Core Viewpoint - Hugging Face, an AI startup, unexpectedly rejected a $500 million investment offer from Nvidia, aiming to avoid a single dominant investor influencing its decisions [1][3]. Group 1: Company Overview - Hugging Face operates a platform hosting 2.5 million public AI models and over 700,000 public datasets, allowing users to download freely [3]. - The company has 13 million global users and promotes open-source models for developers, contrasting with major players like OpenAI and Google, which focus on proprietary models [3][4]. - Hugging Face has raised a total of $400 million, with a valuation of $4.5 billion in 2023, and retains half of its funds on hand [4]. Group 2: Business Model and Financials - The company employs a "freemium" business model, with about 3% of customers, typically large enterprises, paying for additional features [4]. - Hugging Face aims for profitability by 2025 but reported a loss in the first quarter of this year due to investment in datasets [4]. - The company does not prioritize revenue maximization but encourages developers to provide open-source alternatives for text, image, and visual models [4]. Group 3: Strategic Direction and Employee Dynamics - In 2022, Hugging Face launched the multilingual AI model BLOOM but has since exited the self-developed model space to control costs [5]. - The company is investing in robotics, datasets, and scientific research AI, having acquired a robotics company, Pollen, last year [5]. - Hugging Face's decentralized AI development philosophy allows employees to work remotely from various locations, although some former employees feel marginalized in strategic decisions [5]. Group 4: Employee Compensation and Culture - Salaries for researchers at Hugging Face typically range from $100,000 to $200,000, which is lower than top tech companies but competitive for startups [5]. - The company allows employees to publicly discuss their work, contrasting with larger tech firms that enforce strict communication protocols [6]. - Hugging Face's culture attracts talent committed to its mission of countering Silicon Valley dominance, as exemplified by its chief ethics scientist, who declined higher-paying offers to maintain her voice [6].

1月29日，黄仁勋在台北街头。 彭博社 彭博社指出，作为目前全球市值最高的公司，英伟达正寻求在全球最大半导体市场中国重振业务。 【文/观察者网 熊超然】新年伊始，英伟达创始人兼首席执行官黄仁勋再度密集访问中国多个城市，继 走访了上海和深圳之后，他又来到了台北。 据彭博社1月29日报道，黄仁勋当天在台北透露，由于中方仍在决定是否允许进口英伟达的产品组件， 因此该公司尚未收到中国客户的H200人工智能（AI）芯片订单。 "我希望中方能够允许英伟达销售H200芯片，"他告诉记者："现在决定权在中方手中，他们仍在考虑， 我们正在耐心等待。" 黄仁勋表示，他过去几天在访问中会见了客户和官员，但没有收到任何H200芯片的新订单。他补充 说，这款芯片"非常适合"中国市场，他的客户非常想要H200芯片。他还称，H200芯片的美国出口许可 证正在最终审批阶段。 此前相当长一段时间，从拜登政府到特朗普政府，为围堵打压中国科技发展，美国实施了一系列芯片出 口限制措施，且不断收紧。英伟达不想丢失庞大的中国市场，一直游说特朗普放松管制。 近期，黄仁勋每次公开露面，说来说去，话题也都离不开中国。1月5日，黄仁勋接受采访时称，英伟达 H2 ...

1月28日，英伟达（NVDA，股价191.52美元，市值4.65万亿美元）CEO（首席执行官）黄仁勋穿着黑色夹克，出现在深圳南山区的公司办公地。此前几 日，他已陆续到访上海、北京，参加了英伟达各地分公司举办的新年活动。 《每日经济新闻》记者注意到，在黄仁勋访华期间，一条蹭热度的产业链也悄然浮现。在社交媒体上，有用户宣称付费可安排在深圳和黄仁勋合影、签 名。 1月28日，记者来到深圳湾体育中心附近，以业务合作名义联系到发布"合影广告"的卖家张明棋（化名）。他表示花20万元就可合影，30万元包签名，与 黄仁勋吃饭名额也可预约，但"有点排不上，而且很贵"。 见到记者后，张明棋拨打了一通电话，电话对面人士告诉记者，他们确保能见到黄仁勋，出现意外可全额退款。为了让记者放心，卖家一方表示背靠"深 圳市现代模特艺术协会"，可以用协会或某公司名义开收据。 天眼查显示，深圳市现代模特艺术协会成立于2014年，属社会团体性质。据深圳市民政局2017年发布，该协会因"存在累计两年以上未参加年度检查的违 法行为"，被深圳市民政局列入拟限期停止活动的社会组织名单。 1月28日下午，记者见到了另一卖家刘启成（化名），其自称对接过多国政要 ...

