Core Insights - JELD-WEN UK has achieved its second Cradle to Cradle Certified® product certification in 2025, enhancing its portfolio of sustainable doors and reinforcing its commitment to responsible innovation across Europe [1][3][5] Sustainability Commitment - Cradle to Cradle Certified® is recognized as one of the most advanced product sustainability standards, assessing products based on material health, circularity, climate protection, water stewardship, and social fairness [2] - The newly certified Bronze-level products include various door types from Latvia, Estonia, Denmark, Sweden, and the United Kingdom, showcasing the company's alignment of sustainability with manufacturing excellence [3] Strategic Positioning - The certification highlights how sustainability is integral to JELD-WEN's innovation and operational performance, positioning the company favorably ahead of regulatory changes like the EU Deforestation Regulation (EUDR) [4] - By adhering to Cradle to Cradle Certified® standards, JELD-WEN ensures responsible sourcing and sustainability throughout the product lifecycle, enhancing transparency and long-term value for stakeholders [4] Global ESG Goals - The expansion of Cradle to Cradle certification marks a significant milestone in JELD-WEN's sustainability journey, reflecting the company's commitment to designing safe, circular, and responsibly made products [5] - JELD-WEN aims to provide sustainable solutions that benefit customers, communities, and the planet, aligning with its global ESG objectives [5] Company Overview - JELD-WEN Holding, Inc. is a leading global designer, manufacturer, and distributor of high-performance building products, operating in 14 countries and employing approximately 16,000 associates [6]

Group 1 - BP plc is planning to sell its Castrol lubricants business, valued at approximately $8 billion, attracting interest from several high-profile bidders including Clayton Dubilier & Rice (CD&R) [1][3][8] - The sale of Castrol is part of BP's strategy to address pressures from activist investors like Elliott Management, who are advocating for cost reductions and improved returns [4][8] - Other bidders for the Castrol unit include Apollo Global Management, Lone Star Funds, and India's Reliance Industries, indicating a competitive auction process [3][4] Group 2 - Helge Lund, BP's current chairman, is an operating advisor to CD&R, which adds a unique dimension to the bidding process, although he is reportedly not involved in CD&R's interest in Castrol [2][6] - The auction for Castrol began earlier this year as BP faces scrutiny regarding its strategic direction and leadership succession, with potential successors having withdrawn from consideration [2][4] - CD&R's interest in Castrol aligns with its expansion strategy in the UK, where it already owns the Morrisons supermarket chain and Motor Fuel Group [6]

Core Insights - Chewy (CHWY) reported a 6.2% adjusted EBITDA margin in Q1 of fiscal 2025, an increase of 50 basis points year over year, with adjusted EBITDA rising 18.3% to $192.7 million from $162.9 million a year ago, indicating disciplined execution and progress toward long-term profitability targets [1][9] Financial Performance - The improvement in margins was driven by a focus on high-margin, recurring revenue streams, particularly the Autoship program, and the expansion of the sponsored ads business, which is the largest contributor to margin gains [2] - Operational discipline was evident as SG&A was maintained at 18.5% of net sales, reflecting tight cost control, while adjusted earnings per share increased 12.9% year over year to 35 cents, highlighting consistent bottom-line growth alongside margin expansion [3] Future Outlook - Management reaffirmed its 2025 adjusted EBITDA margin outlook of 5.4-5.7%, with the mid-point implying a 75-basis-point improvement from 2024, expecting approximately 60% of this expansion to come from gross margin gains [4] - Chewy aims to convert about 80% of adjusted EBITDA into free cash flow for 2025, with confidence in achieving a long-term adjusted EBITDA margin goal of 10% [5] Industry Comparison - Central Garden & Pet (CENT) reported a resilient margin performance in Q2 of fiscal 2025 despite a 7% revenue drop, with gross margin expanding by 180 basis points to 32.8% and adjusted earnings per share rising to $1.04 [6] - Petco Health and Wellness Company, Inc. (WOOF) focused on restoring profitability in Q1 of fiscal 2025, achieving a gross margin expansion of 30 basis points to 38.2% and an adjusted EBITDA margin improvement of 105 basis points to 6% [7] Stock Performance and Valuation - Chewy's shares have gained 23.3% year to date, outperforming the industry's growth of 7.4% [8] - The Zacks Consensus Estimate for Chewy's fiscal 2025 earnings implies year-over-year growth of 23.1%, with upward revisions in estimates for fiscal 2025 and 2026 [10] - Chewy trades at a forward price-to-sales ratio of 1.33X, below the industry's average of 2.02X, with a Value Score of B [13]

