来源：环球网 【环球网科技综合报道】2月25日消息，据科技媒体Windows Central报道，随着《极限竞速：地平线》 《神鬼寓言》《战争机器》乃至核心IP《光环》系列新作陆续登陆PlayStation等竞品平台，Xbox游戏跨 平台策略已全面铺开。然而，这一举措在玩家社区引发激烈讨论，部分核心用户呼吁微软重新聚焦独占 游戏，甚至要求叫停上述IP的跨平台移植计划。 自Xbox负责人菲尔·斯宾塞（Phil Spencer）2021年提出"游戏无边界"战略以来，微软逐步将旗下第一方 工作室作品扩展至PC及竞争对手平台。尽管此举扩大了游戏受众群体，但部分Xbox玩家认为，跨平台 策略削弱了主机硬件的吸引力，导致《光环》《极限竞速》等标志性IP的独占性丧失。 社交媒体上，网友发起"拯救Xbox独占"话题，指责微软"为短期收益牺牲长期生态竞争力"。有玩家直 言："如果所有游戏都能在PS5上玩，我为什么还要买Xbox Series X？" 针对争议，Xbox企业副总裁阿莎（Asha）在接受专访时，未完全排除回归独占策略的可能性。她表 示："当前的首要任务是理解过往决策的逻辑、优化目标，以及现有数据对战略的反馈。我关注 ...

2月25日，从历史上看，长期做空微软股票向来是一件"蠢事"。那么，这一次会有所不同吗？ 2026年迄今，微软已成为美股"七巨头"中跌幅最大的个股。自去年10月28日创下539.82美元的历史收盘 高点后，其股价已累计下跌28%，其中光是今年的跌幅就高达19.4%。 而这轮猛烈跌势，也正使微软股价逼近一处关键技术指标——200周移动平均线。 不少技术分析师近期已注意到，微软周二收盘股价仅较其200周均线375.80美元高出约3.5%。要知道， 微软股价上次收盘低于200周移动平均线，还要追溯到遥远的2013年1月。 向上倾斜的200周均线往往表明股价处于长期牛市，而向下倾斜的200周均线则预示股票可能步入长期下 跌通道。自2012年1月以来，微软的200周均线还从未出现过连续数周的下降。 而微软股价当前正濒临这一关键的十字路口。对于不少技术分析师而言，其未来走势的成败也将取决于 此——通常而言，对于长期增长叙事完整、仅面临暂时性挫折的公司而言，200周均线在历史上曾多次 作为其股价触底反弹的支撑点。 根据道琼斯市场的数据显示，历史上，当微软股价收盘价与200周均线差距小于3%时，股价往往会出现 明显反弹。 最近 ...

分析师 2: 好的，各位投资者，那个晚上好，欢迎大家参会。今天初八，启新程，祝各位投资者马年 开工大吉，万事马到成功，业绩定制长虹。今天光互联这个方向喜提开门红，我们认为是 这个产业逻辑和短期催化形成了一个共振。就关于这种技术路径的一个争议，也出区域， 一个平缓，所以各个细分方向的成长性这个之前相互压制的这样的一个恐慌，是有所放缓 了。同时，假期就春节假期，这个美股比如说像 AMD NVIDIA 还有 Coherent。A O I、 西雅娜等等这些光模块，或者说 CPO 相关的一些核心标的，也都大涨，都在 13%以上。 也给了这个今天 A 股光互联，就是普，这个普涨，也造，创造了一个比较好的一个条件。 下面我们主要来梳理一下，就是我们关于这个光互联这个板块，三个细分方向的一个划分 以及各自的这个逻辑观点和后后续这个走势的一个判断。首先我们先要介绍一下，就是我 们对于光互联，我们会按照这个不同的产品、不同的供应链和不同的逻辑，具体会划分成 三个细分的方向。分别是大光、小光和新光。那我们先来讲一下新光，新旧新旧的新。新 光其实主要是指这个 CPU、NPU、OCS 等等这些下一代光互联方案。 所涉及到的一些板块标的 ...

While the US continues to command a dominant share in global portfolios, questions around sustainability, overinvestment in AI, and stretched P/E multiples are prompting investors to reassess tactical allocations.In an interaction with Kshitij Anand of ETMarkets, He pointed to improving fundamentals across parts of Asia, compelling opportunities in India, South Korea and Indonesia, and a shifting sectoral mix in Europe — particularly manufacturing and defence — as reasons for potential diversification amid ...

