今天，a16z 合伙人 Martin Casado 发了一个推文，我觉得代表了一些 AI 时代的明显特征，他说： 这些天，当我想做某事（笔记、日历、简单的记录保存）时，我首先想到的是使用 Vibe Coding，而不 是使用别人的软件。也许定制软件的时代已经到来.... 另一位 Untapped Capital 的投资人 Yohei 说的这个同样类似： 我大致将 Vibe 程序员视为新时代的博主，而 Vibe cdoing 应用则像是博客文章——任何人都能做，但 大多数人不会去做。大多数尝试的人不会有什么影响力，多数项目也会迅速失去意义，但有些人会产生 影响，有些项目会持续存在。无论如何，这个过程会带来成长。 我觉得这一波 AI Coding 类产品的快速增长和渗透，已经开始影响到很多人的工作和生活习惯，这反过来 应该会继续刺激这类产品的增长。 我自己现在也像上面所说的那样，有什么想法马上让 Vibe Coding 给我做一个，虽然我不懂编程技术，但 是现在做一个简单的产品真的和我写文章没啥区别，甚至效率还更高。 在这一波 AI 编程类产品里，基本上每个产品的增长都是很好的案例，比方说 Cursor、Repl ...

Core Insights - The current era is characterized by rapid advancements in AI technology, allowing a few individuals to create significant value for many [2][22] - The concept of "AI Native" products emphasizes building new relationships between AI capabilities and users, rather than merely creating new tools [7][11] - The AGI Playground serves as a platform for collaboration among innovators in the AI space, fostering connections and future possibilities [3][4] Group 1: New Goals of AI Native Products - The core focus of AI Native products is to establish new relationships between AI capabilities and users, rather than just creating new tools [7][11] - System prompts play a crucial role in defining the relationship between AI and users, indicating a shift towards a more interactive and relational approach [8][10] - Successful AI products define their identity and relationship with users at the outset, moving beyond traditional tool-user dynamics [12][13] Group 2: New Challenges in AI Native Products - Emotional intelligence has become a critical aspect of product design, as AI products now need to manage user relationships effectively [17][19] - Creating a sense of "life" in AI products enhances their relational capabilities, allowing for deeper user engagement [20][21] - The shift towards relationship-focused products introduces new challenges in understanding and managing user interactions [16][18] Group 3: New Opportunities from Relationships - New relationships between AI and users create opportunities for mixed-value delivery, combining functional and emotional benefits [24][25] - The blending of digital and physical experiences is essential for delivering higher value, as seen in products that integrate hardware and software [30][32] - The evolving nature of user relationships may lead to new distribution channels for services, moving away from traditional platform-based models [38][39] Group 4: New Pipeline for AI Native Products - The new pipeline for AI Native products involves broad input and liquid output, focusing on proactive data sensing and flexible delivery [52][63] - Broad input emphasizes the need for diverse data sources to enhance understanding and value delivery [53][55] - Liquid output encourages a collaborative journey with users, allowing for iterative feedback and engagement throughout the process [64][67] Group 5: New Value Models in AI Native Era - The value model for AI Native companies has shifted from a flat, two-dimensional approach to a three-dimensional model that incorporates AI capabilities [77][79] - Successful companies must consider both user needs and AI requirements in their product engineering to maximize value [75][76] - Traditional metrics for measuring value, such as user count and revenue, may no longer suffice in the AI Native landscape [78][80] Group 6: Future Considerations - The evolution of product economics and management practices is necessary to adapt to the changing landscape driven by AI [83][88] - New business models and growth strategies must be explored, including innovative payment structures and value exchange mechanisms [85][86] - The relationship between productivity and organizational structure will continue to evolve, necessitating a rethinking of traditional management principles [88][89]