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” fourth-quarter 2025 investor letter. A copy of the same can be downloaded here. U.S. equity markets experienced a quarter supported by optimism around potential monetary easing and caution related to economic growth and valuations. Early gains were driven by strong AI-related earnings and the US Federal Reserve’s rate cut in October, which improved expectations for financial conditions. However, market sentiment cooled l ...

中国算力的增长新范式。 编辑｜栗子 在AI算力的深海里，沉默往往预示着更剧烈的爆发。 1月26日，距离国产AI算力企业天数智芯（09903.HK）登陆港股仅仅过去18天，这家在外界看来一贯低调的企业就对外抛出了一颗"重磅炸弹"：一份敢于 将超越国际巨头Hopper、Blackwell乃至Rubin的具体日期写进日历的四代架构路线图。 图片来源：天数智芯 更重要的是，这并非画饼。事实上，天数智芯2025年推出的天数天枢架构，在DeepSeek V3这种关键的大模型场景上，已经交出了实测性能领先英伟达 Hopper约20%的成绩单，成为首个实现对国际主流架构实质性超越的国产方案。 过去七年，天数智芯选择了一条最慢也最难的路：全栈自研、深耕行业、死磕落地。这种"笨功夫"在物理AI爆发的前夜，终于汇聚成了突破性的质变信 号。 当算力竞争从"量的堆砌"转向"质的较量"，天数智芯用超300家客户、超1000次部署的实战答卷证明：国产算力不再是实验室里的备选方案，而是在千亿 市场的浪潮中，正以"现在完成时"的成果为"将来时"的承诺背书，重构着属于中国算力的增长新范式。 1.算力进化的"中国路径" 通用GPU的底层架构是算力 ...

Market Overview - The Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%, aligning with market expectations[9] - The Hang Seng Index closed at 27,827, down 2.58% for the day but up 8.57% year-to-date[3] - The S&P 500 index closed at 6,978, with a slight decrease of 0.01% for the day and a year-to-date increase of 1.94%[3] Stock Performance - Gold prices surged, with spot gold exceeding $5,280 per ounce, marking a monthly increase of over 22%[9] - Semiconductor stocks saw significant gains, with the Philadelphia Semiconductor Index rising by 2.34%[9] - Major tech stocks showed mixed results, with Intel up 11.04% and Microsoft down 6% post-earnings report[9] Sector Highlights - Oil stocks continued to rise, with Shanghai Petrochemical gaining over 5% due to geopolitical tensions driving oil prices up by 3%[9] - New consumer concept stocks performed well, with a snack retail chain soaring 69% on its debut[9] - Airline stocks faced pressure, with China Southern Airlines down 6.83% due to rising operational costs[9] Economic Indicators - The U.S. dollar index fell to 95.51, the lowest since February 2022, contributing to the rise in gold prices[9] - The Japanese yen strengthened, impacting export-related stocks negatively, with Toyota down 3.24%[13] - The Bank of Japan raised its policy rate to 0.75%, the highest in 30 years, indicating a cautious approach to future rate hikes[13]

1月28日，记者来到深圳湾体育中心附近，以业务合作名义联系到发布"合影广告"的卖家张明棋（化 名）。他表示花20万元就可合影，30万元包签名，与黄仁勋吃饭名额也可预约，但"有点排不上，而且 很贵"。 见到记者后，张明棋拨打了一通电话，电话对面人士告诉记者，他们确保能见到黄仁勋，出现意外可全 额退款。为了让记者放心，卖家一方表示背靠"深圳市现代模特艺术协会"，可以用协会或某公司名义开 收据。 每经记者｜孔泽思 每经编辑｜黄博文 1月28日，英伟达（NVDA，股价191.52美元，市值4.65万亿美元）CEO（首席执行官）黄仁勋穿着黑色 夹克，出现在深圳南山区的公司办公地。此前几日，他已陆续到访上海、北京，参加了英伟达各地分公 司举办的新年活动。 《每日经济新闻》记者注意到，在黄仁勋访华期间，一条蹭热度的产业链也悄然浮现。在社交媒体上， 有用户宣称付费可安排在深圳和黄仁勋合影、签名。 刘启成现场向记者展示了几段视频，称视频是1月28日上午拍摄于深圳文华东方酒店，黄仁勋在视频中 与多人合影、握手，还给一些人发了红包。交流过程中，刘启成一方为记者发来项目合同，提供服务的 主体为摩京时代（北京）文化传媒有限公司。 刘启 ...

