[Music] [Applause] [Music] Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Tick tock. Hello. Hello, Petrus. How does tick tock time make you feel? Anxious. Anxious. I've got a proposal for you as we stand here thinking about once upon tomorrow that we think about the future. The future you're going to make and the future that's coming. I want you to change your relationship with time and particularly pu ...

Core Insights - Astera Labs (ALAB) is strategically positioned in next-generation AI and cloud infrastructure, showcasing a strong start to 2025 with a focus on technological leadership in interconnect standards [1][2] Group 1: Product and Technology Leadership - Astera Labs has established a first-mover advantage with a comprehensive suite of PCIe Gen 6 solutions, including retimers, smart gearboxes, optical modules, and fabric switches, tailored to meet the high performance and signal integrity requirements of modern AI racks [2] - The Leo CXL product family addresses the increasing demand for memory expansion and pooling, supporting both AI and general-purpose compute workloads as data center CPUs adopt CXL 2.0 and 3.0 [2][3] - The introduction of UALink 1.0 in early 2025 is expected to lead to commercial solutions by 2026, creating a scalable, open interconnect for AI accelerators and unlocking a multibillion-dollar opportunity [3] Group 2: Competitive Positioning - Compared to Marvell Technology, which has strengths in custom ASICs and broader market focus, Astera Labs benefits from tighter integration of hardware and software through its COSMOS suite, enhancing AI-specific system observability and fleet management [4] - Broadcom, while a scale leader in PCIe switches and networking silicon, offers less tailored solutions for AI rack-scale deployments, allowing Astera Labs to maintain agility in addressing emerging infrastructure needs like UALink and NVLink-based clustering [5] Group 3: Market Performance and Valuation - Astera Labs' shares have increased by 26.2% over the past three months, outperforming the industry growth of 10.2% and the sector's growth of 7.5%, while the S&P 500 index rose by 3.6% during the same period [6][8] - The company is currently trading at a forward 12-month price-to-sales ratio of 19.19X, slightly below its one-year median of 19.86X, but remains overvalued compared to the industry [9]

Core Insights - The Zacks Insurance industry is positioned for growth due to improved pricing, prudent underwriting, and exposure growth [1] - The insurance industry has outperformed the Finance sector and the S&P 500 composite in year-to-date returns [2] Industry Performance - The insurance industry has returned 5.9% year-to-date, surpassing the Finance sector's growth of 4.6% and the S&P 500's appreciation of 0.8% [2] Market Trends - Global commercial insurance rates decreased by 3% in Q1 2025, marking the third consecutive quarterly decline after seven years of increases [3][8] - Despite recent pricing pressures, gross premiums are projected to grow sixfold to exceed $722 billion by 2030 [3][5][8] Catastrophe Losses - Catastrophe losses are driving policy renewal rates, with a reported 3% rise in commercial insurance rates and a 4.9% increase in personal lines in Q1 2025 [5] - Estimated insurance market losses from recent fires in Los Angeles range between $35 billion and $45 billion [4] Technological Investments - Insurers are heavily investing in technology to enhance margins, efficiency, and operational scale, with a projected $4.7 billion in annual global premiums from AI-related insurance by 2032 [11] - The use of advanced technologies like blockchain and AI is expected to significantly reduce costs and improve operational efficiencies [11] Mergers and Acquisitions - A solid capital level supports insurers in pursuing strategic mergers and acquisitions, with the insurance deals market expected to be active in 2025 [10] - Companies engaging in M&A deals valued over $100 million have outperformed the wider market by 1.5 percentage points [10] Growth Stocks - Companies like EverQuote, Horace Mann Educators, Root, and HCI Group are identified as potential growth stocks due to their solid fundamentals and growth prospects [12][14] - EverQuote is leveraging exclusive data assets and technology for long-term growth, with earnings estimates suggesting significant year-over-year growth [15][16] - Horace Mann Educators is expected to benefit from niche focus and improved product offerings, with strong earnings growth projected [17][18] - Root is positioned for growth through its direct-to-consumer model and mobile applications, with substantial revenue and earnings growth estimates [20][21] - HCI Group is engaged in diverse business activities, with strong growth projections for revenues and earnings [22][23]

Alphabet TodayGOOGLAlphabet$166.64 -6.68 (-3.85%) 52-Week Range$140.53▼$207.05Dividend Yield0.50%P/E Ratio18.58Price Target$199.75Add to WatchlistAlphabet NASDAQ: GOOGL has staged an impressive recovery in recent months, bouncing more than 23% from its 52-week low in April and now down just 8% year-to-date. While the tech giant still trails many of its Magnificent Seven peers, the tide is slowly turning in its favor. Although Alphabet has faced its share of scrutiny this year, whether from regulatory press ...