Core Insights - The article discusses the significant impact of AI on the SaaS industry, particularly following the launch of Anthropic's AI tool for legal services, which caused a sharp decline in stock prices of major SaaS companies and raised concerns about the traditional subscription model [3][4][5]. Group 1: Stock Price Decline - The launch of Anthropic's AI tool led to a single-day stock price drop of over 13% for legal information service giants like WEX Group and LexisNexis, triggering a broader sell-off in the software industry [3][5]. - The S&P North American Software Index saw a cumulative decline of 15% in January 2026, marking its worst monthly performance since the 2008 financial crisis [6]. - The term "SaaSpocalypse" was coined to describe the drastic sell-off in the SaaS sector, with over $1 trillion in market value evaporating from software companies [3][6]. Group 2: Challenges to Subscription Model - The traditional SaaS business model, which relies on a "seat-based payment" system, is being challenged by AI's ability to automate tasks previously requiring multiple employees [4][5]. - Companies like Salesforce and Intuit experienced significant stock price drops, with Salesforce's stock down 23% year-to-date and 30% from its peak in December 2025 [8][5]. Group 3: Need for Valuation Restructuring - IT budgets are becoming increasingly fixed, with major tech companies like Amazon and Alphabet allocating substantial funds (approximately $200 billion and $175-185 billion respectively) towards AI infrastructure, thereby squeezing traditional SaaS budgets [7]. - The shift in IT spending from traditional software to AI solutions has led to a reevaluation of SaaS company valuations, moving from a user-based growth model to a performance-based payment model [10][11]. Group 4: Transformation Paths for Leading Companies - Major SaaS companies like Salesforce and Microsoft are restructuring their products to create AI-native enterprise service systems rather than simply adding AI as a feature [14][15]. - Salesforce's transition has faced challenges, including a significant layoff of 4,000 customer service positions, which later resulted in service quality issues and increased customer complaints [17][19]. - Adobe has adopted a different strategy by integrating AI deeply into its Creative Cloud, allowing users to pay extra for AI features rather than reducing seat licenses [20][21]. Group 5: Industry Reconstruction Insights - The impact of AI on the SaaS industry represents a "value reconstruction" rather than a complete industry replacement, emphasizing the need for SaaS companies to redefine their core value propositions [23]. - Future software business models may evolve into hybrid models, performance-based models, or platform models, with no single approach suitable for all companies [25][26][27]. - Investors are encouraged to shift their focus from user growth to AI monetization capabilities and the quality of profits [30]. Group 6: Implications for IT Professionals - Companies must redefine product value by focusing on business outcomes rather than merely listing features, as clients prioritize efficiency and cost reduction [31][33]. - The traditional seat-based payment model is becoming obsolete, necessitating a shift to performance-based or usage-based pricing structures [34]. - Establishing industry-specific expertise and trust with clients is crucial for SaaS companies to maintain a competitive edge in the AI era [35][36].

格隆汇2月25日｜自动驾驶公司Wayve在D轮融资中筹集12亿美元，估值达到86亿美元。本轮融资由 Eclipse、Balderton和日本软银集团旗下愿景基金2号领投，英伟达、微软和优步(Uber)参投，投资者还 包括梅赛德斯-奔驰、日产和斯泰兰蒂斯集团Stellantis等主流车企。 ...

证券研究报告 科技 SEMICON Korea 前线：从炸鸡店到 存储超级周期 华泰研究 2026 年 2 月 25 日│中国内地 专题研究 科技 增持 (维持) 黄乐平，PhD 研究员 SAC No. S0570521050001 SFC No. AUZ066 leping.huang@htsc.com +(852) 3658 6000 何翩翩 研究员 SAC No. S0570523020002 SFC No. ASI353 陈旭东 研究员 SAC No. S0570521070004 SFC No. BPH392 +(86) 21 2897 2228 于可熠 研究员 SAC No. S0570525030001 yukeyi@htsc.com +(86) 21 2897 2228 易楚妍 联系人 SAC No. S0570124070123 SFC No. BXH065 yichuyan@htsc.com +(86) 21 2897 2228 韩冬冰* 联系人 SAC No. S0570125070150 handongbing@htsc.com +(86) 21 2897 2228 重点推荐 | | ...

Key TakeawaysPresident Trump used his 2026 State of the Union address to demand an immediate end to the government shutdown while touting his economic record and defending tariffs recently struck down by the Supreme Court.WiseTech Global (WTC) announced 2,000 job cuts, representing 29% of its workforce, declaring the "era of manually writing code" has ended due to AI automation.U.S. consumer distress hit a 20-year high as student loan delinquencies spiked to 25% and subprime auto loan delinquencies reached ...

Autonomous driving company Wayve has hit an $8.6 billion valuation after securing fresh funds from Nvidia, Microsoft and Uber.The $1.2 billion Series D round was led by Eclipse, Balderton and SoftBank Vision Fund 2 and also featured automakers Mercedes-Benz, Nissan and Stellantis.Uber will invest up to an additional $300 million in milestone-based capital."We are building for a total addressable market that spans every vehicle that moves," Alex Kendall, Wayve CEO, said in a statement."This investment accele ...

这也是为什么 Xbox 近期的人事变动，让社交媒体上不少人开始给新任 CEO 阿莎 · 夏尔马出谋划策。在 几乎所有建议里，排在首位的都是呼吁 Xbox 重新做独占游戏。甚至还有人要求，直接取消《光环》 《神鬼寓言》《极限竞速》等游戏的跨平台移植。 IT之家 2 月 25 日消息，据 Windows Central 报道，在先是慢慢把 Xbox 和 Windows PC 上的少数游戏移 植到 PlayStation 平台之后，随着《极限竞速：地平线》《神鬼寓言》《战争机器》，甚至是 Xbox 备受 喜爱的《光环》系列新作陆续登陆竞品平台，Xbox 游戏跨平台的大门已经彻底敞开。 一部分玩家对此表示接受，因为让更多玩家能玩到优质游戏，本身就是一件好事，这正是玩家们所追求 的。但也有人对此并不认同：那还有什么必要买 Xbox 主机？ 如果 Xbox 推出的所有游戏都会登陆其他平台，而竞品主机还拥有额外的独占游戏优势，那选择 Xbox 的主机还有什么理由？ 阿莎近期在接受 Windows Central 记者杰兹 · 科登采访时，并没有排除这种可能。 当被问及是否考虑回归独占游戏策略时，她坦言："坦白说，我现在需要 ...