以下文章来源于东四十条资本 ，作者张楠 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 作者丨 张楠 来源丨 东四十条资本 家族办公室是过去几年投资圈的火热话题，从新加坡到中国香港，都在正向吸引富豪人群落地投资，方式之一就是让这些富豪 在本地开设家族办公室，通过雇佣专业投资人或机构，帮忙打理庞大的资产，进行股权、信贷、证券、房地产等各项领域的全 球资产配置。 钱多到一定份上，再加上满足一定的条件，可以自己雇人，也就是开设单一家办，香港这个门槛是2.4亿港元，新加坡几次上 调申请免税优惠的单一家办门槛，目前是2000万新元。钱没那么多，或者不想自己劳神，也可以将钱交给专业的持牌机构来 打理，也就是联合家办。 但不管是单一还是联合家办，对普通人来说基本都是难以企及的。 但你有没有想过，有一天人人都能享受到家族办公室式的全天候服务？ 尤其是，投进去那些需要上百万美元资金，只面向所 谓"私人银行客户"的各类稀缺 投资机会 ？ 将投中网设为"星标⭐"，第一时间收获最新推送 投资方为GPTX（简坤投资）、C Capital、以及Shuren Educati ...

整理 | 华卫 昨日，Meta 推出了其新的"世界模型"V-JEPA 2，旨在实现物理世界中顶尖的视觉理解与预测能力，以提升 AI 主体的物理推理 能力。对于构建能在物理世界中运作的 AI 智能体和实现高级机器智能（AMI）的工作而言，物理推理能力至关重要。 在一段发布的 V-JEPA 2 视频演示中，图灵奖获得者、Meta 首席 AI 科学家 Yann LeCun 将 V-JEPA 2 描述为"现实的抽象数字 孪生"，使 AI 能够 "预测其行为的后果" 并 "规划行动方案以完成给定任务"。 "我们相信，世界模型将开启机器人技术的新纪元，使现实世界中的 AI 主体能够帮助完成家务和体力任务，而无需海量的机器 人训练数据。" 比英伟达的 Cosmos 模型快 30 倍， 现已开源 作为人类，我们具备预测物理世界如何因响应自身或他人行为而变化的能力。例如，你知道将网球抛向空中时，重力会将其拉 回地面；在陌生的拥挤区域行走时，你会朝着目的地移动，同时避免碰撞沿途的人群或障碍物；打曲棍球时，你会滑向冰球的 前进方向，而非它当前的位置。 实际上，人类是通过观察周围世界并构建内部模型来形成这种物理直觉，进而预测假设行为 ...

Core Viewpoint - AMC, the largest movie theater owner, has faced significant challenges despite a loyal following, with questions surrounding its potential recovery in the box office and financial performance [1][2]. Industry Summary - The movie theater industry continues to struggle, losing market share to streaming platforms and home viewing options, exacerbated by the pandemic [3][5]. - Even highly anticipated films quickly transition to streaming services, often at lower costs than theater tickets, further impacting box office revenues [5]. Company Summary - AMC reported a net loss of $353 million in 2024, an improvement of 44% from 2023, but revenue declined by approximately 4% [6]. - In Q1 2025, AMC experienced a net loss of $202 million, with a year-over-year revenue decline of 9.3%, although the CEO believes these results are anomalies [6][7]. - The CEO noted a significant increase in domestic box office activity in Q2 2025, suggesting a potential recovery, with projections indicating an 8% year-over-year increase in domestic box office totals for 2025 [7][8]. - Despite these optimistic projections, AMC's financials remain unconvincing, with a general trend favoring home streaming over theater attendance [9][10].

Core Viewpoint - Carnival and Disney are both strong investment options, with recent stock momentum suggesting potential for continued growth [1] Group 1: Carnival - Carnival is the world's largest cruise line operator, benefiting from a resurgence in the cruise industry, with strong demand leading to record operating results [3] - In Q1, Carnival reported revenue of $5.8 billion, a 7.5% year-over-year increase, driven by higher capacity and pricing, and ended the quarter with $7.3 billion in customer deposits, surpassing last year's record of $7 billion [4] - The company achieved adjusted EPS of $0.13, reversing a loss from the previous year, indicating improved financial consistency, with expectations for continued growth from new initiatives like Celebration Key and new ship deliveries [5] - Carnival is guiding for full-year EPS of $1.83, representing a 29% increase from 2024, while reducing total debt by $4 billion to $27 billion, which supports a higher valuation as it trades at a forward P/E of 13, significantly lower than Disney's 20 [6] - The combination of value and growth potential makes Carnival an attractive long-term investment [7] Group 2: Disney - Disney has faced challenges in recent years, with stock down 7% over the past five years, but recent trends suggest a potential turnaround [8][9] - In fiscal Q2, Disney reported a 7% year-over-year revenue increase and a 20% surge in adjusted EPS, driven by strong performance in streaming, with Disney+ adding 1.4 million customers [10] - Growth in Hulu and ESPN digital properties, along with strategic bundling efforts, are contributing to positive momentum, with a target EPS of $5.75 for fiscal 2025, a 16% increase from the previous year [11] - Disney's diversified profile and globally recognized brand provide a strong foundation for future growth, particularly in streaming media [12] Conclusion - While both Carnival and Disney present compelling investment opportunities, Carnival is viewed as having greater upside potential due to its undervalued growth story [13]

