bigjom jom / Shutterstock.com Quick Read BKLC surged 40% from April to December 2025 and outperformed SPY by 1.2% year-to-date. The top three holdings (NVIDIA, Apple, Microsoft) represent nearly 20% of the portfolio. BKLC charges 0% in fees versus VOO’s 0.03% but has only $5B in assets compared to VOO’s $1.5T. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. When a large-cap ETF with zero fees cli ...

Core Insights - The year 2025 is anticipated to mark the dawn of the AI industrial era, characterized by unprecedented advancements in model performance and infrastructure investments that will significantly contribute to GDP growth in the U.S. [1][2] Group 1: Capital Expenditure and Energy Challenges - Major tech companies, including OpenAI, Microsoft, Amazon, Meta, and Alphabet, have announced substantial infrastructure investment plans, with each gigawatt of data center capacity costing approximately $50 billion. OpenAI's "Stargate" project, in collaboration with partners, involves a $500 billion investment to build 20 gigawatts of capacity globally [3]. - Microsoft is projected to spend $80 billion on global data centers in 2025 and has signed a 20-year agreement to restart the Three Mile Island nuclear reactor in Pennsylvania by 2028 to ensure a stable power supply [3]. - Bain & Co. estimates that to support this scale of construction, AI annual revenue must reach $2 trillion by 2030, exceeding the total profits of major tech companies in 2024 [3]. - Insufficient grid capacity has led to some data centers in Silicon Valley being underutilized, and concerns over debt levels have caused Blue Owl Capital to withdraw from negotiations to finance a $10 billion data center for Oracle and OpenAI [3]. Group 2: Talent Market Transformation - Meta has disrupted traditional compensation structures by offering lucrative packages, including cash bonuses and substantial equity, to researchers from OpenAI, Google, and Anthropic, with some four-year contracts valued at up to $300 million [5]. - Mark Zuckerberg has personally engaged in the talent acquisition battle, successfully recruiting key researchers from OpenAI [5]. - In response, OpenAI has introduced aggressive stock option vesting schedules and retention bonuses of up to $1.5 million for new employees [6]. Group 3: Proliferation of Reasoning Models and Agentic Coding - 2025 is viewed as the year of widespread application of reasoning models, with advancements such as OpenAI's o1 model and DeepSeek-R1 demonstrating enhanced reasoning capabilities through reinforcement learning [8]. - The integration of tools has led to significant improvements in model performance, with OpenAI's o4-mini achieving a 17.7% accuracy rate in a multimodal understanding test, driving the rise of "Agentic Coding" [10]. - By the end of 2025, tools like Claude Code, Google Gemini CLI, and OpenAI Codex are expected to handle complex software development tasks through intelligent workflows [10]. - Despite some limitations in reasoning models identified by research from Apple and Anthropic, the trend of utilizing AI for code generation and cost reduction in development remains strong [11].

This is where the legend of Buffett’s genius rightly springs. What is less well known, however, and even less discussed, is that these first five decades account for more than 100% of Buffett’s career outperformance. While he beat the S&P by a factor of almost 500 in his first fifty years, he has underperformed it in the eighteen years since. As the chart below shows, a million dollars invested in the S&P from the end of 2007 through mid-December 2025 would today be worth $6.6 million, almost 25% more than ...

Let's uh talk some tech picks for the new year. Some potential AI plays. Joining us now, Dan Ies, Wed Bush uh Securities, Global Head of Technology Research, Got kind of a Magnum uh >> PI shirt on.Uh we we were the jacket's muted. Uh you went with the uh you went with the shirt today for for this appearance. All right.Sure. >> I I can we we can do that. Dan, it since it's the beginning, you know, we're at the very end of the year, so we always want to, you know, think that that suddenly the calendar has any ...

