search and digital ads [1][2] Digital Advertising Market Overview - The global digital advertising market was valued at $573.06 million in 2025 and is projected to grow to $2,114.41 million by 2034, with a CAGR of 15.61% from 2026 to 2034 [2] Reddit (RDDT) Analysis - Reddit's advertising revenues increased by 74% year over year to $549 million in Q3 2025, driven by enhanced user engagement [3][10] - The platform reported 116 million daily active users and 444 million weekly active users, both up 20% year over year, with ARPU rising 41% to $5.04 [4][10] - Reddit's beta launch of Max campaigns, an AI-powered ad solution, has shown early testers achieving up to 27% more conversions [5] Alphabet (GOOGL) Analysis - Alphabet's advertising revenues grew by 12.6% year over year to $74.18 billion in Q3 2025, making up 85.2% of total revenues [6][10] - YouTube's advertising revenues improved by 15% year over year to $10.26 billion, with strong growth attributed to AI initiatives [6][8] - Alphabet's ongoing AI integration in its advertising products is expected to unlock new opportunities for advertisers [8] Stock Performance and Valuation - Over the past six months, Reddit's shares have increased by 57.9%, while Alphabet's shares have risen by 73.6% [11] - Both RDDT and GOOGL shares are currently considered overvalued, with RDDT trading at a forward Price/Sales ratio of 14.21X compared to GOOGL's 10.13X [15] Earnings Estimates - The Zacks Consensus Estimate for RDDT's 2025 earnings is $2.35 per share, indicating a 170.57% year-over-year increase [18] - GOOGL's 2025 earnings estimate is $10.58 per share, reflecting a 31.59% year-over-year increase [18] Conclusion - Both Reddit and Alphabet are positioned to benefit from the growing digital advertising market, but Alphabet is seen as having greater upside potential due to its advancements in AI and cloud computing investments [19]

Core Insights - A new academic study has identified vulnerabilities in Google's Fast Pair system that can be exploited by certain audio devices, allowing unauthorized access to users' headphones and speakers [4][5][6] - Currently, there is no evidence that these vulnerabilities have been exploited in real-world scenarios, and many affected audio devices have received software updates to address the issues [3][5] Group 1: Vulnerabilities in Google Fast Pair - Google Fast Pair allows seamless Bluetooth pairing of gadgets with Android and ChromeOS devices, but researchers found vulnerabilities in audio products from multiple brands [4][5] - The vulnerabilities enable unauthorized users within Bluetooth range to connect to audio peripherals, potentially hijacking them to play audio or control built-in microphones [6] Group 2: Affected Brands and Devices - The study tested audio accessories from ten brands, including Sony, JBL, Marshall, Nothing, OnePlus, Xiaomi, Jabra, Soundcore, Logitech, and Google, highlighting the need for users to regularly check for software updates [5][8] - Specific vulnerabilities were identified in five models of Sony earbuds and headphones, as well as Google's Pixel Buds Pro 2, which could allow tracking of users' movements even if the devices were only paired with an iPhone [8][7]

Quantum computing is the next big thing in tech, but you don't need to invest in any risky start-ups to profit from it.Quantum computing used to be one of those things you only read about in a science fiction novel, along with faster-than-light travel or teleportation. It might be part of everyday talk on the Starship Enterprise, but it's not real, right?Turns out it's very real, and it's one of the fastest-growing industries out there. McKinsey estimates the quantum computing market could grow from about $ ...

Core Insights - Google's Gemini AI model performance upgrades are driving significant revenue growth for the company [2][11] - The rapid growth in Gemini's licensing business reflects steady improvements in model performance [2][11] - Increased customer investment in AI is expected to boost spending on other Google products, particularly in cloud services [2][11] Revenue Growth - Over the past year, the licensing business for the Gemini model has experienced explosive growth [2][11] - This growth is anticipated to positively impact Google's core server sales in the cloud segment [2][11] - The upcoming Q4 financial report, scheduled for February 4, is expected to reflect these growth trends [2][11] Gemini Model Performance - Since the release of Gemini 2.5 in March, API call volume has surged from approximately 35 billion to 85 billion by August, indicating a doubling in usage [3][12] - The Gemini Enterprise version has reached 8 million users across 1,500 companies, with over 100,000 online registered users [3][12] Customer Feedback - Customer feedback on the Gemini Enterprise version is mixed, with slightly over half of the clients expressing positive views [4][13] - Some clients prefer developing customized AI agents over purchasing Google's software, which may limit sales of the higher-tier products [5][13] Profitability and Market Position - The initial versions of the Gemini model had negative profit margins, but the 2.5 version has shifted to profitability, although it only covers token service costs [6][14] - The overall profit margin for the Gemini series is still below that of Google's cloud business [6][14] Market Challenges - Google faces challenges in convincing enterprise clients to pay for high-end software developed from its AI models [3][12] - The Gemini Enterprise version has received both praise and criticism, with some clients finding it effective for general tasks but lacking in handling specific requests [8][17]

（文章来源：第一财经） 据报道，知情人士透露，谷歌Gemini AI模型的业务销售量在过去一年激增。Gemini API调用量已增长 逾一倍，达到850亿次。 ...

