以下文章来源于深网腾讯新闻 ，作者胡世鑫 深网腾讯新闻 . 腾讯新闻出品栏目，关注科技和TMT领域公司、事件和人物中的故事，探究背后的深层逻辑。 来源丨 深网腾讯新闻 （ID： qqshenwang ） 作者丨 胡世鑫 编辑丨 叶锦言 图源丨Midjourney 一纸离职信，震动硅谷 AI 版图。 2025 年 11 月 20 日，图灵奖得主、被誉为" AI 教父"之一的杨立昆（ Yann LeCun ）在领英上发 表告别辞，宣布将于年底离开效力 12 年的 Meta 。这位曾一手缔造 FAIR （基础人工智能研究实验 室）辉煌的宗师级人物，在 65 岁之际选择重新出发，追寻关于"世界模型"的未竟理想。 杨立昆的离去，标志着 Meta AI 战略路线彻底转向：从 FAIR 所代表的学院派长期理想主义，全面倒 向以产品化与商业落地为导向的实用主义。 这一历史性转身的背后，是 Meta 内部早已展开的权力重组。就在数月前，年仅 30 出头的华人科学 家赵晟佳（ Shengjia Zhao ）——前 OpenAI 核心开发者——空降 Meta ，引发组织震动。 赵晟佳的加盟充满戏剧性：入职不到 30 天便萌生去意， ...

此项交易由摩根大通和三菱日联金融集团牵头，资金将被拆分为两项高级担保信贷：其中232.5亿美元 将投入到德州数据中心项目，另外147.5亿美元则用于威斯康星州项目。 报道称，两座中心均由Vantage开发，完工后由甲骨文运营，为 OpenAI 提供算力支持;它们是甲骨文与 OpenAI 合作的"星际之门"计划的一部分，该计划拟五年内投资 5,000 亿美元打造 AI 基础设施。 上述知情人士表示，首轮承销分配后，富国银行、法国巴黎银行、高盛、三井住友银行和法国兴业银行 已获得部分份额。摩根大通、三菱日联、三井住友及 OpenAI 均拒绝评论;甲骨文、Vantage及其他银行 未立即回应。 此次Vantage所获的两项贷款，期限设定为四年，且具备两次续期选项(每次续期期限为一年)，贷款利率 采用基准利率加上约250个基点的计算方式。在项目建设期间，仅需支付利息;待项目投入运营后，开始 进行本金的摊还。 值得一提的是，Meta 上月选定太平洋投资管理公司(Pimco)与蓝鸮资本(Blue Owl)作为牵头方，为其位 于路易斯安那的数据中心开展规模达290亿美元的债股混合融资。相关债券在二级市场表现强劲，一度 上涨 ...

（原标题：全球首个16岁社交平台禁令年底上线，陪伴型AI也被监管盯上） 21世纪经济报道记者 王俊 实习记者 蔡欣佁 过去两周，包括欧盟、美国、澳大利亚在内的多个国家，把青少年使用社群平台与陪伴型 AI 的风险推上政策与舆论焦点，围绕年龄门槛、成瘾 性设计与心理健康展开新一轮攻势。 先把目光聚焦在欧盟。此前，《数字服务法》（DSA）已将保护未成年人确立为核心政策目标之一。11月26日，欧洲议会议员高票通过了一份不 具法律约束力的报告，呼吁将"使用社交媒体、视频分享平台和陪伴型AI产品"的最低年龄统一设定为16岁，13至16岁的青少年则可以在父母同意 的情况下使用。 这项决议的牵头人、丹麦议员克里斯蒂尔·沙尔德莫斯（Christel Schaldemose）在报告中指出，97%的年轻人每天都会使用网络，其中，每四名未 成年人中就有一人表现出类似成瘾的使用模式。沙尔德莫斯呼吁，禁止平台对未成年人使用基于互动的推荐系统，并默认关闭其他具有成瘾风险 的功能，包括无限滚动、自动播放、下拉刷新、奖励循环以及有害的游戏化机制。 澳洲则已经走到执法前线。11月21日，澳大利亚互联网监管机构表示，将把亚马逊旗下直播服务平台Tw ...

Market Analysis by covering: S&P 500. Read 's Market Analysis on Investing.com ...