黄仁勋穿着那件标志性的黑色皮夹克，在上海浦东陆家嘴附近一个普通社区菜市场里，大口吃着耙耙柑，还买了一大袋。周围迅速围上来的顾客举着手机 拍摄，这一幕很快传遍了中国社交媒体。这位英伟达创始人兼CEO的春节中国行拉开序幕。 与去年不同，今年他的行程显得"偷偷高调"——先逛上海菜市场，后到北京王府中环商圈用餐，最后一站深圳的牛肉火锅店也留下了他的足迹 没有铺天盖地的通稿与高调演讲，这位"AI教父"悄然穿梭于上海、北京、深圳三座核心城市，既在菜市场、火锅店留下烟火气身影，也低调走进办公室、 闭门会见客户与供应商，与往年判若两人。 2025年，黄仁勋曾三次高调来华，公开演讲、新品发布牵引全球目光；而2026年这场新年首访，全程对媒体封闭，官方未发一字通稿，就连敏感的H200 芯片话题也刻意回避。在中美科技博弈深水区、全球AI算力格局重塑的关键节点，这份异常低调背后，藏着英伟达的战略考量与中国市场的未来走向。 01 从菜市场到办公楼 一是分公司年会，称赞DeepSeek等中国开源模型的实力，坦言其倒逼英伟达加速创新；二是与阿里、腾讯、百度、字节跳动等巨头闭门会谈，聚焦算力 供应、软件优化等合作，回避敏感芯片话题；三是出席 ...

Core Viewpoint - Nvidia is set to distribute its first dividend of 2026 on March 27, with an estimated payout of $1.01 per share, reflecting the company's focus on reinvestment rather than income returns [1][4]. Dividend Details - The next estimated dividend amount is $0.01 per share, with a pay date of March 27, 2026, remaining unchanged from the last declared amount of $0.01 on December 26, 2025 [2][3]. - Shareholders with 100 shares will receive $1 in quarterly payments, leading to an annual total of $4 if there are no increases throughout the year [3]. Dividend Yield and Market Position - At a share price of approximately $191.5, Nvidia offers a forward dividend yield of about 0.02%, which is significantly below the technology sector average yield of 1.37% [4]. - The company's market capitalization stands at $4.53 trillion, with a forward payout ratio of just 0.40%, indicating that the dividend is small relative to earnings and allows for substantial capital spending and growth initiatives [5][6]. Shareholder Return Strategy - Nvidia's dividend is characterized as a symbolic return to shareholders rather than a significant component of a passive income strategy, especially when compared to higher-yielding dividend companies [7].

⑤ 【自由现金流增长23%，IBM涨超7%】当地时间1月29日，IBM 2025Q4财报显示，营收196.9亿美 元，同比增长12%；软件收入90.3亿美元，同比增长14%；咨询收入53.5亿美元，同比增长3.4%；第四 季度自由现金流75.5亿美元，同比增长23%。截至发稿，IBM上涨7.88%。 ⑥ 【苹果将在盘后发布财报】当地时间1月29日美股盘后，苹果将发布最新财报。 ① 【三大期指齐涨】道指期货涨0.08%、标普500指数期货涨0.17%、纳指期货涨0.23%。 ② 【Q4业绩超预期，Meta涨超7%】当地时间1月28日，Meta 2025Q4财报显示，Q4营收为598.93亿美 元，同比增长24%，高于分析师预期的584.2亿美元；Q4净利润227.68亿美元，同比增长9%，稀释后每 股收益8.88美元，同比增长11%。业绩指引方面，预计2026年Q1总营收将在535亿至565亿美元之间，高 于分析师预期的512.7亿美元。截至发稿，Meta上涨7.81%。 ③ 【云业务增速放缓，资本支出创新高，微软跌超5%】当地时间1月28日，微软2026财年Q2财报显 示，营收和利润均高于预期，核心业务Azu ...