行业观察 - 音乐行业面临着创作灵感来源极大丰富的局面，艺术家可以从海量的歌曲、剧集、电子书和艺术作品中汲取灵感 [3][5] - 音乐制作的各个阶段都受到了极大影响，从灵感汲取到最终作品的呈现 [2][8] - 互联网的出现改变了音乐家获取资源的模式，使得他们可以接触到各种音乐流派和资源 [6][7] - 音乐制作变得更加快速和廉价，歌曲产量也随之增加 [13] - 艺术家可以通过多种渠道进行自我推广，包括 TikTok、YouTube、Instagram 和 Facebook 等社交媒体平台，以及传统的电视、广播和营销公司 [14][15] 行业挑战 - 信息过载导致艺术家难以与灵感建立联系，并发展自己的创作风格 [16][17] - 艺术家需要花费大量时间学习新的应用程序和技术，这占用了他们的创作时间 [19] - 艺术家面临着被淘汰的风险，并且需要不断适应新的工具和技术 [19] - 在众多艺术家中脱颖而出变得更加困难，因为存在大量有才华的竞争者 [20] - 听众的注意力持续时间缩短，导致歌曲的 skip 率增加 [21] 行业建议 - 行业需要抵制短暂性，鼓励专注和投入 [23] - 行业应该重视人际关系，并花时间与他人建立联系 [24][25] - 行业应该花时间欣赏艺术和音乐，而不是匆忙地浏览它们 [26] - 行业应该花时间处理信息，做出明智的决定，并坚持自己的选择 [27]

[μουσική] Καλησπέρα σε όλους. Δεν θα πω πολλά. Θα τραγουδίσω αν και τα λέω καλύτερα.Ευχαριστούμε πάρα πολύ για την πρόσκληση. Είμαι πολύ χαρούμενη που είμαι εδώ. Ελπίζω να περάσουμε ωραία.[μουσική] Εννοείται. Μπορείτε να χειροκροτήσετε, μπορείτε να κάνετε παλαμάκια, να χορέψετε. Αυτό το τραγούδι είναι ένα από τα πρώτα single που έκανα και λέγεται αυτό το τραγούδι.[μουσική] [χειροκρότημα] Απ όλα τα τραγούδια φως μου έχουν αφήσει μια πληγή. Εκείνα που μιλούν για αγάπη και σίγουρα για παντότινή. Απ όλα τα τραγ ...

[Music] All right, I would like to have a bit of fun before we begin. I'm going to make a song, or at least try to make a song. I need your help, though.Can you all be my band for me. All right, great. Now, before we get to that, here's a poem bent down by a very dear friend of mine, Alvin.The words really are beautiful of its own. But let's try converting it into music lyrics, shall we. Now, what I need you to do is very simple.Just stick to the beat and clap along. Something like 2 3 4 1 2 3 4 Perfect. 2 ...

Core Insights - Warner Music Group (WMG) and Bain Capital are launching a joint venture to acquire up to $1.2 billion in music catalogs, encompassing both recorded music and music publishing [1][2] - The partnership aims to provide artists and songwriters with opportunities to preserve and expand their catalogs, ensuring their legacies are well managed [2][4] - The deal is timely for the music industry, as changing fan behavior driven by streaming and technology is introducing classic music to new audiences [3] Company Overview - Warner Music Group operates in over 70 countries and includes renowned labels and a music publishing arm with over one million copyrights across various genres [6] - Bain Capital, founded in 1984, is a leading private investment firm with approximately $185 billion in assets under management and a commitment to creating lasting impact [7] Strategic Implications - The joint venture combines WMG's global infrastructure and relationships with Bain Capital's financial resources, positioning it as a preferred partner for iconic musical talent [2][4] - The collaboration emphasizes the importance of catalog stewardship, aiming to enhance the value of artists' work while delivering new collaborations to fans [4] Financial Arrangements - Goldman Sachs and Fifth Third Bank will serve as joint lead arrangers for the joint venture [4]

Physics sees through all lies perfectly ...

Company Overview - TME boasts a large user base and innovative technology, holding 4 out of the top 5 music mobile apps in China[15] - The platform has an extensive content library with over 260 million music and audio tracks[15] - TME's online music subscribers reached 121 million in 4Q24, demonstrating a year-over-year growth of 134%[12] - The company reported total cash, cash equivalents, term deposits, and short-term investments of RMB 3758 billion as of December 31, 2024[14] - TME's last twelve months (LTM) total revenues as of December 31, 2024, were RMB 284 billion, with an adjusted net margin of 286%[14] Business Overview - TME has partnerships with hundreds of domestic and international music labels, offering a diversified music library[17] - The platform cultivates and empowers indie musicians through the Tencent Musician Platform[19] Financial Highlights - In 4Q24, revenue from music subscriptions reached RMB 403 billion, an increase of 180% year-over-year[37] - 4Q24 revenue from other online music services was RMB 180 billion, up 121% year-over-year[37] - The online music monthly ARPPU for 4Q24 was RMB 111, a 37% year-over-year increase[38] - Non-IFRS net profit for 4Q24 was RMB 240 billion, showing a significant increase of 430% year-over-year[38] - The company's gross margin for 4Q24 was 436%, a 53 percentage point increase year-over-year[37]