①AI泡沫不值一提 华尔街集体押注美股继续科技牛 就在美股接近历史高点之际，华尔街策略师们对AI泡沫的担忧似乎仍不屑一顾。Sanctuary Wealth首席 投资策略师Mary Ann Bartels认为目前未见泡沫，但预计市场可能在2029—2030年进入泡沫并破裂。她 预测科技股将引领市场走高至2030年，标准普尔500指数届时可能收于1万至1.3万点。瑞银策略师也预 计标普500指数明年年底升至7700点，认为盈利增长而非估值泡沫推动市场上涨。华尔街老将、投资咨 询公司Yardeni Research创始人Ed Yardeni也认为，标普500指数明年将达到7700点，他提出的"21世纪20 年代狂飙"情景发生的概率为60%，他列举了今年通过的"大而美"税改法案和人工智能繁荣等原因。高 盛分析师指出科技股上涨基于实际增长，非投机，且参与增长的企业有所增多。 -评论员徐广语：预计到2026年，AI板块的震荡幅度将明显加大。随着英伟达、微软、苹果等核心科技 公司市值不断抬升，估值逐步触及阶段性瓶颈，市场对业绩兑现与增长斜率的要求显著提高。目前，少 数头部科技公司已占纳斯达克市值的三至四成，其市值体量相当于 ...

要点提炼： AI工业时代的黎明：2025年标志着AI从"学术探索"正式迈向"工业化基础设施"时代。AI投资成为驱动美国GDP 增长的核心力量，全球年度资本支出突破3000亿美元。 万亿级投入与能源焦虑：科技巨头（如OpenAI、微软、亚马逊）开启"星际之门"等超级数据中心计划，单项投 资动辄数千亿美元。电力供应成为硬约束，科技公司开始通过重启核电站（如三里岛）来保障算力需求。 推理模型与智能体化：以OpenAI o1和DeepSeek-R1为代表的推理模型成为主流，AI具备了"多步思考"能力。 "智能体编码（Agentic Coding）"爆发，AI智能体已能独立处理复杂的软件开发任务，编程效率显著提升。 天价薪酬重塑人才市场：顶尖人才身价比肩体育明星，Meta等巨头甚至开出高达3亿美元的四年期薪酬包。 | The Batch > Weekly Issues > Issue 333 | | --- | | 白 Published 0 Reading tim | | --- | | Dec 26, 2025 16 min read | | Top Stories of 2025! Big AI Poaches ...

Core Viewpoint - Retail investors are increasingly favoring five members of the "Magnificent Seven" and a popular ETF for investment in 2026, reflecting a significant shift in market dynamics driven by the rise of retail investing [1][3]. Group 1: Retail Investor Trends - Approximately 30 million retail investors opened new brokerage accounts in 2020 and 2021, with retail investors accounting for 25% of total equities trading volume in 2021, nearly double the share from the previous decade [3]. - Brokerage firms, particularly Robinhood, have successfully attracted retail investors through commission-free trades and fractional share purchases [5]. Group 2: Key Stocks - Nvidia is the most held stock on Robinhood, with shares rallying 1,200% since the beginning of 2023, driven by its dominance in AI-related GPU technology [6][7]. - Tesla, with close to 1.8 million deliveries in 2023 and 2024, remains a favorite due to its first-mover advantage in the EV market, although it is considered a risky investment due to its high valuation and unfulfilled promises from its CEO [11][12]. - Apple has maintained a significant market share in the U.S. smartphone market, with a loyal customer base and a strong capital-return program, but its high P/E ratio raises concerns about its valuation [15][17]. - Amazon is projected to account for over 40% of U.S. e-commerce market share by 2025, with its cloud service, AWS, generating significant operating income, enhancing its growth potential [20][21]. - Microsoft is focusing on cloud computing and AI integration, with Azure experiencing 40% sales growth in the fiscal first quarter, although its legacy segments continue to provide stable cash flow [25][27]. Group 3: Popular ETF - The Vanguard S&P 500 ETF is the most popular ETF among retail investors, aiming to mirror the performance of the S&P 500, which has averaged an annual return of roughly 10.5% over the last 30 years [29][30]. - The ETF features a low net expense ratio of 0.03%, making it an attractive option for investors seeking diversification [31].

