At Cash Flow Club , we focus on businesses with strong cash generation, ideally with a wide moat and significant durability. When these companies are bought at the right time, that can be highly rewarding for us. If you are interested in joining our community, start right here !Tech stocks in general, and Artificial Intelligence stocks especially, have done quite well in 2025 so far. More recently, however, investors have started to worry about a potential AI bubble. In this report, I'll try to evaluate the ...

Big tech firms are turning aggressively to the debt markets in their race to build AI-ready data centers, a shift for Silicon Valley firms that typically relied on cash to fund their investments.Since September, public bond issuance by four of the major cloud computing and AI platform companies known as "Investors say that, so far, they are not overly concerned about the impact on stock valuations because of the recent fundraising, since these companies remain lightly leveraged relative to their scale. But ...

Meta is entering power markets — betting it can help accelerate the new plants needed to keep its AI data centers online https://t.co/NkIWkiYwOt ...

Suddenly, your friend, your cousin, your favourite YouTuber, that girl on Instagram with perfect eyeliner, and that guy on Shorts who reviews T-shirts for a living. They are all unofficial personal shoppers for millions. And India’s biggest digital giants are leaning all the way in.Welcome to the era of creator-led commerce, where the “Add to Cart” button is increasingly powered by someone’s charm, camera, and ring light.According to BCG’s From Content to Commerce: Mapping India’s Creator Economy report, I ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 人工智能产业变革持续推进，半导体周期 继续上行 ——电子行业 2026 年度投资策略 证券研究报告-行业年度策略 强于大市(维持) 电子相对沪深 300 指数表现 相关报告 《电子行业月报：海外云厂商 25Q3 继续加大 资本支出，国内存储器厂商业绩表现亮眼》 2025-11-10 《电子行业月报：原厂陆续发布涨价函，存储 器周期继续上行》 2025-10-16 《电子行业月报：半导体行业 25Q2 持续稳健 增长，国产 AI 算力厂商业绩表现亮眼》 2025-09-11 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1 页 / 共 55 页 电子 发布日期：2025 年 11 月 21 日 -12% -3% 6% 16% 25% 34% 44% 53% 2024.11 2025.03 2025.07 2025.11 电子 沪深300 资料来源：中原证券研究所，聚源 电话： 0371-65585629 地址： 郑州郑东新区商 ...

此外，据中新经纬报道，越来越多的美联储官员担心，在通胀仍高企的情况下过度降息的风险。根据上 月会议纪要，在连续第二次降息后，美联储许多官员倾向于反对12月再降息。 韩国市场上，SK海力士股价下跌9%，三星电子跌5%。日股AI及半导体概念股集体下挫，铠侠跌超 12%，软银集团一度跌超10%，爱德万测试跌近9%，东京电子跌超5%。 隔夜的美股市场上演"过山车"式行情，尽管英伟达强劲财报一度显著提振了市场情绪，纳指一度涨超 2%，但随着估值担忧卷土重来，以及降息预期进一步受挫，美国三大指数悉数收跌。 截至收盘，道琼斯指数跌0.84%，标普500指数跌1.56%，纳斯达克综合指数跌486.18点，跌幅2.15%。大 型科技股集体下挫，AMD跌超7%，甲骨文跌超6%，英伟达跌超3%，亚马逊跌逾2%，微软跌逾1%，特 斯拉跌超2%，谷歌跌超1%，苹果跌近1%，脸书跌0.19%。 导致美股上演"过山车"行情的背后，是美联储官员的鹰派言论和对AI高估值的担忧引发市场风险偏好回 落，这再度触发了美股大规模技术性抛售。 知名投资人、华尔街"大空头"迈克尔·伯里（Michael Burry）则在社交平台再度发文，抨击AI泡沫。他 ...