Core Viewpoint - The era of AI allows a few individuals to create significant value for a vast audience, emphasizing the importance of community and collaboration among innovators [4][6]. Group 1: AI Native New Goals - The core of AI Native products is not merely creating new tools but establishing a new relationship between AI capabilities and humans [12][13]. - The emergence of system prompts signifies a shift in how products define their relationship with users, moving from traditional branding to embedding this relationship in the product's core [15][20]. - Emotional intelligence becomes a critical aspect of product design, as AI products must now manage user interactions with a higher degree of empathy [21][23]. Group 2: New Challenges and Opportunities - AI Native products face new challenges, such as enhancing emotional intelligence and creating a sense of life in products to foster deeper user relationships [24][26]. - The establishment of new relationships presents opportunities for mixed-value delivery, combining digital and physical interactions to enhance user engagement [30][32]. - New relationships can lead to innovative service distribution channels, allowing for continuous value delivery and higher user lifetime value (LTV) [42][46]. Group 3: AI Native New Pipeline - The new pipeline for AI Native products emphasizes broad input and liquid output, focusing on proactive sensing and flexible delivery of user needs [60][72]. - Broad input involves actively gathering diverse data to enhance understanding and value delivery, while liquid output encourages a collaborative journey with users rather than a one-time interaction [62][73]. Group 4: New Value Models - The value model in the AI Native era shifts from a flat, two-dimensional approach to a three-dimensional model that incorporates AI capabilities and user relationships [85][87]. - Successful entrepreneurs in this era recognize the dual responsibility of serving both users and AI, ensuring that product engineering aligns with AI's needs [82][84]. - Traditional product economics and management principles are becoming obsolete, necessitating new frameworks for understanding growth, value creation, and organizational structure [92][99].

2025 年，是 Agent 按下加速键的一年。 Manus、Devin 等产品的爆火，都在重申一个共识： 大模型将不再只是工具，而是要成为可以自 我调度的智能体 。 Agent 由此成为继大模型之后，全球科技圈最快形成共识的第二个风口。 从巨头的战略重构到创业赛道的快速跟进，Agent 正成为下一个全民下注的方向。但在 C 端产品 密集涌现、开发者为其狂热的同时，真正跑通用户价值闭环的项目却凤毛麟角，越来越多的产品 陷入了「用老需求套新技术」的焦虑。 热浪过后，市场也回归冷静：Agent 究竟是一场范式的重构，还是一次新的包装？所谓「通用」 与「垂直」的路径分野，是否真的带来可持续的市场空间？而「新入口」背后，是交互方式的进 化，还是旧世界的投影？ 顺着这些疑问继续下探，我们会发现，Agent 的真正门槛，或许并不在模型能力，而在其赖以生 存的底层设施。从可控运行环境，到记忆系统、上下文感知、工具调用，每一个基础模块的缺 位，都是 Agent 从演示走向实用的最大阻力。 这些底层工程问题，构成了 Agent 从「潮流玩具」走向「生产力工具」的最大阻碍，也恰恰是当 下最确定、最高价值的创业蓝海。 在这样一个供 ...

Sprinklr (CXM) Q1 2026 Earnings Call June 04, 2025 08:30 AM ET Speaker0 Greetings. Welcome to Sprinklr First Quarter Fiscal Year twenty twenty six Earnings Call. At this time, participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this call is being recorded. It is now my pleasure to introduce Eric Skrow, Vice President, Finance. Thank you. You may begin. Speaker1 Thank you, operator, and welcome, everyone, to Sprinklr's first quarter fiscal ...

[Music] Hello everyone wherever you are in the world today. Welcome to this DDN technical webinar. I'm Joel Kaufman, senior technical product specialist for DDN. And today I'm talking with Kevin Cochran, chief marketing officer of Vulture. And as the topic says on screen, we are going to be discussing how to build scalable foundations for large language models and frankly for most any type of AI. Kevin, welcome to the webinar. Great. So great to be here Joel. Looking forward to today's webinar and discussio ...

We're using old software development techniques to build these features and we're not actually taking full advantage of what AI can do. I think the promise of AI for many of us is that it allows us to build software that the user can program to do whatever they want using only natural language. Steve Jobs describes software as a sort of as a bicycle for the mind. This feels like I don't know like a rocket ship for the mind. [Music] Welcome to another episode of The Breakdown. Today we're lucky to have Pete ...

Youdao (DAO) Q1 2025 Earnings Call May 15, 2025 06:00 AM ET Company Participants Jeffrey Wang - Investor Relations DirectorFeng Zhou - Founder, CEO & DirectorPeng Su - Vice President of Strategies & Capital MarketsBrian Gong - Internet & Media ResearchLiping Zhao - Vice PresidentThomas Chong - Managing DirectorLei Jin - PresidentYongwei Li - VP of Finance & Senior Financial Controller Conference Call Participants None - Analyst Operator Good day, and welcome to Yodao's First Quarter twenty twenty five Earni ...