Core Viewpoint - Growth stocks are leading the market and present attractive investment opportunities, with specific recommendations for five stocks to consider for a growth-focused portfolio. Group 1: Nvidia - Nvidia is a major beneficiary of the AI buildout, holding approximately 90% market share in the GPU space, which is crucial for AI workloads [2] - The company’s CUDA software platform and NVLink interconnect system provide a competitive advantage, particularly in large language model training [2] - Current market capitalization is $4.5 trillion, with a gross margin of 70.05% [3][4] Group 2: Alphabet - Alphabet operates its own AI data center and has a complete AI tech stack, including custom AI chips for training its leading LLM, Gemini [5] - The integration of Gemini across its products, including Google Search, has led to increased queries and revenue [6] - Google Cloud's revenue grew by 34% last quarter, indicating strong operating leverage and demand for its Tensor Processing Units (TPUs) [6] Group 3: Pinterest - Pinterest is currently valued at a forward P/E ratio of around 12.5 and has experienced a revenue growth of 17% last quarter [6] - The company is transforming into an AI-powered discovery shopping platform, enhancing its visual search capabilities [6][8] - Its Performance+ suite aids advertisers in creating effective campaigns and improving targeting [8] Group 4: Toast - Toast is a significant player in the SaaS space, providing software solutions for small- and midsized restaurant operators [9] - The company reported a 30% increase in annual recurring revenue (ARR) last quarter, with a 23% rise in new locations using its services [10] - Toast is poised for further growth as it expands into larger chains and international markets [10] Group 5: e.l.f. Beauty - e.l.f. Beauty has gained market share in the mass-market cosmetics sector and continues to expand internationally [11] - The acquisition of the Rhode brand, which achieved over $200 million in sales in under three years, is expected to drive significant growth [13][14] - The brand's recent launch in LVMH's Sephora presents a substantial opportunity for increased distribution and brand awareness [14]

Core Insights - A simple prompt repetition technique can significantly enhance the accuracy of large language models (LLMs) from 21.33% to 97.33% without requiring reasoning capabilities [1][7][28] - Google Research's findings challenge the complexity of previous prompt engineering methods, suggesting that straightforward approaches can yield substantial improvements in model performance [2][5][48] Group 1: Research Findings - The study demonstrated that repeating the input question can lead to a remarkable accuracy increase, with a maximum improvement of 76 percentage points in non-reasoning tasks [1][7] - In tests across seven common benchmarks and various mainstream models, the prompt repetition method outperformed baseline methods in 47 out of 70 comparisons, with no losses [5][7] - The specific example of Gemini 2.0 Flash-Lite showed an accuracy jump from 21.33% to 97.33% when the input was repeated, illustrating the effectiveness of this technique [7][28] Group 2: Mechanism Behind the Technique - The underlying reason for the effectiveness of prompt repetition is linked to the "Causal Blind Spot" in transformer models, which limits their ability to utilize previous context effectively [9][10] - By repeating the prompt, the model gains a "look-back" opportunity, allowing it to leverage previously processed information, thus enhancing its performance on tasks requiring precise information retrieval [14][15] Group 3: Implications for Developers - The findings suggest that developers do not need to invest in larger, more expensive models to achieve high accuracy; instead, they can optimize smaller models through prompt repetition [26][28] - This technique allows for maintaining efficiency, as the time cost associated with repeating prompts is negligible due to the parallel processing capabilities of modern GPUs [18][24] Group 4: Limitations and Considerations - While prompt repetition is effective for non-reasoning tasks, it is not suitable for tasks requiring step-by-step reasoning, where traditional methods like "Chain of Thought" may still be necessary [31][33] - The research indicates that combining prompt repetition with reasoning techniques may not yield the desired results, as models may already internally repeat prompts during reasoning processes [37][39]

Alphabet (GOOG) (GOOGL), the parent company of Google, didn’t just come to the spotlight because of artificial intelligence (AI). In fact, Google has been using AI and machine learning long before AI skyrocketed to mainstream prominence. Although AI has boosted Alphabet’s game, the company is built on exceptionally strong fundamentals. It achieved double-digit revenue growth due to its Search dominance, generated significant free cash flow, and maintained operating margins that surpassed most large-cap pee ...