沈阳芯源微电子设备股份有限公司 信息披露管理办法 第一章 总则 第一条 为加强对沈阳芯源微电子设备股份有限公司（以下简称"公司"）信 息披露工作的管理，规范公司及其他信息披露义务人的信息披露行为，加强信息 披露事务管理，保护投资者合法权益，依据《中华人民共和国公司法》《中华人 民共和国证券法》 （以下简称《证券法》）、 《上海证券交易所科创板股票上市规则》 （以下简称《上市规则》）等有关法律、法规及公司章程的规定，特制定本管理 办法。 第二条 本管理办法所称应披露的信息是指所有可能对公司股票及其衍生品 种交易价格产生较大影响而投资者尚未得知的信息。包括但不限于： （一）与《上市规则》第 7.1.2、7.1.13、7.1.16、7.1.17、7.2.3 条规定事项有 关的信息； （二）与公司业绩、利润等事项有关的信息，如财务业绩、盈利预测和利润 分配及公积金转增股本等； （三）与公司收购兼并、重组、重大投资、对外担保等事项有关的信息； （四）与公司股票发行、股票回购、股票拆细等事项有关的信息； （五）与公司经营事项有关的信息，如开发新产品、新发明、新的客户和新 的供应商，订立未来重大经营计划，签署重大合同等； ...

从DeepSeek引发的云端算力需求，到具身智能、自动驾驶带来的云终端形态思考，云终端正迎来一次产业浪潮。据Gartner和IDC预测，2030年全球终端上 云的市场空间达到千亿元，云化终端数量接近百亿台。 《报告》显示，目前云终端产品从满足标准化需求向拓展多元差异化场景演进，云终端产业化进程与技术创新层级不断提升。一方面，传统的云终端主流 产品趋于成熟。例如云手机、云PAD、云游戏等在网络性能提升、流媒体技术升级的基础上，其使用体验不断接近真机。另一方面，随着具身智能的崛 起，工业机器人、服务机器人等新形态的云终端设备对云终端提出了新的场景需求。 在这场云终端产业浪潮中，华为云联合中国科学院科技战略咨询研究院智库建设研究部在HDC 2025"云启万物·智联未来"CloudDevice高峰论坛上共同发布 了 《云终端产业发展报告》（以下简称《报告》），深入剖析了云终端产业所面临的挑战以及未来趋势。 那么，云终端产业现阶段的演进方向在哪里？产业又将如何突破瓶颈，把握未来机遇？ 向"云网端边芯"深度协同架构演进 同时，云计算提供弹性云端服务，5G-A网络保障大带宽与超低时延，多元化终端设备扩展接入场景，边缘计算实 ...

Core Viewpoint - NuScale Power has experienced significant stock price volatility but has seen a substantial increase in value over the past year due to several catalysts that could drive future growth in the small modular reactor (SMR) market [2][12]. Group 1: Company Developments - NuScale's stock price has more than quadrupled in the last 12 months, indicating a strong recovery and investor interest [2]. - The company received a Standard Design Approval (SDA) from the U.S. Nuclear Regulatory Commission (NRC) for its SMRs, making it the only SMR manufacturer with such approval [5]. - After canceling its Idaho project due to rising costs, NuScale submitted a new application for a 77 MWe design, which was approved in early June, paving the way for its first firm orders in the U.S. market [6][7]. Group 2: Market Opportunities - NuScale generates most of its revenue from a project in Romania, where it is subcontracting for Fluor in the development of a 462-MWe VOYGR-6 SMR, with a final investment decision expected in 2026 [8]. - The company is in discussions with five hyperscale data center operators in the U.S., which could drive growth in its U.S. business [9]. - The ADVANCE Act, passed in July 2024, and the Department of Energy's $900 million funding for SMR development are expected to support NuScale's growth [9]. Group 3: Industry Outlook - The global SMR market is projected to grow at a CAGR of 8.9% from 2025 to 2034, indicating a favorable environment for NuScale's business [11]. - Analysts expect NuScale's revenue to surge at a CAGR of 118% from $37 million to $384 million between 2024 and 2027 as its business matures [11]. Group 4: Financial Position - NuScale has a market cap of $5.2 billion and is currently valued at 14 times its projected sales for 2027, indicating a high valuation relative to its current financial performance [12]. - The company held $521 million in cash, cash equivalents, and short-term investments at the end of its latest quarter, providing a solid financial foundation for future growth [12].