Core Viewpoints - Michael Burry emphasizes that the primary indicator of a bubble is supply-side greed, which leads to over-expansion and ultimately market crashes, rather than demand shortages or profit deficiencies [7][11][12] - The current AI boom mirrors the 1990s internet bubble, with significant investments in AI infrastructure that may not align with actual demand [12][13] Group 1: Historical Analysis of Bubbles - The internet bubble of the 1990s was driven by excessive capital investment in data transmission infrastructure, leading to a supply-demand imbalance [7][8] - Major companies like AT&T and MCI invested heavily in infrastructure, but the actual demand for broadband was not met, resulting in a significant market crash by 2002 [8][11] - Similar patterns of over-investment leading to market corrections have been observed in the real estate bubble of the 2000s and the shale oil revolution of the 2010s [11] Group 2: Current AI Landscape - Major tech companies plan to invest nearly $3 trillion in AI infrastructure over the next three years, raising concerns about potential overcapacity [12] - OpenAI's projected spending of $1.4 trillion over eight years, with revenues not even close to covering this expenditure, highlights the unsustainable nature of current valuations [12] - The rapid pace of technological advancement in AI, particularly with companies like NVIDIA, raises questions about the longevity and economic viability of older chip models [22][23] Group 3: Financial Practices and Risks - Burry points out that major tech firms are extending the depreciation periods of their assets, which artificially inflates reported profits [20][21] - This accounting practice can lead to significant risks, as seen in the case of Baidu, which had to write down substantial asset values after extending depreciation periods [25] - The rapid obsolescence of technology, particularly in data centers, poses a risk of "zombie assets" that may not generate expected returns [24] Group 4: Clarifications on Misinterpretations - Burry clarifies that his positions in options against companies like Palantir and NVIDIA have been misrepresented in the media, emphasizing the importance of accurate reporting [26] - He distinguishes between criticizing accounting practices and directly accusing companies of fraud, asserting that his concerns are about industry-wide practices rather than specific companies [26]

Group 1 - Concerns about oversupply in the credit market due to large-scale bond issuance by tech giants like Meta Platforms Inc. and Alphabet Inc. are considered premature [1] - The recent bond issuances are driven by significant AI-related investment needs, raising fears of a potential market sell-off due to rapid debt growth [1] - Iain Stealey from JPMorgan Asset Management noted that while there has been some market impact, the overall concerns are exaggerated, as these companies generate substantial annual revenues [1][2] Group 2 - Large tech companies have minimal debt, making them attractive credit targets, with Alphabet's credit rating being higher than that of France [2] - The entry of companies like Apple and Microsoft into the European market is expected to generate significant buying demand due to their high credit ratings [3] Group 3 - Overall optimism in the credit market is expressed, with expectations that bond yields and healthy balance sheets will provide support through 2026 [4] - The attractiveness of lower-rated bonds is questioned, as the risk-reward ratio does not justify seeking yield down the credit curve [4] - AT1 bonds have performed strongly this year, with expectations that this trend will continue into 2026 [4]

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, the humanoid robot market could be valued at $250 trillion, driven by an ecosystem of AI innovators [2][3] - Major firms like PwC and McKinsey recognize the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is believed to be redefining work, learning, and creativity, attracting significant interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, are positioning themselves around AI, highlighting its potential to improve various sectors such as healthcare and education [8]

Core Viewpoint - Concerns regarding the oversupply in the credit market due to massive debt issuance from tech giants are considered premature by industry experts [1][2]. Group 1: Debt Issuance and Market Reaction - Tech firms have recently entered the bond market to address significant AI-related investment needs, raising concerns about potential selloffs due to rapid debt growth [2]. - Iain Stealey from JP Morgan Asset Management noted that while there has been substantial issuance leading to a temporary widening of investment-grade spreads by about 10 basis points, the broader fears are exaggerated [2][3]. Group 2: Company Financial Health - Despite the high levels of issuance, major tech companies are generating substantial earnings annually, which mitigates concerns about their debt levels [3]. - The limited existing debt of these tech giants makes them attractive credit options, with companies like Alphabet having a better credit rating than France [4]. Group 3: Future Outlook - Future debt supply from these companies is expected to be more evenly spaced, with Meta indicating it will likely refrain from issuing more debt until the second half of next year [3]. - The overall sentiment at the conference was positive, with expectations that healthy balance sheets and attractive yields will support the credit market through 2026 [5].

Core Insights - The S&P 500's recent bull run has been significantly driven by the "Magnificent 7" AI tech stocks, which include Apple, Alphabet, Amazon, Meta Platforms, Microsoft, Nvidia, and Tesla [2][3] - The Magnificent 7 stocks account for over half of the S&P 500's year-to-date gains, with the index returning approximately 16% overall; excluding these stocks, the return drops to 7% [3] - Concerns about a potential AI bubble have led investors to seek alternatives, such as the Defiance Large Cap ex-Mag 7 ETF (NASDAQ: XMAG), which tracks the S&P 493, excluding the Magnificent 7 stocks [3][5] Investment Alternatives - The Defiance Large Cap ex-Mag 7 ETF (XMAG) has achieved a year-to-date return of 13.54%, outperforming the S&P 500's 7% return without the Magnificent 7 by about 650 basis points [5] - XMAG focuses on 493 large-cap stocks, with significant holdings in companies like Broadcom and Eli Lilly, rather than the Magnificent 7 [5] - The BITA US 500 ex-Magnificent 7 Index, created by BITA GmbH, offers a diversified alternative to the S&P 500 by excluding the largest AI-cap stocks, rebalancing quarterly to mitigate volatility and risk exposure [6]

Core Insights - The investment manager disclosed a series of pre-Thanksgiving trades through a daily trading file shared on social media platform X [1] Group 1 - The trading file indicates active trading strategies employed by the investment manager ahead of the Thanksgiving holiday [1]