Financial Data and Key Metrics Changes - The company reported third quarter 2025 earnings of $0.83 per share, which is one cent higher than the adjusted earnings for the same period in 2024 [3][12] - The earnings guidance for 2025 remains reaffirmed at a range of $5.17 to $5.27 per share, assuming normal weather conditions for the remainder of the year [3][15] - The utility operations contributed $0.12 more to earnings compared to third quarter 2024 adjusted earnings, with weather positively impacting earnings by about $0.01 [12] Business Line Data and Key Metrics Changes - Weather-normal retail electric deliveries increased by 1.8% compared to the third quarter of 2024, driven by a 2.9% growth in the large commercial and industrial segment [13] - Earnings from the American Transmission Company segment contributed an incremental $0.02 to Q3 earnings versus 2024 [14] - Earnings from corporate and other segments decreased by $0.11, primarily due to tax timing and higher interest expenses [14] Market Data and Key Metrics Changes - Wisconsin's unemployment rate stands at 3.1%, which is below the national average, supporting economic growth in the region [6] - The company expects electric demand to grow by 3.4 GW between 2026 and 2030, an increase of 1.6 GW compared to the prior plan [4][6] Company Strategy and Development Direction - The company plans to invest $36.5 billion in capital projects between 2026 and 2030, which is an increase of $8.5 billion from the previous five-year plan, representing over a 30% increase [6][8] - The updated capital plan anticipates an average asset base growth rate of just over 11% per year, supporting long-term projected earnings per share growth of 7% to 8% annually from 2026 to 2030 [6][17] - The company is focusing on an all-of-the-above approach for generation, investing in natural gas, batteries, and renewables to support economic growth and reliability [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future and investment opportunities, citing strong economic development and load growth in Wisconsin as the foundation for the new five-year plan [17][18] - The management team highlighted that the growth from large customers is fostering small commercial and residential development throughout the service territory [5][6] Other Important Information - The company plans to file a rate case in Wisconsin for its biannual process, looking at inflation-type increases, but ensuring that costs from hyperscalers do not affect other customers [70] - The Very Large Customer tariff is designed to ensure that large customers pay their fair share without subsidizing other customers [10][52] Q&A Session Summary Question: On the updated growth outlook and back-end loading - Management explained that the compound annual growth rate (CAGR) will ramp up post-2027, with expectations of 7% to 8% growth in the outer years [20][21] Question: Timing around Point Beach conversations with NextEra - Conversations are ongoing, but may be shifting further out, with no capital included in the current plan for potential capacity replacement [23] Question: Microsoft expansion and its impact on the plan - Management confirmed that the growth in Southeastern Wisconsin is largely driven by data center projects, including Microsoft and Vantage Data Centers [27][28] Question: Clarification on capital plan increase - The increase in capital plan is primarily due to investments in regulated electric generation, transmission, and distribution [7][9] Question: Impact of Illinois legislation on growth - Management indicated that the Illinois legislation is being monitored, but does not expect it to have a significant effect on the company [32] Question: Future growth opportunities beyond the current plan - Management sees potential for additional growth both within the current five-year plan and beyond, depending on customer development [73]

Joining us now with more, Michael Nathansson, founding partner, senior research analyst at Moffett Nathansson. Michael, thank you very much for joining us. You have argued, I believe, on this very program and in your research, that Alphabet should be the most valuable company in the world.Why. >> Thanks for having me. It's an AI winner, right.I think what people are starting to wake up to is that their infrastructure advantage lets them invest in AI more efficiently than almost any other company. Right, Bri ...

🚨 NEW: OpenAI Eyes Massive $1T IPO as Early as 2026@JamieCrawleyCD reports.https://t.co/ZwZJeRyuSh ...

From the Desk of Anthony Pompliano0:00 Markets Just Got the Green Light to go Much Higher7:19 OpenAI to IPO at $1 Trillion Valuation10:51 Alex Karp: AI = American IntelligenceEnjoy! https://t.co/moaWUCFIRh ...