Core Insights - The article discusses the concept of Model Souping, which involves averaging the weights of multiple models of the same architecture to create a new, stronger model. This method is more lightweight and cost-effective compared to training a large unified model, while also leveraging the complementary capabilities of different models [1][2]. Group 1: Model Souping Methodology - Traditional Model Souping typically uses simple uniform averaging, which directly combines the parameters of candidate models with equal weights. The article introduces a systematic approach called Soup of Category Experts (SoCE), which selects optimal model candidates based on benchmark category composition and employs non-uniform weighted averaging to maximize overall performance [2][5]. - SoCE is based on the observation that model performance across different benchmark categories often shows weak correlation. This allows SoCE to strategically select expert models for each weakly correlated category cluster and combine them through optimized weighting [8][11]. Group 2: Experimental Results - The authors conducted extensive experiments to evaluate the effectiveness of SoCE across multiple dimensions. In the Berkeley Function Calling Leaderboard (BFCL), the 70 billion parameter model achieved an accuracy of 80.68%, setting a new state-of-the-art (SOTA) and improving by 2.7% over the previous best single model [14]. - For the 8 billion parameter model, SoCE reached an accuracy of 76.50%, surpassing the previous 8 billion model by 5.7%. The optimal weight configuration for the 8 billion model was identified as xLAM-2-8b-fc-r (0.7), ToolACE-2-8B (0.2), and watt-tool-8B (0.1) [16][18]. - The article presents a correlation heatmap illustrating the performance relationships among different categories, highlighting that strong correlations exist among multi-turn tasks, while weak or negative correlations are observed in other areas [6][8]. Group 3: Performance Improvement - The analysis indicates that the linear correlation between categories significantly improves after Model Souping. In 37 model souping experiments, the candidates showed higher scores in over 20 categories, with net performance gains across all categories [22][23]. - SoCE successfully identifies specialized models for different categories, leading to substantial performance enhancements [25].

Meta reaches $190 million settlement over privacy violations Meta Platforms Inc. has agreed to a $190 million settlement regarding claims that executives, including Mark Zuckerberg, neglected to address ongoing violations of user privacy. The settlement resolves allegations that the company engineered its platform in ways detrimental to Facebook users’ privacy rights. This decision marks a significant financial consequence for Meta as it continues to navigate the fallout from the Cambridge Analytica scandal ...

格隆汇11月21日｜Meta CEO扎克伯格、公司现任及前任高层同意支付1.9亿美元，以和解Meta股东指控 他们违反Facebook用户隐私、因此对公司造成损害的诉讼。股东原先向扎克伯格等人索偿高达80亿美 元，被告则否认所有指控。衍生诉讼所追回的款项将由董事及管理层支付给公司，并间接惠及股东。董 事会亦同意加强董事操守、内幕交易及举报人保护等相关政策。是次和解终结了股东长期以来的衍生诉 讼。 来源：格隆汇APP ...

11月21日早盘，日韩股市早盘出现大幅下挫，此前隔夜的美国股市在大型科技股集体下跌下出现暴跌。 截至收盘，道琼斯指数跌0.84%，标普500指数跌1.56%，纳斯达克综合指数跌486.18点，跌幅2.15%。大 型科技股集体下挫，AMD跌超7%，甲骨文跌超6%，英伟达跌超3%，亚马逊跌逾2%，微软跌逾1%，特 斯拉跌超2%，谷歌跌超1%，苹果跌近1%，脸书跌0.19%。 导致美股上演"过山车"行情的背后，是美联储官员的鹰派言论和对AI高估值的担忧引发市场风险偏好回 落，这再度触发了美股大规模技术性抛售。 知名投资人、华尔街"大空头"迈克尔·伯里（Michael Burry）则在社交平台再度发文，抨击AI泡沫。他 表示："下面列出的每家公司都存在可疑的收入确认问题。如果把所有交易都算进去，那图表简直难以 辨认。未来人们会把这看作是欺诈，而不是飞轮效应。真正的终端需求少得可怜，几乎所有客户都是靠 经销商出资的。" "认为芯片使用寿命更长（用于折旧）是因为3—4年前的芯片已被预订一空，这种想法混淆了物理利用 率和价值创造。仅仅因为某样东西被使用，并不意味着它就能盈利。"迈克尔·伯里写道。他举例称，通 用会计准则（G ...