A new proposal, by @VitalikButerin and @nero_eth, aims to impose a hard cap on the maximum gas fees on a transaction, in a bid to strengthen network stability and make @ethereum more viable for certain applications. By @shauryamalwa.https://t.co/5Kshqw2gw4 ...

Core Insights - True value in investments is derived from growth rather than short-term gains, emphasizing a long-term perspective on evaluation [1] - Great businesses provide significant societal value and exhibit durability, deserving of substantial growth [1] - Key characteristics sought in businesses include selection, convenience, value, and durability, with a preference for non-cyclical businesses [1] Business Characteristics - Businesses that consistently outperform competitors through superior products and services are favored [1] - The ability to create multiple revenue streams and maintain complex operations is seen as advantageous [1] - A business's resilience in the face of adversity is a critical test of its durability [1] Value Drivers - Uniqueness is identified as the primary driver of value [1] - Low costs associated with maintaining existing operations allow for high leverage in reinvestment and growth [1] - Trust and network effects are important indicators of a business's durability [1] Management Importance - Effective management is crucial, with a preference for executives who have aligned interests and a strong focus on the business [1] - Companies led by seasoned CEOs, founders, or family businesses are viewed favorably [1] - Good management fosters a culture that empowers employees and attracts talent [1] Investment Strategy - The success of companies like Amazon illustrates the benefits of a customer-centric approach [1] - Buyback strategies are recommended for businesses that demonstrate durability [1] - The optimal time for investment is when negative news is already priced in, revealing true value [1] Market Dynamics - Price movements are influenced by expectations and surprises, with a focus on companies that have negative factors priced in but positive aspects underestimated [1]

henry 发自 凹非寺 量子位 | 公众号 QbitAI 学好数理化，走遍天下都不怕！ 这一点这在大语言模型身上也不例外。 大家普遍认同：具备更强数学能力的模型往往也更智能。 但，常识就是用来打破的。 最近，来自CMU的团队发现，一些数学好的模型并没有将它们的"天赋"带到其他更加通用的领域。 研究发现， 只有用强化学习（RL）训练的模型才能将数学推理技能广泛迁移到其他任务上。而用监督微调（SFT）训练的模型则表现出有限 的迁移甚至没有迁移。 网友直呼：又一个 苦涩的教训（bitter lesson） 。 这数学题，不做也罢？ 很明显，人们训练大模型并不只是让它来做数学题的。 研究者之所以热衷于提高模型的数学表现，是因为希望它能够把数学那里学到的严密逻辑应用到其他更广泛的领域。 但在此之前，我们有必要知道，对于一个大模型，专门优化数学推理（math reasoning），它在其他任务（推理任务、非推理任务）上会变 得更好，还是更差？ 换句话说： 做数学推理训练，会不会帮助或者损害模型在其他领域的能力？ 为了解决这一疑问，研究评估了20多个模型在数学推理、其他推理任务（包含医学推理、医学推理、智能体规划）和非推 ...