the kid. We can't even get a simple phone call with them. Like, they can't get in contact with them.Cousins Katya and America came back to downtown where they last saw their fathers. We first met Katya on Friday when she came to the Ambiance clothing store where her father worked for years in the heart of downtown Los Angeles's fashion district. She told us then her father and uncle were undocumented.It was part of the federal government's immigration rates across Southern California. I love you. You can he ...

Core Viewpoint - Biofrontera Inc. is in negotiations with Biofrontera AG regarding a potential combination of the two companies or adjustments to their existing license and supply agreement, which may involve the transfer of rights and obligations and a reduction in transfer prices for licensed products sold in the US [1][2]. Company Overview - Biofrontera Inc. is a U.S.-based biopharmaceutical company that specializes in photodynamic therapy (PDT) for dermatological conditions, particularly focusing on the drug-device combination Ameluz and the RhodoLED lamp series for treating actinic keratosis (AK) and pre-cancerous skin lesions [3]. - The company is also conducting clinical trials to expand the use of its products for treating non-melanoma skin cancers and moderate to severe acne [3].

Key Takeaways MSFT gaming revenues rose 5% in Q3 FY25, with Xbox content and services revenues up 8% year over year. Cloud gaming hit 150M hours played as MSFT added LG TV support and launched AI tools like Copilot and Muse. Two Xbox handhelds co-developed with Asus will launch in select markets during the 2025 holiday season.Microsoft’s (MSFT) gaming business is showing impressive growth so far, driven by strong gaming content, more AI integration and new hardware. In the third quarter of fiscal 2025, ga ...

Core Insights - Amazon stock (NASDAQ: AMZN) has appreciated 16% over the last year, closely mirroring the NASDAQ's 14% increase, despite experiencing significant volatility [2][3] - The stock saw a peak above $240 in January, followed by a decline of over 30% to just below $170 by April, primarily due to trade policy impacts [2] - Since the start of 2024, AMZN stock has surged 43%, driven by strong revenue growth and strategic investments [3] Revenue Growth - Amazon's revenue grew by 13% since 2023, reaching $650 billion, with North America sales climbing by 10% and international sales by 9% [4][7] - Amazon Web Services (AWS) was the main growth driver, soaring by 19%, highlighting the effectiveness of Amazon's strategic diversification [4] Valuation and Profitability - Amazon's operating margin expanded by 72% since 2023, increasing from 6.4% to 11.0%, significantly enhancing overall profitability [6] - The price-to-sales (P/S) ratio increased by 30%, from 2.8x in 2023 to 3.6x currently, reflecting improved investor perception [6][7] Future Outlook - AWS is expected to remain vital for Amazon's expansion, although competition from Microsoft Azure and Google Cloud is intensifying [5] - Amazon anticipates low double-digit sales growth over the next three years, with notable increases in bottom-line growth expected due to strategic AI investments [10] - AI initiatives are projected to enhance various business segments, improving product recommendations and ad targeting, which could lead to higher conversion rates and average order values [9][10]

Core Insights - High Roller Technologies has partnered with Xpoint to utilize its geolocation and anti-fraud technology in Ontario, aiming to comply with local regulations [1][2] - The company has submitted its license application to enter Ontario's regulated online casino market, with plans to launch operations in the second half of 2025, pending approval [2] - High Roller Technologies operates premium online casino brands and offers a diverse portfolio of over 5,000 games from more than 90 providers, positioning itself in the rapidly growing multi-billion iGaming industry [4] Company Overview - High Roller Technologies is a leading global online gaming operator, known for its innovative casino brands, High Roller and Fruta, listed on the NYSE under the ticker ROLR [4] - The company provides a user-friendly real-money online casino platform, featuring enhanced search engine optimization, machine learning, and superior scalability [4] - High Roller Technologies is recognized as an award-winning operator, committed to innovation and excellence in the online gaming sector [5] Partnership Details - Xpoint's geolocation technology will enable High Roller to meet compliance requirements in Ontario through accurate location verification and fraud prevention [2] - Both companies express enthusiasm about the partnership, highlighting High Roller's commitment to premium products and Xpoint's innovative approach in the gaming industry [3]

v e r s i o n l a u n c h OECD Economic Surveys: Germany 2025 June 2025 Volume 2025/15 OECD Economic Surveys: Germany 2025 Volume 2025/15 June 2025 OECD Economic Surveys: Germany 2025 v e r s i o n l a u n c h This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under ...