According to the Bank of America Global Fund Manager Survey, Long Mag 7 is one of the most crowded trades on Wall Street. But my next guest has some alternative ways to play artificial intelligence. I want to bring in Dan Newman who is the Futurum CEO.Great to have you here back in studio with us. Hey Brad, good to see you. So let's talk about this because a lot of people have already piled into Mag 7, but you believe that there are other places that are non-Mag 7 that they could find some exposure to gener ...

Core Insights - The rise of AI is prompting significant changes in data center operations, with organizations focusing on how to adopt AI quickly while maintaining security and performance standards [2] Group 1: Key Themes from Cisco Live 2025 - "Agentic AI" is emerging as a new industry buzzword, indicating a shift towards autonomous AI agents capable of completing workflows without human intervention [2][3] - Security-first architecture is becoming essential, with embedded security features like Hybrid Mesh Firewall and Universal Zero Trust Network Access (ZTNA) being prioritized from the outset [4][5] - The performance demands of AI workloads are challenging existing network designs, necessitating new hardware solutions like the 8000-series routers to ensure low-latency connectivity [6][8] Group 2: Management and Skills Development - There is a growing frustration among IT professionals regarding the complexity of managing multiple dashboards, leading to a demand for unified platforms like Cisco Cloud Control [9][10] - A significant skills gap is evident, with organizations struggling to find talent proficient in AI infrastructure, driving interest in comprehensive certification programs [11][12]

Core Insights - IBM has announced new software integrations aimed at enhancing AI security and governance for enterprises, marking a significant step in managing risks associated with AI systems [1][2][3] Group 1: AI Security and Governance Integration - The new capabilities integrate IBM's watsonx.governance and Guardium AI Security, providing a unified solution for managing security and governance risks related to AI [2][3] - The integration allows enterprises to validate compliance against 12 different frameworks, including the EU AI Act and ISO 42001 [3] Group 2: Enhanced Detection and Risk Mitigation - IBM has collaborated with AllTrue.ai to enhance Guardium AI Security, enabling detection of new AI use cases in various environments, thus broadening visibility and protection [4] - Recent updates include automated red teaming to identify vulnerabilities and custom security policies to mitigate risks like code injection and data leakage [5] Group 3: Lifecycle Governance and Compliance - IBM watsonx.governance can now monitor AI agents throughout their lifecycle, with features to evaluate metrics such as answer relevance and context relevance [8] - Compliance Accelerators provide pre-loaded regulations and standards, helping users identify obligations relevant to their AI use cases [10] Group 4: Consulting Services for Responsible AI - IBM Consulting Cybersecurity Services is introducing new services to support organizations in scaling AI responsibly, focusing on secure practices and governance guidance [11] Group 5: Availability and Broader Impact - The new capabilities are also available on AWS data centers in India, enhancing model monitoring for clients [12] - These innovations align with IBM's broader suite of watsonx AI solutions, aimed at accelerating the responsible and secure impact of generative AI [12]