Cameo, a personalized celebrity video marketplace, is the latest company to sue OpenAI. Cameo accusing the Chat GPT maker of launching a similar Sora 2 feature, also named Cameo, saying the offering infringes on its trademark. We've reached out to OpenAI and it said it had no comment.But the Verge says a company spokesman told them, quote, "We disagree with these claims and that no one can claim exclusive ownership over the word Cameo." Joining us now to discuss is Cameo CEO Steven Galanis. Stephen, I guess ...

OpenAI is rumored to IPO at a $1 trillion valuation.There is a lot of work to do to get there, but I wouldn't bet against Sam Altman and team. https://t.co/ZJoGsZLqBo ...

This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Dive Brief: Set against the backdrop of an Azure outage, Microsoft reported sizable growth in its cloud revenue and adoption of its AI offerings as it kicked off fiscal year 2026 reporting, according to a Wednesday earnings call for the quarter ending Sept. 30.  CEO Satya Nadella said there’s about 900 million monthly active AI users across Microsoft’s product portfolio. ...

Core Insights - Mastercard reported a 15% increase in cross-border spending and a 7% growth in U.S. debit and credit spending, indicating strong consumer and business resilience [1][7] - The company is focusing on "agentic commerce," collaborating with OpenAI, Google, and Cloudflare to establish safety and security standards for AI transactions [1][4] - Stablecoins are identified as a significant growth opportunity, with year-to-date transactions increasing by 25% [6][7] Financial Performance - Net revenues rose by 15% to $8.6 billion, driven by a 7% increase in U.S. debit and credit spending volumes and a 15% rise in cross-border volumes [7][8] - Value-added services revenues grew by 22% year over year, reflecting the company's expanding service offerings [4] Market Trends - The rental market presents a notable opportunity, as many transactions are still conducted via cash and checks, totaling $11 trillion and 1.5 trillion transactions globally [3] - Contactless payment penetration reached 77% of all in-person switched purchase transactions, up 6 percentage points from the previous year [8] Future Outlook - The company anticipates continued healthy consumer and business spending in the fourth quarter, with net revenue growth expected at the high end of a low double-digit range [8] - The focus on agentic commerce is expected to provide a long runway for service expansion in both consumer and business use cases [5]

