Summary of Key Points from the Conference Call Industry Overview - The discussion centers around the **AI and Internet industry**, particularly the emergence of **Agentic AI** as a transformative force in how consumers interact with the Internet and digital services [4][6][41]. Core Insights and Arguments 1. **Agentic AI Definition**: Agentic AI is described as a personalized AI assistant capable of performing tasks for users, evolving from basic information gathering to proactive assistance [7][21]. 2. **Search Disruption**: The launch of ChatGPT has significantly disrupted search behavior, with AI's role in personal assistance being a potential "killer use case" that could redefine consumer interactions with the Internet [5][17]. 3. **Phases of AI Development**: The evolution of Agentic AI is categorized into three phases: - Phase 1: Information gathering - Phase 2: Personalized recommendations - Phase 3: Proactive actions based on user habits [21][23]. 4. **Consumer Friction**: Current Internet usage involves significant friction due to overwhelming information and decision fatigue, which Agentic AI aims to alleviate by providing tailored assistance [18][22]. 5. **Potential for a Dark Internet**: If AI agents become widely adopted, the Internet may transition to a "dark" state where users access information through AI rather than directly visiting websites, fundamentally changing the role of traditional aggregators like Google [41][45]. Important but Overlooked Content 1. **AI's Impact on Aggregators**: The rise of AI agents could lead to disintermediation of traditional aggregators, as consumers may prefer AI-driven solutions that streamline their online experiences [72][74]. 2. **Market Dynamics**: The discussion highlights potential first, second, and third-order effects on market dynamics, including increased competition among digital aggregators and the potential for consolidation in the industry [61][62][66]. 3. **Data Ownership and Trust**: The ability of AI agents to access and utilize personal data raises questions about trust and data ownership, which will be critical for user adoption [34][39]. 4. **Consumer Behavior Changes**: The shift to AI-driven interactions may lead to a significant change in consumer behavior, with implications for how businesses engage with customers and structure their offerings [57][58]. Conclusion - The conversation emphasizes the transformative potential of Agentic AI in reshaping the Internet landscape, highlighting both opportunities and challenges for existing players in the market. The future of consumer interactions with digital services is poised for significant change as AI technology continues to evolve and integrate into daily life [41][72].

作者：yongxin 编辑：Siqi Agentic AI 的 3 要素是：tool use，memory 和 context，围绕这三个场景会出现 agent-native Infra 的 机会。 01 . 为什么 Search API 很重要 按照场景和信息需求类型，搜索行为大致可以被分为四类： • 第一类，高频快速查询， 指的是一两步内就能完成的查询。Google 大部分的 query 还是以几个单词为 主，用户得到答案后马上离开，不会进行深入的查询。对于这类查询 Google、Bing 还是最好的应用，新 玩家几乎没有挑战的机会。 • 第二类，研究性质的深入查询， 用户可以和搜索工具反复交流，获取知识。这一类搜索是 LLM 和 LRM 带来的新场景，对应的代表性产品形态分别是 Chatbot 和 Deep research。 Agent 所获取到的信息质量是 agent 推理的起点，虽然 LLM 带来了 perplexity 为代表的 AI answer engine，提供了完全不同于传统搜索引擎的体验，但这些产品仍旧面向的是人类用户，产品逻辑是围 绕人类行为设计的。 在我们 MCP 的研究中发现， ...

Core Viewpoint - The article discusses NVIDIA's advancements in AI technology, emphasizing the importance of tokens in the AI economy and the need for extensive computational resources to support complex AI models [1][2]. Group 1: Chip Developments - NVIDIA has introduced the "Blackwell Super AI Factory" platform GB300 NVL72, which offers 1.5 times the AI performance compared to the previous GB200 NVL72 [6]. - The new "Vera" CPU features 88 custom cores based on Arm architecture, delivering double the performance of the "Grace" CPU while consuming only 50W [6]. - The "Rubin" and "Rubin Ultra" GPUs will achieve performance levels of 50 petaFLOPS and 100 petaFLOPS, respectively, with releases scheduled for the second half of 2026 and 2027 [6]. Group 2: System Innovations - The DGX SuperPOD infrastructure, powered by 36 "Grace" CPUs and 72 "Blackwell" GPUs, boasts AI performance 70 times higher than the "Hopper" system [10]. - The system utilizes the fifth-generation NVLink technology and can scale to thousands of NVIDIA GB super chips, enhancing its computational capabilities [10]. Group 3: Software Solutions - NVIDIA's software stack, including Dynamo, is crucial for managing AI workloads efficiently and enhancing programmability [12][19]. - The Dynamo framework supports multi-GPU scheduling and optimizes inference processes, potentially increasing token generation capabilities by over 30 times for specific models [19]. Group 4: AI Applications and Platforms - NVIDIA's "Halos" platform integrates safety systems for autonomous vehicles, appealing to major automotive manufacturers and suppliers [20]. - The Aerial platform aims to develop a native AI-driven 6G technology stack, collaborating with industry players to enhance wireless access networks [21]. Group 5: Market Position and Future Outlook - NVIDIA's CUDA-X has become the default programming language for AI applications, with over one million developers utilizing it [23]. - The company's advancements in synthetic data generation and customizable humanoid robot models are expected to drive new industry growth and applications [25].