Core Insights - OpenAI has formed a significant partnership with Alphabet's Google Cloud Platform, marking a strategic move to diversify its cloud computing resources beyond Microsoft Azure [2][5] - The collaboration is seen as a potential game changer for both OpenAI and Alphabet, as it allows OpenAI to access necessary compute power while providing Alphabet with a new revenue stream [8][12] Group 1: OpenAI's Strategic Moves - OpenAI aims to avoid vendor lock-in with Microsoft by expanding its cloud infrastructure partnerships, which is crucial for its growth and operational flexibility [3][5] - The partnership with Alphabet is aligned with OpenAI's broader strategy to manage increasing data workloads and the costs associated with training AI models [5] Group 2: Implications for Alphabet - Alphabet's Google Cloud is smaller compared to competitors like Microsoft Azure and Amazon Web Services, but the partnership with OpenAI could enhance its market position [8] - The collaboration may serve as a hedge against potential declines in Alphabet's search advertising revenue due to competition from AI-driven platforms like ChatGPT [10][12] - By gaining insights into OpenAI's workloads, Alphabet could potentially enhance its own AI capabilities, although the extent of data access remains uncertain [13] Group 3: Market Perception and Valuation - Alphabet's stock is currently trading at a discount compared to its cloud hyperscaler peers, which may reflect an overly pessimistic view of its competitive position in the cloud market [14][16] - The partnership with OpenAI could provide Alphabet with a pathway to sustain growth even as its core search business faces challenges, making the stock an attractive investment opportunity [17]

而自从端到端和大语言LLM横空出世以来，大规模无监督的预训练 + 高质量数据集做具体任务的微调， 可能也会成为量产感知算法下一阶段需要发力的方向。同时数 据的联合标注也是当下各家训练模型的实际刚需，以往分开标注的范式不再适合智能驾驶的算法发展需求。今天自动驾驶之心就和大家一起分享下4D数据的标注流 程： 最复杂的当属动态障碍物的自动标注，涉及四个大的模块： 而为了尽可能的提升3D检测的性能，业内使用最多的还是点云3D目标检测或者LV融合的方法： 得到离线单帧的3D检测结果后，需要利用跟踪把多帧结果串联起来，但当下跟踪也面临诸多的实际问题： 离线3D目标检测； 离线跟踪； 后处理优化； 传感器遮挡优化； 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 千万级4D标注方案应该怎么做？ 智能驾驶算法的开发已经到了深水区，各家都投入了大量的精力去做量产落地。其中一块最关键的就是如何高效的完成4D数据标注。无论是3D动态目标、OCC还是静 态标注。 相比于车端的感知算法，自动标注系统更像是一个不同模块组成的系统， 充分利用离线的算力和时序信息，才能得到更好的感知结果 ...

Core Viewpoint - Oracle's stock has seen significant gains, increasing by 77% since its 52-week low in April, and is expected to continue its upward trajectory following the release of its latest quarterly report [1][2]. Financial Performance - Oracle reported $57.4 billion in annual revenue for fiscal 2025, reflecting a 9% increase in constant currency terms [5]. - The company anticipates revenue to reach at least $67 billion in fiscal 2026, representing a nearly 17% increase [5]. Growth Drivers - The demand for cloud infrastructure services, particularly for AI applications, is a major growth catalyst for Oracle [2][7]. - Oracle's remaining performance obligations (RPO) increased by 41% year-over-year to $138 billion, indicating strong future revenue potential [6]. - CEO Safra Catz projects that RPO will more than double in fiscal 2026, suggesting sustained growth [7]. AI and Infrastructure Projects - Oracle is a key partner in the $500 billion Stargate AI infrastructure project, which could significantly enhance its revenue pipeline [8]. - The company is experiencing high demand for cloud AI infrastructure, with one customer expressing interest in purchasing Oracle's entire cloud capacity [9]. Capacity Expansion - Oracle plans to build 30 dedicated data centers in fiscal 2026 and increase its MultiCloud data centers from 23 to 70 [10]. - The company forecasts Oracle Cloud Infrastructure (OCI) revenue to grow by 70% in fiscal 2026, following a 50% increase last year [11]. Valuation and Future Outlook - Oracle's non-GAAP net income for fiscal 2025 was $6.03 per share, an 8.5% increase from the previous year [12]. - The company expects capital expenses to reach $25 billion in fiscal 2026, which is a slower increase compared to the previous year [12]. - Oracle is projected to exceed its long-term revenue expectations, with anticipated annual bottom-line growth of over 20% through fiscal 2029 [14]. - The stock is currently trading at 31 times forward earnings, aligning with the Nasdaq-100 index's earnings multiple, indicating an attractive valuation for investors [15][16].