J P M O R G A N North America Equity Research 07 October 2025 Internet Thoughts on OpenAI DevDay & Sora Strength OpenAI product launches, partnerships, & newsflow continue at a rapid pace, and we wanted to provide some quick thoughts on OpenAI DevDay app integration into ChatGPT and the recent release of video and audio generation model Sora 2, along with early implications across the Internet space. See page 3 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business wi ...

近日，据PCMag报道称，Meta公司首席技术官博斯沃思（AndrewBosworth）在总部吹风会上首次表 示，人形机器人已被提升至与增强现实（AR）同级的战略优先级，未来数年将投入"数十亿美元"打造 一套可对外授权的通用软件平台，目标成为机器人产业的"安卓"。 博斯沃思表示，Meta无意大规模生产硬件，而是复制谷歌在智能手机领域的开放路线：任何符合技术 规范的机器人本体均可搭载Meta操作系统，从而快速扩大生态并掌握行业标准制定权。 图片来源：PCMag 早在2025年2月，路透社就曾披露Meta已在现实实验室内部组建专门团队，研发可承担家务等体力任务 的人形机器人。 从秘密布局到明确表态，Meta的动作背后，是对下一代智能终端生态的野心。但复制安卓的成功，远 比想象中更难。 01 Meta的野心 在Meta看来，当前机器人发展的主要问题在于"大脑"而非"躯体"。硬件技术在近年来已取得长足进步， 但让机器人真正理解并适应复杂物理世界、完成如灵巧抓取等精细任务的"大脑"仍是行业最大挑战。 因此，Meta将资源集中于打造这个"大脑"，构建一个"世界模型"，攻克软件层面的难题，避开硬件制造 的"红海"竞争。 在 ...

Core Insights - Graphcore, a British chip designer owned by SoftBank, is set to announce a £1 billion ($1.3 billion) investment in India, which includes establishing a new research hub [1][2] - The investment announcement coincides with a UK business delegation led by Prime Minister Keir Starmer visiting India [2] - Graphcore plans to open a research facility in Bengaluru and aims to hire up to 500 employees over the next five years [2] Company Overview - Graphcore was initially seen as a potential competitor to Nvidia, focusing on specialized chips for artificial intelligence [3] - The company was valued at $2.8 billion in 2020 but has faced challenges in gaining commercial traction [3] - SoftBank acquired Graphcore in 2024 as part of its strategy to leverage the growing demand for AI infrastructure [5] Industry Context - India is emerging as a significant player in the AI sector, with a population of 1.4 billion adopting AI across various industries [6] - Global tech companies, including Nvidia and Microsoft, view India as a growth market, especially as an alternative to China [6][8] - The Indian government has initiated a ₹76,000 crore ($8.6 billion) fund to attract international chipmakers, although major investments have yet to materialize [9]

Former Facebook Vice President of Messenger and lead of company’s crypto project, @DavidMarcus says, “When we [Facebook] announced Libra, a week later I was testifying in front of Congress. You can’t call Satoshi Nakamoto to testify in front of Congress”https://t.co/ZtRwmTZXDi ...

Core Viewpoint - New York City has filed a lawsuit against major social media platforms, including Facebook, Google, Snapchat, and TikTok, accusing them of contributing to a mental health crisis among children by making their platforms addictive [1][4]. Group 1: Lawsuit Details - The lawsuit is a 327-page complaint filed in Manhattan federal court, seeking damages from Meta Platforms, Alphabet, Snap, and ByteDance for gross negligence and public nuisance [1]. - New York City is one of the largest plaintiffs, representing a population of 8.48 million, including approximately 1.8 million individuals under the age of 18 [4]. - The city has joined a larger movement, participating in about 2,050 similar lawsuits across the nation, particularly in federal court in Oakland, California [2]. Group 2: Allegations Against Defendants - The complaint alleges that the defendants designed their platforms to exploit the psychology and neurophysiology of youth, leading to compulsive usage for profit [6][10]. - Statistics indicate that 77.3% of high school students in New York City, and 82.1% of girls, reported spending three or more hours daily on screens, which has resulted in lost sleep and chronic school absences [6]. Group 3: Public Health Concerns - New York City's health commissioner has labeled social media as a public health hazard, prompting increased taxpayer spending to address the youth mental health crisis [7]. - The lawsuit also links social media usage to dangerous behaviors, such as "subway surfing," which has resulted in at least 16 fatalities since 2023, including two young girls [10]. Group 4: Responses from Defendants - A spokesperson for Google has denied the allegations regarding YouTube, asserting that it functions as a streaming service rather than a social network [5]. - Other defendants have not yet responded to the lawsuit [5]. Group 5: Financial Implications - The city claims that it is left to manage the consequences of the defendants' actions, stating that they should be held accountable for the harms caused [11].

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Core Insights - October is historically a volatile month for the stock market, making it difficult to identify top momentum stocks. The "buy high and sell higher" approach, known as the Driehaus strategy, is recommended for identifying momentum stocks [1][3] Momentum Stock Selection - Meta Platforms, Inc. (META) and Vertiv Holdings Co. (VRT) have been identified as today's momentum picks using the Driehaus strategy [2][9] - Both companies hold a Zacks Rank of 2 and a Momentum Score of A, indicating strong potential for price appreciation [9][10] Driehaus Strategy Breakdown - The Driehaus strategy emphasizes investing in stocks that are increasing in price rather than those in decline. This approach is supported by the American Association of Individual Investors (AAII), which considers the percentage 50-day moving average as a key criterion [3][4] - Key indicators for the strategy include strong earnings growth rates, impressive earnings projections, and a history of beating estimates [5][8] Stock Screening Methodology - Stocks are screened based on specific criteria, including a Zacks Rank of 1 or 2, a Momentum Score of A or B, and strong EPS growth metrics [6][8] - The screening process narrows down over 7,743 stocks to a select few, with only 37 stocks meeting the criteria [10] Company Profiles - **Meta Platforms**: Develops products for global connectivity through mobile devices and computers. It has a trailing four-quarter earnings surprise of 20.5% on average [10] - **Vertiv**: Designs and produces digital infrastructure technologies for data centers and communication networks, with a trailing four-quarter earnings surprise of 10.7% on average [11]

“When we [Facebook] announced Libra, a week later I was testifying in front of Congress. You can’t call Satoshi Nakamoto to testify in front of Congress”, says @DavidMarcus, former Facebook Vice President of Messenger and lead of company’s crypto projecthttps://t.co/ZtRwmU0vsQ ...

The world's biggest tech companies are spending trillions to fuel artificial intelligence, building data centers the size of cities and snapping up every advanced chip they can find. Open AAI, the maker of chat GPT, is planning a $500 billion infrastructure project called Stargate. Meta's Mark Zuckerberg, is pouring hundreds of billions into new data hubs.Nvidia, the chip giant at the center of it all, is even financing its own customers, helping them buy more of its hardware. Even AI's biggest believers ad ...