Core Viewpoint - The AI industry is on the brink of significant transformation, with the emergence of Agentic AI and the need for AI applications to penetrate professional scenarios, particularly in the legal sector, where error tolerance is extremely low [1][8][30] Group 1: AI Productization and Application - The challenge lies not in making AI products but in ensuring that AI applications can effectively assist legal professionals in their tasks [2] - Many companies have digitized contract management, but most remain in the early stages of digital collaboration, relying heavily on manual review for non-standard contracts [6][7] - iTerms Pro, developed by 法大大, is designed to perform tasks like intelligent contract review and compliance monitoring, showcasing a collaborative approach between AI and legal professionals [8][17] Group 2: Legal Digitalization and Compliance - Legal digitalization has been established among medium to large enterprises, but the vision of AI-human collaboration to drive business processes still has a long way to go [6][21] - The introduction of new regulations, such as the Data Security Law and Personal Information Protection Law, has prompted legal departments to shift from passive responses to proactive risk management [7][19] Group 3: AI's Role in Enhancing Legal Value - The goal of AI in the legal field is to release productivity by automating time-consuming tasks, such as contract review, which can reduce the average review time by 50% [25][27] - The strategic value of legal departments is becoming more apparent, especially in the context of globalization and compliance with complex international regulations [28][29] Group 4: Future Directions and Challenges - The future of legal AI applications will depend on the accumulation of high-quality proprietary data and the ability to adapt to dynamic compliance requirements across different jurisdictions [18][19] - The focus should be on human-centered approaches that enhance collaboration between AI and legal professionals, ensuring that technology serves to maximize human value [30]

亚马逊云科技 从对话到执行: Agentic 开启新范式 * 2025/03.30 | 北京站 >>>>> 在 AI 的下一个浪潮中,我们不再满足于对话,而是追求行动与执行。这场系 列活动为那些站在 AI 革命前沿的开发者与创业者而生 -- 那些不仅看到 Agentic Al 的技术可能,更能洞察其重塑产业的无限潜能的先行者们。我们 相信,Agent 不仅是技术演进,更是思维与商业模式的全新起点。在这里,你 将获取前沿技术洞察、实战开发经验、商业化路径探索,以及与志同道合者 建立的宝贵连接。我们不仅提供知识和灵感,更通过 Ignite Agent 云创计划 为有远见的创业者提供关键支持 -- 从技术资源、基础设施、专家指导到市 场对接,全方位加速你的 Agent 创新从概念到市场的旅程。现在就行动起 来,未来属于那些不只对话,更敢于执行的创造者。 Multi-Agent框架拆解 借助MCP加速应用开发 © 活动时间:2025年3月30日 0 活动地点:北京市朝阳区颐堤港写字楼18层 品 合作机构: ENP 13特工学审 深 思 間 CAMEL-AI 扫码立即注册 t 会议日程 0 (919 ● 14:00~1 ...

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 北京时间3月19日凌晨，英伟达举办2025年GTC大会，黄仁勋在圣何塞 SAP 中心发表的现场主题演讲，关 注代理式AI、机器人、加速计算等领域的未来发展。此外，该大会还包括1000多场具有启发性意义的会 议，以及400多项展示、技术实战培训和大量独特的交流活动。 提出Agentic AI，新的推理范式将继续推动全球数据中心建设 黄仁勋按照"Generative AI（生成式AI）、Agentic AI（智能体）、Physical AI（具身AI）"三个阶段的进 化路线，将Agentic AI描述为AI技术发展的中间态。Scaling Law的发展需要投入更多的数据、更大规模的 算力资源训练出更好的模型，训练规模越大，模型越智能，预计全球数 ...

Investment Rating - Electronic Industry: Buy (Maintain) [6] - Communication Industry: Overweight (Maintain) [6] - Computer Industry: Buy (Maintain) [6] Core Insights - NVIDIA introduced the concept of Agentic AI, which represents a new reasoning paradigm that will continue to drive global data center construction. This evolution is categorized into three stages: Generative AI, Agentic AI, and Physical AI [12][13] - The global investment in data center construction is expected to reach $1 trillion by 2028, driven by the need for larger computational resources and data for training better models [2][17] - The Blackwell Ultra chip, designed for AI inference needs, will be supplied in the second half of 2025, with significant performance improvements over its predecessor [20][22] - NVIDIA's new AI inference service software, Dynamo, aims to maximize token yield in AI models and supports the development of AI agents [33][35] Summary by Sections 1. Agentic AI and Data Center Development - The introduction of Agentic AI is seen as a pivotal shift in AI technology, emphasizing autonomy and complex problem-solving capabilities [12][13] - The Scaling Law remains relevant, as it will expand to include inference and long-term reasoning, requiring substantial computational resources [14][17] 2. Blackwell Ultra Chip and Future Releases - The Blackwell Ultra chip will enhance AI performance significantly, with a 1.5 times improvement in AI capabilities compared to the previous generation [22] - The Vera Rubin series is expected to launch in 2026, featuring advanced architecture and enhanced memory capacity [22][23] 3. Quantum-x CPO Switch Launch - NVIDIA plans to release the 115.2T 800G Quantum-x CPO switch in the second half of 2025, which will offer substantial improvements in energy efficiency and network resilience [26][29] 4. Introduction of Dynamo and AI Frameworks - Dynamo will facilitate efficient AI inference by optimizing GPU resource utilization across different processing phases [33][35] - NVIDIA also introduced the AI-Q framework to enhance AI agents' reasoning capabilities and reduce development costs [37] 5. Investment Recommendations - The report suggests focusing on companies within the electronic communication and computer industries that are positioned to benefit from the advancements in AI and data center infrastructure [45][46] - Specific companies to watch include those involved in AI computing, robotics, and data platforms, highlighting a diverse range of investment opportunities [46][47]