Core Insights - The Capgemini Research Institute report indicates that AI is generating positive returns on investment (ROI), averaging nearly 1.7 times return, which sets the stage for widespread agentic AI implementation [1][2] - Among early adopters of generative AI (Gen AI), approximately 30% have integrated AI agents into their operations, with a projected 48% increase in agentic AI projects by the end of 2025 [1][4] Investment Trends - Enterprises are increasingly investing in Gen AI, with 62% of surveyed organizations planning to grow their investments this year compared to last year [2] - The report highlights that initial concerns regarding ROI from large-scale AI rollouts are diminishing as organizations report substantial returns [2] Adoption and Implementation - Gen AI adoption has risen to 36% among organizations, up from 20% the previous year, with 30% of these adopters integrating AI agents into their operations [4] - AI agents are delivering significant benefits, including reduced errors, improved customer satisfaction, and increased operational efficiency across various business functions [5] Leadership and Workforce Transformation - Strong leadership and workforce transformation are essential for achieving faster ROI on Gen AI investments, with organizations that establish a solid foundation achieving ROI 45% faster [6] - The report notes that organizations have automated 30% of operational tasks in the past two years and expect further automation, with nearly two-thirds of employees anticipating changes to their job descriptions by 2028 [7] Future Expectations - Two in five organizations expect to see positive returns on their AI investments within 1-3 years by embedding AI capabilities into core business processes [8] - Interaction with AI agents is projected to increase by 2028, necessitating training and upskilling for effective human-AI collaboration [9]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **U.S. Internet** and **Agentic AI** sectors, highlighting the emergence of agentic AI companies and products, particularly **Cursor** and **Windsurf** [1][3][10]. Core Insights - **Agentic Era Initiation**: The year 2025 marks the beginning of the Agentic Era, with significant productivity gains observed in various industries due to AI integration. For instance, Google's CEO reported a **10% increase in system-wide productivity** [3][10]. - **Market Potential**: The industry is estimated to support over **1.7 billion vertical agents** and potentially upwards of **12 billion consumer agents** by 2026, driven by the installed AI compute base [1][3][11]. - **Cursor's Growth**: Cursor achieved a remarkable **$500 million ARR** in approximately **24 months**, indicating strong market demand for agentic AI solutions [1][10]. - **Compute Capacity**: The industry is projected to have around **44 billion exaFLOPs** of compute capacity for AI agents by 2026, which is a **273% increase** from 2023 [4][9]. Financial Metrics and Projections - **Subscription Economics**: Cursor's pricing model suggests a potential for **1.7 billion agentic subscriptions**, with an annual subscription price of **$240** and an estimated **42 million tokens per subscriber** [11][14]. - **Token Usage**: Cursor generates approximately **7,000 tokens per request**, which is significantly higher than traditional chatbots, indicating a need for more compute resources [4][20]. - **Market Dynamics**: The pricing for AI services is expected to decrease, enhancing the unit economics for agentic AI products. For example, OpenAI's ChatGPT Enterprise service is priced at **$200/month**, which could lead to more vertical-specific applications in the future [18][26]. Technological Developments - **Model Context Protocol (MCP)**: The MCP is a new standard that facilitates the connection of LLMs to data sources and tools, potentially improving the efficiency and adoption of agentic AI services [31][32]. - **Lower Precision Computing**: The shift towards lower precision computing (from 16-bit to 8-bit) is anticipated to alleviate memory bottlenecks, allowing for more efficient processing of agentic tasks [8][20]. Competitive Landscape - **Emerging Startups**: The theme of Y Combinator's Summer 2025 Requests for Startups emphasizes the "year of AI agents," suggesting a surge in new products and companies in the agentic AI space [16]. - **Diverse Applications**: The potential applications for agentic AI extend beyond coding to include personal tutors, researchers, and financial advisors, indicating a broad market opportunity [16][18]. Risks and Considerations - **Market Competition**: Increasing competition and regulatory challenges could impact the growth and valuation of companies in the agentic AI sector [81][89]. - **Investment Caution**: Investors are advised to consider potential conflicts of interest and the evolving nature of the AI market when making investment decisions [4][39]. This summary encapsulates the key insights and projections regarding the U.S. Internet and agentic AI sectors, highlighting the growth potential, technological advancements, and competitive dynamics shaping the industry.

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Investment Rating - The industry investment rating is not explicitly stated in the provided content Core Insights - 2025 is identified as the year of Agent applications in China, with generative AI transitioning to Agentic AI, emphasizing deep thinking, multimodal understanding, and tool invocation as core evolution directions [2][12] - The Doubao model 1.6 series has significantly enhanced capabilities, supporting "thinking while searching" and Deep Research, improving complex reasoning and information retrieval efficiency [2][12] - Seedance 1.0 Pro has achieved global leadership in text-to-video and image-to-video categories, with significant advancements in video generation quality and efficiency [3][16][18] - The Doubao model 1.6 has reduced overall costs by 63%, with a unified pricing model that enhances its competitive edge [11][12] Summary by Sections AI Model Developments - The Doubao model 1.6 series supports multimodal capabilities, 256K long context, and deep thinking abilities, with specific models enhancing various functionalities [11][12] - The Seedance 1.0 Pro model generates high-quality 1080P videos with seamless transitions and industry-leading motion stability, achieving significant breakthroughs in video generation [3][16][18] Market Performance - Doubao model daily token usage reached 16.4 trillion, maintaining a 46.4% market share in China's public cloud sector, with substantial growth in AI tools and interactive entertainment [8] - The model's applications extend into various industries, including e-commerce, automotive, and finance, demonstrating a comprehensive ecosystem from developer engagement to vertical industry solutions [8][12] Technological Innovations - The conference highlighted advancements in AI cloud-native capabilities, including the launch of AICC secure computing and multimodal data lakes, enhancing the AI development toolchain [6][7] - The integration of AI with IoT technologies was showcased, indicating a path for deeper industry collaboration and innovation [6][7]