Group 1: OpenAI Developments - OpenAI has open-sourced the gpt-oss-safeguard safety classification model in both 120 billion and 20 billion parameter versions, which can directly understand policy documents for content classification without retraining [1] - The model outperforms GPT-5-thinking in multiple benchmark tests, achieving industry-best cost-effectiveness on content moderation evaluation sets and the ToxicChat dataset [1] - OpenAI has internally utilized this technology (Safety Reasoner prototype) for image generation and products like Sora 2, with safety reasoning computing accounting for 16% of its operations [1] Group 2: Cursor 2.0 Update - Cursor has released version 2.0, introducing its first self-developed coding model, Composer, which generates at a speed of 250 tokens per second, four times faster than similar leading systems [2] - Composer employs a mixture of experts (MoE) architecture optimized for software engineering through reinforcement learning, achieving cutting-edge performance in Cursor Bench evaluations [2] - The new interface supports multi-agent parallel collaboration, allowing different models to process the same task simultaneously based on git worktree or remote machines, and includes native browser tools for testing iterations [2] Group 3: Sora New Features - Sora has launched the Character Cameo feature, enabling consistency for non-human cameo characters and allowing extraction of virtual characters from generated videos for self-cycling [3] - New video splicing functionality and community rankings have been added, categorizing the most used cameo characters and the most remixed videos [3] - Sora has temporarily lifted the invitation code restriction for direct registration in the US, Canada, Japan, and South Korea, coinciding with the launch of its Android version to capture the Android market [3] Group 4: MiniMax Speech 2.6 Update - MiniMax Speech 2.6 has achieved an end-to-end latency of under 250 milliseconds, reaching industry-leading levels and becoming the underlying technology engine for global voice platforms like LiveKit and Pipecat [4] - The new version supports direct conversion of non-standard text formats such as URLs, emails, phone numbers, dates, and amounts without cumbersome text preprocessing, facilitating smoother information transmission [4] - Fluent LoRA functionality allows for the generation of fluent and natural speech even from recordings with accents or non-native fluency, supporting over 40 languages [4] Group 5: Emu3.5 Launch - Beijing Zhiyuan has released the Emu3.5 multimodal world model, based on a 34 billion dense transformer pre-trained on over 10 trillion tokens (approximately 790 years of video), revealing the "multimodal scaling paradigm" for the first time [5] - It employs a "next state prediction" objective to achieve visual narrative and guidance capabilities, matching the performance of Gemini-2.5-Flash-Image in image editing tasks [5] Group 6: OpenAI IPO Plans - OpenAI plans to submit its IPO application as early as the second half of 2026, aiming to raise at least $60 billion, with a valuation potentially reaching $1 trillion, making it the largest IPO in history [6] - Following a restructuring, the non-profit organization will hold 26% of the newly formed OpenAI Group, while Microsoft will relinquish exclusive cloud service priority but will receive an additional $250 billion Azure procurement contract [6] - The new agreement stipulates that the realization of AGI must be verified by independent experts, extending Microsoft's rights to use OpenAI technology until 2032, while allowing it to conduct AGI research independently or collaborate with third parties [6] Group 7: OpenFold3 Release - OpenFold Consortium has released a preview of OpenFold3, trained on over 300,000 experimental structures and 13 million synthetic structures, capable of predicting interactions between proteins and small molecule ligands, as well as nucleic acids [7] - In single-stranded RNA structure prediction, its performance rivals that of AlphaFold3, featuring a modular design that allows users to modify the model for native data interpretation [7] - All components are licensed under Apache 2.0, permitting commercial use, with companies like Novo Nordisk, Outpace Bio, and Bayer planning to leverage the model to accelerate research [7] Group 8: Anthropic Research Findings - Anthropic's latest research reveals that Claude can detect and report concepts injected by humans, achieving a 20% success rate in introspection for the strongest models [8] - The research team found that models could defend and fabricate reasons for their "errors" based on falsified internal states through retrospective concept injection [8] - Experiments demonstrate that AI possesses deliberate control over internal representations, marking the emergence of "reachable consciousness," though it remains distant from having subjective experiences or "phenomenal consciousness" [8] Group 9: Grokking Research Insights - Former Meta FAIR head Tian Yuandong published research on Grokking, proving mathematically that models require only O(M log M) samples for generalization, significantly lower than the traditional M² requirement [9] - He revealed that the essence of "insight" is a multi-peak non-convex optimization process, where increased data raises the "generalization peak" above the "memory peak," leading to a transition from memory to generalization [9] - Tian emphasized that representation learning is foundational to all intelligent capabilities, with the loss function serving merely as a proxy signal for optimization, and true breakthroughs stemming from changes in representation methods [9]

人工智能的资本旋风，比以往来得更加猛烈。10月30日，英伟达市值突破5万亿美元，OpenAI也传出 2027年上市的计划。 而在国内市场，宇树科技、群核科技、摩尔线程、智谱等AI产业"小龙小虎"或独角兽企业，均明确地走 在了上市之路的不同节点。 热门赛道从来不缺资本盛宴，但未上市的企业的真实水平，始终与神秘隐晦和不确定性粘连。 投资者往往对新技术、新模式的商业落地拥有容忍度，但技术成色、盈利模式、竞争壁垒，是上市公司 报表和公告里的必答题，必须接受公众的严格审视。 淘金潮上难免有歧路，泡沫是繁荣的夸张意象，势必走向去泡沫化。二十年余前".com"公司大抵都能获 得资本追捧，但潮水退去后屹立不倒的，并不是最初那一批。 历史不会简单重复，却押着相似的韵脚，AI领域的狂热与审慎并存，监管层、供应商、投资者、消费 者……每一双眼睛都盯着AI产业（企业）的风吹草动：技术是否自主可控、数据是否合法合规、商业 模式是否可持续、短期和中长期业绩如何实现。 成熟和理性将逐步为AI资本腾挪戴上帽子，市场不再只为概念买单，报表里的算术题可能要了管理团 队的"命"。 大浪淘沙的结局是优胜劣汰，从技术主导，向技术和商业双轮驱动，第一、 ...