OpenAI转向谷歌TPU芯片，AI基础设施格局的重要转折点。 据追风交易台的消息，摩根士丹利在6月30日的报告中表示，对谷歌而言，这是OpenAI对其AI基础设施能力的重要背书，将推动谷歌云业务增长并巩固其在 ASIC生态系统中的领先地位。 摩根士丹利认为，OpenAI是迄今为止最重要的TPU客户（其他客户包括苹果、Safe Superintelligence和Cohere），这一协议是对谷歌AI基础设施能力的重要 认可。谷歌的TPU技术已经发展了十年，最初的TPU于2015年发布。 分析师认为，这一合作为谷歌带来两大积极影响： 首先，它可能成为谷歌云收入加速增长的驱动因素，而这一点尚未反映在GOOGL股价中；其次，这反映了 谷歌对其在搜索领域地位的信心。 摩根士丹利的芯片模型显示，预计2027年和2028年将分别有2430亿美元和2580亿美元花费在英伟达GPU上，而TPU的支出仅为约210亿美元和240亿美元 （其中大部分由谷歌内部使用）。 这表明谷歌在市场份额转移或TAM扩张方面存在巨大机会，若OpenAI带动更多客户迁移，GoogleCloud的ComputeTAM有望被快速上修。 值得注意的是，尽 ...

Core Insights - Lingchuan Technology, an AI chip company, has completed a multi-hundred million yuan Series A financing round led by Beijing AI Industry Investment Fund and Kuaishou Group, with plans to use the funds for next-generation chip development, mass production of existing products, and overseas market expansion [1] Company Overview - Lingchuan Technology was established in March 2024, originating from Kuaishou Group's heterogeneous computing and chip division, and became independent after successfully deploying thousands of SL200 chips, which significantly reduced costs [1][4] - The CEO, Liu Lingzhi, emphasized that the company's internet background allows it to reverse-engineer chip design based on application needs, a competitive advantage over traditional chip companies [1] Product Details - The SL200 chip is the first domestic ASIC chip to integrate video encoding, AI inference, and multi-core CPU functionalities, achieving a fault rate of 0.0001 and nearly 100% coverage among top clients [2] - The chip's video compression performance surpassed Intel and NVIDIA in competitions, with a 40% reduction in single-stream processing costs [2] - The next-generation chip is designed for large model training and inference scenarios, supporting high computational demands for applications like LLM and generative video models [2] Technology and Architecture - The Transtreams Advanced Compute Unified Architecture combines CPU and NPU for efficient task collaboration and performance optimization, allowing seamless code switching between CPU and NPU [3] - The TC programming language simplifies complex data layouts and parallel computing, enhancing programming efficiency and reducing errors [3] Market Applications and Expansion - The SL200 chip is deployed in various sectors, including internet data centers for Kuaishou, Alibaba, and Baidu, and has over 20 collaborative cases in broadcasting, smart cities, and intelligent inspection [4] - The company is expanding into Southeast Asian markets like Singapore and Brazil through Kuaishou's overseas business [4] - Future plans include adapting the next-generation chip for autonomous driving robots and edge computing scenarios [4] Team Composition - The team has tripled in size since the company's split, with over 80% of staff in R&D, and more than 70% holding master's degrees, while over 20% have PhDs [4] - The team has filed over 100 patents in key technologies and has participated in international competitions, contributing to significant technology projects in Beijing and Shanghai [4]

[Music] What if the music you love becomes the life you live. As music for some people is just sound with no true meaning. It is for some others and me a crucial part of the process of growing up.In fact, for some people, it's the very reason why we walk this earth, the blood that flows through our veins, our energy source. And believe me, I am not exaggerating. What you might not know about music's impact in our daily lives is that it goes way beyond the emotional level.I'm sure we can all agree that music ...

Core Insights - Invictus Origin is a high-alpha investment management firm founded by Oliver Rodzianko in May 2025, aiming to become a globally recognized actively managed fund [1] - The firm's flagship product, the Nasdaq High-Alpha Black Swan Portfolio, is designed to sustainably outperform the Nasdaq-100 while maintaining approximately 20% in strategic cash reserves for downside protection [1] - Oliver Rodzianko has extensive experience as a macro-focused investment analyst, emphasizing fundamental valuation and sector expertise in technology, semiconductors, artificial intelligence, and energy [1] - The investment process of Invictus Origin integrates U.S. market specialization with international market awareness, aiming for durable outperformance by navigating market dislocations [1] - The firm is characterized by resilience, performance, and disciplined capital stewardship, supported by a complementary family office structure for lower-volatility capital preservation [1]