作者 | 郭炜 白鲸开源 CEO，Apache 基金会成员 从技术架构的角度看，我认为这一次的 AI 浪潮将深刻影响整个软件生态。DSS 系统的设计是以 人作为最终消费者的决策支持逻辑为中心，然而，随着 Agentic AI 时代来临，最终的"消费者"更 可能是 Agent，对数据仓库和复杂 ETL 链路将被重新设计，甚至消失。传统数据仓库偏重结构与 查询模式，会被 Agentic Data Stack 架构强调语义与响应模式取代。本文作者的原标题为《 传统 数据仓库正在被 Agentic AI 吞噬？Agentic Data Stack 初探》。 引言：Snowflake 换 CEO 背后的信号 2024 年春天，云数据仓库的明星公司 Snowflake 宣布换帅，前 Google 广告业务负责人 Sridhar Ramaswamy 接替了曾带领 Snowflake 实现 600 亿美元估值的传奇 CEO Frank Slootman 。 如果你只是把这当成一次高管轮换，理解就不够透彻，因为这背后真正的隐喻是， 数据仓库世界 的范式，正在悄然巨变 。 "技术的演进，从来不是线性推进，而是技术的跃迁，从 OL ...

Core Insights - SoundHound AI's launch of Amelia 7.0 represents a significant advancement in voice AI, transitioning from reactive assistants to fully autonomous AI agents capable of understanding, reasoning, and acting independently [1][10] - The integration of Polaris ASR in Amelia 7.0 enhances performance with low latency and 99% intent recognition accuracy, positioning SoundHound as a leader in the emerging agentic AI category [2] - In Q1 2025, SoundHound's revenue increased by 151% year-over-year to $29.1 million, driven by growth in voice commerce within the restaurant and automotive sectors [3][10] Company Developments - Amelia 7.0 is expected to provide defenses against commoditization in the speech-to-text market and create new revenue opportunities in various sectors such as healthcare and finance [4] - The company has a strong financial position with $246 million in cash and no debt, and it maintains guidance for 2025 revenue between $157 million and $177 million [3][4] - SoundHound's stock has seen a decline of 52.1% year-to-date, underperforming the industry average decline of 6.7% [9][10] Competitive Landscape - SoundHound faces increasing competition from major players like Microsoft and Google, both of which are advancing their own voice AI technologies [6][7][8] - Microsoft leverages its Azure OpenAI and Nuance Communications to target high-value sectors similar to those SoundHound aims to penetrate [7] - Google, with its Assistant and Vertex AI platforms, poses a significant challenge due to its established ecosystem and scalability [8] Financial Metrics - SoundHound's current forward 12-month price-to-sales (P/S) ratio is 20.65, which is higher than the industry average of 19.32 [13] - The consensus estimate for SoundHound's loss per share in 2025 remains at 16 cents, reflecting an improvement from a loss of $1.04 per share in the previous year [14]

Group 1 - Sidetrade has been ranked 141st in Fortune's list of Europe's Most Innovative Companies 2025, recognized for its strong innovation culture [1][2] - The evaluation for the list involved over 108,000 assessments from experts and employees, focusing on product innovation, process innovation, and innovation culture [1] - The company has a continuous innovation trajectory since its founding in 2000, with its technological foundation established in Paris, which ranks fourth globally in technology ecosystems as of 2025 [2] Group 2 - Sidetrade's CEO highlighted the company's technological lead, estimating it to be over three years ahead of the market, particularly in the era of agentic AI [3] - The company is redefining the Order-to-Cash process by equipping finance departments with autonomous agents that can act and adapt in real time, marking a strategic transformation in its business model [3][4] - Analysts view Sidetrade as a strategically undervalued asset, capable of capturing increasing value in a market that is under-equipped for the emergence of agentic AI [4] Group 3 - Sidetrade's AI platform, Aimie, analyzes $7.2 trillion worth of B2B payment transactions daily, predicting customer payment behavior and attrition risk for over 40 million buyers globally [5] - The company operates with a global workforce of over 400 employees, serving clients in more than 85 countries, including notable firms like BMW Financial Services and KPMG [6] - Sidetrade adheres to the principles of the United Nations Global Compact, emphasizing responsible business practices [6]