Core Insights - Indosat Ooredoo Hutchison partners with Nokia to implement energy-efficient solutions aimed at reducing energy demand and carbon emissions across its radio access network [1][11] - The collaboration utilizes AI and machine learning to optimize network operations, allowing for automatic adjustment of idle equipment during low demand periods [2][11] - This initiative is part of Indosat's transformation into an AI-driven technology company, focusing on sustainability and operational excellence [4][5] Energy Efficiency Solutions - Nokia Energy Efficiency is designed to cut energy costs and carbon footprint without compromising network performance or customer experience [3] - The solution is available in a SaaS model, which minimizes upfront capital expenditure and maintenance needs [2][11] - The deployment of this solution can be completed within weeks, enhancing operational agility [3] Sustainability Commitment - Indosat has received regional recognition for its sustainability efforts, being the first operator in Southeast Asia to achieve ISO 50001 certification for energy management [6] - The partnership builds on a successful pilot project that demonstrated significant energy consumption reductions in live network conditions [6][7] - Indosat's commitment to environmental stewardship is emphasized by its use of AI to optimize performance while reducing emissions [5][8] Technological Advancements - Nokia's Autonomous Networks portfolio, which includes the Energy Efficiency solution, leverages advanced AI for enhanced security, analytics, and operational capabilities [9][10] - The Autonomous Networks Fabric integrates observability, analytics, security, and automation across network domains, allowing for a unified adaptive system [10] - This collaboration positions Indosat as a leader in sustainable digital innovation, contributing to a smarter and greener Indonesia [11]

Core Insights - Indosat Ooredoo Hutchison partners with Nokia to enhance energy efficiency and reduce carbon emissions in its radio access network [1][11] - The collaboration utilizes AI and machine learning to optimize network operations and minimize energy consumption during low demand periods [2][4] - Indosat aims to transform from a traditional telecom operator to an AI-driven technology company, emphasizing sustainability and operational excellence [4][5] Energy Efficiency Solution - Nokia Energy Efficiency allows automatic adjustment or shutdown of idle radio equipment, significantly lowering energy costs without compromising network performance [2][3] - The solution is offered as a SaaS model, reducing upfront capital expenditure and maintenance needs [2][3] - The implementation of this solution can be completed within weeks, showcasing its rapid deployment capabilities [3] Sustainability Commitment - Indosat has received regional recognition for its sustainability efforts, being the first Southeast Asian operator to achieve ISO 50001 certification for energy management [6] - The partnership builds on a successful pilot project that demonstrated the effectiveness of the AI-powered solution in real network conditions [6][7] - The initiative aligns with Indosat's commitment to environmental stewardship and sustainable innovation [5][8] Technological Advancements - Nokia's Autonomous Networks portfolio, which includes the Energy Efficiency solution, aims to provide operators with a comprehensive view of their networks, enhancing both energy savings and performance [9][10] - The Autonomous Networks Fabric integrates various network functions, allowing for a unified and adaptive system across different vendors and architectures [10]

Economy Overview - The headline numbers of the economy look pretty good, with the stock market at record highs and more 401k millionaires than ever before [3] - The labor market shows 147,000 jobs added, which is right on average, and the unemployment rate is at 41% [4] - Inflation has been tamer than expected, with egg and gas prices decreasing, putting more money in people's pockets [5] Economic Slowdown - The economy is slowing down, with first quarter GDP growing only 05%, a significant decrease from the previous quarter's 24% [6] - This slowdown is attributed to less manufacturing, construction, and industrial production, with companies and small businesses pulling back due to tariff concerns [6] - Home affordability is a concern, with home prices at all-time highs and rising costs for buying or renting, leading to increased consumer debt and credit card APRs around 24% [7] Economic Challenges - The resumption of student loan payments is putting pressure on people's finances, leading to rising delinquencies [8] - The potential expiration of tariff freezes introduces uncertainty, with possible dramatic effects or more smoke than fire [9][10] - Cuts to subsidies, especially for lower-income individuals, Medicare, and SNAP programs, along with potential loss of healthcare, create uncertainty [11] Wealth Disparity - The widening wealth gap is a concern, as those who don't own stocks or assets like homes are being left out of the prosperity [12][13] - While half of Americans who own stocks or property are doing well, those trying to get a mortgage face rates of 66% and average home prices around $400,000 [14] - Tax cuts may have an opposite wealth effect, as those on Medicaid or SNAP may contribute less to the economy due to a lack of surplus [15][16]

Appchain Thesis - Appchain 理论正在全面展开 [1] - 所有 L2 需要的可组合性和应用抽象将增长 10 倍 [1]