Alphabet Investors have no complaints about the monster success of these two businesses. Alphabet (GOOGL +1.07%) (GOOG +1.11%) and Meta Platforms (META 0.34%) dominate the tech landscape, and their products and services have billions of users. They're investing aggressively in artificial intelligence (AI) capabilities, and it's hard to argue with their remarkable financial successes. It's no surprise that shares in each of these two businesses have performed well over the past decade. But which of these "Ma ...

Core Insights - Meta's Chief Technology Officer, Andrew Bosworth, has called an all-hands meeting for January 14, emphasizing its importance as the "most important" of the year [1] - The meeting will focus on Reality Labs, which oversees Meta's wearables, virtual and augmented reality initiatives, and a nascent robotics unit [2] - In-person attendance is being strongly recommended, with some managers urging employees to prioritize this meeting [2] Financial Performance - Reality Labs has incurred losses exceeding $70 billion since 2020, indicating the costly nature of this venture for Meta [3] - Budget cuts of up to 30% and potential job cuts in Reality Labs have been reported, reflecting ongoing financial challenges [5] Strategic Shifts - In 2025, Meta shifted its strategic focus from the metaverse to AI, investing $14.3 billion in Scale AI and hiring its CEO, Alexandr Wang [4] - This strategic pivot included a multibillion-dollar hiring spree aimed at attracting top-tier AI talent from competitors [4] Organizational Changes - Reality Labs has undergone multiple rounds of cuts, including layoffs in Oculus Studios and a broader reduction of nearly 4,000 roles companywide in January 2025, with at least 560 affecting Reality Labs [6] - Bosworth has described 2025 as "the most critical" year in his tenure, suggesting significant pressure on the division to deliver results [6] Future Outlook - Bosworth indicated that the current year will determine whether the efforts in Reality Labs will be viewed as visionary or a misadventure, highlighting the high stakes involved [7]

文︱陆弃 这一姿态体现了中国在全球技术竞争中的谨慎策略。支持企业走出去，是对中国科技力量和商业能力的 认可，但企业必须在国家制度和法律规则的框架下行动。跨境投资不是自由市场的单向奔跑，而是与国 家安全、产业安全紧密相连的多层次考量。Meta的动作，虽然在资本市场上引人注目，但在中国视角 下，它同时触碰了政策与法律的敏感边界。 跨境并购，科技巨头的棋局，正从硅谷延伸到全球各大市场。近日，Meta试图收购人工智能平台 Manus，这一动作在国际资本和科技圈引发关注，也让中国的监管部门坐在了聚光灯下。商务部新闻发 言人何亚东在例行发布会上明确表态：支持企业依法依规开展互利共赢的跨国经营与国际技术合作，但 前提是要遵守中国法律法规，履行法定程序。 Meta的收购计划，表面看是商业布局，但在中国监管语境中，任何涉及技术出口、数据出境或跨境并 购的行为，都带有敏感性。这不仅关乎资本流动，更涉及国家安全、技术主权以及数据控制权。何亚东 的表态中透露出一种清晰信号：中国不会阻止企业的国际合作，但合作必须在法律框架内，必须符合对 外投资和技术进出口管理的要求。 技术，尤其是人工智能技术，已经成为国家竞争力的核心指标。Manus ...