此举发生之际，韩国总统李在明领导的政府倡导加倍投入可再生能源，扭转了其前任更为支持核能的立 场，但是李在明政府在发展太阳能、风电等可再生能源之际对于已经建设中核能项目的支持力度未出现 明显削减。 根据该国在上周五提交给联合国的国家自主贡献报告，可再生能源体系在韩国发电结构中的占比将从去 年的仅仅9%提高到2035年至少30%。 李在明在9月曾表示，新建设更多核电站并不现实，因为从零开始建造一座新设施往往需要超过15年。 不过他领导的新一届政府仍然支持使用那些已经上线或已处于开工建设状态的核反应堆。根据知情人士 透露的消息，新乌尔3号机组正式投运将帮助韩国大幅减少对海外煤炭和天然气运输的极度依赖。 核电系统对AI数据中心的重要性，核心在于它能同时满足"电力资源高效率供给、24/7可靠性、低碳合 规、价格长期稳定"四个硬约束，而这四点基本上就是天量级别的AI训练/推理工作负载把传统电网推到 极限时全球范围最稀缺的能力。 在这一全球趋势下，韩国核监管机构最新批准新乌尔(Saeul)3号大型机组启动、先行六个月试运行并为 2026年商业投运铺路，为核电在AI用电浪潮中的"稳基荷、稳电价、减少碳减排"价值给出强烈注脚： ...

据了解，有韩国媒体报道称，韩国核安全与安保委员会周二在一份声明中宣布，为新乌尔3号机组 (Saeul No. 3)亮起监管绿灯——这是该国约两年来首次给予此类新的监管批准。韩国产业水电与核电公 司计划在为期六个月的试运行之后，于明年开始商业化运行。 此举发生之际，韩国总统李在明领导的政府倡导加倍投入可再生能源，扭转了其前任更为支持核能的立 场，但是李在明政府在发展太阳能、风电等可再生能源之际对于已经建设中核能项目的支持力度未出现 明显削减。 根据该国在上周五提交给联合国的国家自主贡献报告，可再生能源体系在韩国发电结构中的占比将从去 年的仅仅9%提高到2035年至少30%。 李在明在9月曾表示，新建设更多核电站并不现实，因为从零开始建造一座新设施往往需要超过15年。 不过他领导的新一届政府仍然支持使用那些已经上线或已处于开工建设状态的核反应堆。根据知情人士 透露的消息，新乌尔3号机组正式投运将帮助韩国大幅减少对海外煤炭和天然气运输的极度依赖。 核电系统对AI数据中心的重要性，核心在于它能同时满足"电力资源高效率供给、24/7可靠性、低碳合 规、价格长期稳定"四个硬约束，而这四点基本上就是天量级别的AI训练/推理 ...

编辑｜冷猫、+0 2025 年已经走到了尾声。 关注 AI 圈的读者们都知道，今年是各路 AI 巨头神仙打架的一年，是人才大战架构重组极其频繁的一年，是大模型军备竞赛出奇白热化的一年，也是 AI 基础设施 建设如火如荼的一年…… 在这精彩绝伦的一年的结尾，我们的老朋友：斯坦福大学计算机科学客座教授，前百度 AI 负责人，前谷歌大脑负责人吴恩达老师，发表了今年的保留节目：一封 信，和一篇 2025 的人工智能领域年度总结。 年末寄语：三把金钥匙 元旦假期将至，学生们美妙的寒假以及春节假期也近在眼前。「永远不要停止学习」是假期前的老生常谈，尤其是希望在蓬勃进化的，高度竞争的人工智能领域 内谋求发展机会的人。应当做什么，怎么做，吴恩达在今年的信中给出了他的见地。 以下是公开信全文： 上下滑动，查看更多 亲爱的朋友们： 又一年，AI 以惊人的速度向前推进，为所有人 —— 包括刚进入这个领域的新手 —— 创造了前所未有的软件开发机会。事实上，许多公司现在最 大的困扰之一，就是找不到足够多真正懂 AI 的工程师。 每年冬季假期，我都会留出一段时间来学习和动手构建项目，希望你们也能如此。这不仅能帮助我打磨已有技能、掌握新知 ...