这是YUE 05期开设的一门新课，成为了当期创业者们最受欢迎的内容之一。 来自红杉中国法务团队的" 公司股权架构设计与公司治理 "，切中了早期创业者们目前最核心的痛点： "出来创业，该做哪些法律上的准备？" "我该如何保护好自己的技术IP？" "什么样的融资架构适合我的企业？" "初创阶段，我该如何分配股权？又该怎么牢牢把握公司控制权？" "员工激励有哪些工具？该如何设置激励方案？" …… "对于企业来说，法律代表一种边界，用来界定红线，同时也是一种工具，为企业发展保驾护航，这是创业 者需要掌握的'攻守道'。"红杉中国合伙人、总法律顾问张联庆对YUE 05期的学员表示。只有了解了边界在 哪里，才知道空间在哪里，才能清楚背后的成本和风险是怎样的；同时，创业者越早清楚如何在法律规则 上进行公司治理、商业竞争与博弈，才能让企业发展地越稳固有序。 "法律相关的问题，不会成为企业发展的'长板'，但往往会成为'短板'，甚至会在未来某个时刻变成限制企业 进一步发展的关键所在。"红杉中国法务总监林聆表示。事实上，由于法律和公司治理以及融资架构具备高 度专业性，很多没有创业经验的早期创始人，很容易在这个阶段给自己"挖坑"和"埋 ...

YUE的核心理念"Founders Help Founders"，也是在这一刻具象化。截止到今天，YUE 06期已经收到了 1300+ 份注册，其中 600+ 已经提交了报名。一周后，我们希望在06期的报名池里看到你的身影。 YUE 06期的课程安排？ 在YUE每一期结束的当周，我们都会邀请当期学员谈谈自己的感受。 在那个时间点上，他们对YUE的记忆和体验最为清晰。这些对于即将到来的新一期学员，也最有借鉴意义。 今天，你能听到十多位05期学员在YUE课程模块结束之时，回顾这4周的"集训"给他们的创业带来了怎样的提 升： • ✦ ✦ 1 有的学员认为，在"孤独"的创业之路上，第一次在YUE找到了一个组织的感觉。一个来自创业者聚集的 群体，让大家彼此互相吸收能量。 有的学员第一次看到了"大量的创业盲区"，那些"课本里永远不会讲也看不到的东西"，以及来自"过来 人"的点拨，是无价的知识资产。 不少学员对那些"来自最一线的创业者和投资人"印象深刻——他们最真实的feedback，那些流过血和泪 的经验、教训，对他们帮助和启发最大。 他们希望"每个创业者都应该来系统性学一下这个课程"，"带着空杯心态去认真感受，一定会有 ...

极兔中国全年经调整 EBIT 首次转正。 2024 年，极兔营收同比增长 16% 至 103 亿美元，中国市场贡献超六成。 2020 年进入中国后，极兔以高额亏损为代价，依靠低价与补贴迅速占领市场，在中国快递行业的 红海中挤入前五。四年后，极兔中国全年经调整 EBIT（息税前利润）首次转正，为 1.5 亿美元。 快递是低利润的精细生意，需要依靠规模与成本管理确立优势。2024 年，极兔在中国的单票成本 下降 12% 至 0.3 美元。中国市场扭亏，带动公司整体净利润从上一年的 -11.6 亿美元来到 1.1 亿美 元。 在大本营东南亚，极兔市占率继续保持第一，占据近三成的市场份额，盈利能力进一步增强。2024 年，极兔在该地区的经调整 EBIT 同比增长 49% 至 3 亿美元。 昂跑 2019 年在上海开出中国第一家店。我们了解到，昂跑目前在中国有约 60 店，一半为直营店。 我们曾经写过 ，昂跑诞生在 2010 年，是金融危机后的低迷期，跑步开始复兴。疫情后，人们又开 始需要跑步，昂跑、Hoka One One 于是兴起。昂跑拿着和耐克一样的营销剧本，讲跑者文化，也 正拿去耐克、阿迪达斯的市场份额。 特斯 ...