Group 1: Nvidia - Nvidia is the world's largest company by market cap, driven by high demand for its AI computing products, particularly GPUs, which are sold out [3][4] - The company projects global data-center capital expenditures will reach $3 trillion to $4 trillion by 2030, significantly up from $600 billion in 2025, positioning Nvidia as a primary beneficiary [5] - Shares are trading at 25 times projected fiscal 2027 earnings, with Wall Street analysts projecting 50% growth in fiscal 2027, indicating strong buy potential due to extreme product demand and market opportunity [6] Group 2: Amazon - Amazon's stock rose only 5% in 2025, underperforming the S&P 500, which rose over 16%, despite strong business performance [6][9] - The company operates in two segments: commerce and cloud computing, with the latter showing significant growth, particularly Amazon Web Services (AWS), which posted a 20% growth [8][9] - Continued strong growth in both segments is expected to position Amazon's stock favorably in 2026 [9] Group 3: Meta Platforms - Meta Platforms, the parent company of Facebook and Instagram, reported a 26% revenue increase in the third quarter, driven by a strong ad market and AI tool implementation [10] - The market reacted negatively to news of increased data center capex for 2026, leading to a stock sell-off, despite the company's strong fundamentals [11][13] - Meta is heavily investing in AI integration across its platforms, presenting a potential buying opportunity as it could lead to significant stock appreciation if new products succeed [13][14]

此次收购，表面看是一家美国公司购买另一家公司的商业行为。但在中美战略竞争、特别是科技竞争日益激烈的背景下，其内涵变得异常复杂。任何大型 AI平台的并购，都可能涉及核心算法技术的转移、数据资源的整合，乃至全球AI生态主导权的微妙变化。中国政府依法启动审查，是对国家科技安全、数 据主权和市场竞争秩序的负责任的预防性保护，是全球主要经济体的通行做法。 商务部的声明，核心是"符合中国法律法规"八个字。这并非一句空话，背后连接着一整套日益完善的法律体系。 近年来，中国相继出台了《网络安全法》、《数据安全法》、《个人信息保护法》以及《反垄断法》等一系列基础性法律。这些法律共同构成了数字时代 的"中国规则"： 在全球科技巨头竞相布局人工智能的今天，一则来自中国商务部的消息，为这场没有硝烟的战争投下了一枚关键的"规则棋子"。 在1月8日的例行发布会上，当被问及美国科技巨头Meta计划收购人工智能平台Manus一事时，商务部新闻发言人何亚东作出了清晰表态：中国政府支持企业 依法开展跨国合作，但企业从事跨境并购等活动，"须符合中国法律法规，履行法定程序"。商务部将会同相关部门，依法对此项收购进行评估调查。 这短短几句看似程序性的 ...

Core Viewpoint - The acquisition of Manus by Meta for several billion dollars raises compliance concerns, particularly regarding cross-border mergers and the regulatory landscape in China [1]. Group 1: Acquisition Details - Manus, an AI application company, was acquired by Meta, marking it as Meta's third-largest acquisition since its inception [1]. - The acquisition signifies a rare instance of a Chinese AI application being fully acquired by a foreign entity [1]. - Following the acquisition, Manus will cease operations in China and the founding team will continue under Meta as independent operators [4]. Group 2: Compliance and Regulatory Issues - The Ministry of Commerce of China is evaluating the acquisition for compliance with laws related to export control and foreign investment [1]. - The acquisition may have avoided antitrust scrutiny due to Manus's revenue being below the threshold for mandatory reporting [5]. - The operational structure of Manus was adjusted to mitigate regulatory risks, moving its headquarters to Singapore [5]. Group 3: Data Compliance Concerns - Manus's operations have primarily targeted overseas markets, but data compliance issues remain, especially regarding user data from China [7]. - The company has faced scrutiny regarding whether it has complied with data export regulations after relocating its headquarters [10]. - There are questions about how Manus has handled its data from Chinese users and whether it has met compliance requirements for data export [11]. Group 4: Export Control Risks - The core technology of Manus may fall under China's export control regulations, raising concerns about whether proper declarations were made during the relocation [13]. - The acquisition highlights the need for companies to be aware of export control laws, especially when their technology gains international traction [14]. - Companies must evaluate compliance not only based on the technology itself but also on the intended use and the recipient of the technology [15].