Youdao (DAO) Q1 2025 Earnings Call May 15, 2025 06:00 AM ET Speaker0 Good day, and welcome to Yodao's First Quarter twenty twenty five Earnings Conference Call. All participants are in listen only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Jeffrey Wang, Investor Relations Director. Please go ahead. Speaker1 Thank you, operator. Please note the discussion today will contain forward ...

Financial Data and Key Metrics Changes - In Q1 2025, the company generated revenue of $1.3 billion, reflecting an 11.7% year-over-year increase on a reported basis [27] - Organic constant currency revenue grew by 1.4% compared to Q1 2024, exceeding initial expectations of flat organic growth [27] - GAAP gross margin for the quarter was 26.9%, down from 28.4% in Q1 2024, while non-GAAP gross margin was 28.7%, compared to 30.4% in the same period last year [32][33] - GAAP income from operations was $99 million (7.6% of revenue), down from $111 million (9.5% of revenue) in Q1 2024 [34] - Non-GAAP diluted EPS was $2.41, a decrease from $2.46 in Q1 2024 [34] Business Line Data and Key Metrics Changes - Financial services delivered strong growth of 29.3% year-over-year, with 4.5% organic growth in constant currency, driven by strength in insurance, banking, and payments [28] - Software and high-tech grew by 9.6% year-over-year, while life sciences and healthcare increased by 10.5% [28] - Consumer goods, retail, and travel decreased by 1.4% year-over-year, largely due to declines in consumer products and retail [29] - Emerging verticals delivered very strong growth of 22.8%, positively impacted by Neoris Industrial Materials customers [29] Market Data and Key Metrics Changes - The Americas, representing 60% of Q1 revenues, grew by 12.6% year-over-year, while EMEA, representing 38% of revenues, increased by 10.7% [30] - APAC, representing 2% of revenues, saw a growth of 4.3% year-over-year [30] - Revenues from the top 20 clients grew by 6.1% year-over-year, while revenues from clients outside the top 20 increased by 14.6% [31] Company Strategy and Development Direction - The company is focused on driving organic growth and maintaining momentum in AI-related capabilities, which are expected to continue throughout the year [10][19] - A planned leadership transition is underway, with Balas Feyros set to become the new CEO on September 1, 2025, indicating a strategic shift towards AI-native transformation [7][8] - The company aims to improve gross margins and utilization rates while navigating macroeconomic uncertainties [33][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of 2025, despite macroeconomic uncertainties, citing strong client demand and engagement [12][15] - The company has not seen a material slowdown in client spending, with ongoing improvements in demand for services [39] - Management highlighted a trend of clients returning to EPAM for quality execution after experiencing underperformance with other partners [15] Other Important Information - The company reported cash flow from operations of $24 million in Q1, down from $130 million in the same quarter of 2024, attributed to higher bonus payments and increased days sales outstanding (DSO) [35] - Free cash flow was $15 million, compared to $123 million in Q1 2024 [35] - The company ended Q1 with over 61,700 employees, reflecting total growth of 18.2% and organic growth of 6.4% compared to Q1 2024 [36] Q&A Session Summary Question: Can you provide more color on the second half confidence and underlying macro? - Management indicated that the outlook for the second half remains consistent with previous projections, with no significant changes observed in client purchasing behavior [51][53] Question: How should we expect free cash flow to trend as we move through the year? - Management expects free cash flow conversion to remain around 80% to 90%, with elevated DSO likely to persist due to fixed fee revenues [58][59] Question: Are you sensing any pricing power as organic demand picks up? - Management stated it is too early to call for pricing increases, noting that improvements in demand are still relatively small [60] Question: Can you discuss plans to improve gross margin over the remainder of the year? - Management highlighted seasonal factors that typically benefit the second half and emphasized a renewed focus on improving utilization [65] Question: What are the growth dynamics within customer cohorts? - Management noted a visible trend of clients returning, contributing to improvements in revenue growth outside the top 20 clients [71][72]