今日关注 1、1月9日10:00 国新办就加快国家水网建设进展情况举行新闻发布会。 2、国家统计局发布2025年12月居民消费价格指数月度报告、工业生产者价格指数月度报告。 宏观经济 1、商务部新闻发言人8日在回应有关审查Meta收购人工智能平台Manus的提问时表示，商务部将会同相关部门对此项收购 与出口管制、技术进出口、对外投资等相关法律法规的一致性开展评估调查。 2、广州出台建设先进制造业强市规划，提出加速培育人工智能、半导体与集成电路、新能源与新型储能、低空经济与航 空航天、生物制造等5个战略先导产业，前瞻布局具身智能等6个未来产业，大力发展智能网联新能源汽车等6个新兴支柱 产业。 3、工信部等四部门联合召开动力和储能电池行业座谈会指出，行业内存在盲目建设情况，出现低价竞争等非理性竞争行 为，必须予以规范治理。要优化产能管理，健全产能监测和分级预警机制，加强宏观调控，防范产能过剩风险。 4、8日，据自然资源部中国地质调查局消息，近日我国矿产资源勘查再获新进展，铬铁矿与非常规油气勘查双双获得新突 破。 5、8日，中国载人航天工程办公室面向全社会发布了2025年度《中国空间站科学研究与应用进展报告》。20 ...

4. 雀巢：将婴幼儿配方奶粉的全球召回范围进一步扩大至至少50个国家和地区，中国等被纳入召回范 围。国务院食安办、市场监管总局督促雀巢公司做好相关批次婴幼儿配方乳粉召回工作。 // 热点头条 // 1. 英伟达：要求海外客户为其H200 AI芯片支付全额预付款，称该芯片订单量已超过200万片，台积电 已被要求增产。 2. 中国石化与中国航油：实施重组，经报国务院批准，此次中央企业战略性、专业化整合，中国石化作 为全球第一大炼油公司和我国第一大航油生产商，与亚洲最大航空油品服务保障企业中国航油合并，有 望降低航空燃料供应成本，增强产业竞争力。 3. 阿里巴巴：淘宝闪购取得关键进展，2026年目标冲刺份额绝对第一。最新交流信息显示，淘宝闪购在 最新季度战略投入明确，将坚定加大资源倾斜以实现市场份额领先，反映公司在电商细分领域的竞争策 略升级。 5. 台积电：先进制程维持高产能利用率，3nm制程持续供不应求，今年除调高3nm报价外已暂停新案启 动，鼓励客户直接评估导入2nm制程。公司先进制程技术领先优势显著，产能紧张状况支撑其议价能 力。 // 大中华地区公司要闻 // 1. 中微公司：大股东巽鑫投资拟减持不超2% ...

1. 两大能源央企官宣重组。经报国务院批准，中国石油化工集团与中国航空油料集团实施重组。 两家企业重组后，将充分发挥炼化一体化、航油供应保 障体系等多方面优势，减少中间环节，降低供应成本，推动产业链高质量发展。 2. 房地产界颇具代表性的职业经理人郁亮，结束35年万科生涯。 万科A公告，因到龄退休，郁亮向董事会提请辞去公司董事、执行副总裁职务。万科董事 会将按照法定程序尽快完成董事补选工作。截至公告披露日，郁亮持有万科739.49万股股票，以1月8日收盘价计算，市值逾3600万元。 3. 黄金正式超越美国国债，三十年来首次成为全球规模最大的储备资产。 据世界黄金协会最新数据，若假设2025年底央行持有的黄金储备规模不变，以 年底价格计算，美国海外全球官方黄金储备价值已达3.93万亿美元，正式超越海外官方持有的美债规模，后者截至去年10月份的价值接近3.88万亿美元。 5. 汇丰控股与恒生银行联合公告，汇丰将恒生银行私有化的建议获恒生银行法院会议、恒生银行股东大会表决通过。 预期恒生银行股份将于1月27日16时 撤销上市地位。 1. 商务部举行例行新闻发布会，回应近期热点问题。对于Meta以20亿美元收购人工智 ...

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