Core Insights - The current software sector pullback is driven by a debate over long-term value and whether AI will erode existing profit pools and competitive advantages [1][2] - Goldman Sachs analysts have identified seven bearish arguments regarding software companies, assessing their risks and potential impacts on various segments [1][2] Group 1: Market Concerns - The focus has shifted from short-term growth to concerns about whether AI will diminish software companies' competitive moats [2] - The report categorizes bearish arguments into a structured analysis, assigning risk scores to each argument to evaluate what can sustain long-term value [2] Group 2: System of Record (SoR) Risks - The risk of SoR being replaced is considered low (risk score 1), as generative AI is more suited for analysis rather than transactional processes [3] - However, there is a potential risk of value migrating from SoR to an "agentic operating system/orchestration layer" (risk score 4), which could weaken traditional competitive advantages [5] Group 3: Data Boundaries and Value Migration - If companies keep their data advantages confined within existing applications, the stability of SoR will be maintained, but profit pools may be siphoned off by new layers [4] - The orchestration layer could become more valuable as it enables cross-system reasoning and workflow automation, potentially undermining the traditional user interface and process dependencies of SoR [5] Group 4: Vertical vs. Horizontal Software - Vertical software is currently more resilient but may face challenges from horizontal platforms that allow users to create industry workflows using AI tools (risk score 2) [6] - The report highlights that established vertical software companies have significant barriers to entry due to proprietary data and deep integration into workflows [6] Group 5: Development Costs and Competition - The decline in coding costs due to AI tools will lead to increased competition, but the risk is rated as moderate (risk score 2) since software engineering involves more than just coding [8] - Efficiency gains from AI tools may shift bottlenecks to new areas, particularly in enterprise-level delivery where security and integration remain critical [8] Group 6: Customization Trends - Companies may increasingly prefer to build custom solutions, particularly in scenarios where existing software does not meet their needs (risk score 3) [9] - Palantir is cited as an example of a company successfully leveraging customization to create quantifiable ROI for clients [9] Group 7: Profit Margin Pressures - The industry is expected to experience moderate margin pressures over the next 12-24 months as companies absorb costs related to AI adoption [12] - The shift towards consumption-based pricing models may alter traditional SaaS economics, with some AI-native companies reporting lower margins compared to established SaaS firms [12] Group 8: Technological Uncertainty - The rapid pace of technological advancement presents the highest risk, making it difficult to predict long-term outcomes (risk score 5) [13] - The report notes that the unpredictability of technology evolution can lead to lower valuation multiples due to increased uncertainty [14] Group 9: Stability Signals - Key signals to watch for stability include whether software companies can demonstrate that domain expertise leads to higher quality outcomes and whether financial fundamentals can stabilize or improve [15]

公众号记得加星标⭐️，第一时间看推送不会错过。 英伟达本周已出售所持 ARM 的最后剩余股份，与几年前曾试图收购该公司的情景已相去甚远。 英伟达与 ARM 的合作，在当代 AI 基础设施建设中至关重要 —— 正是凭借 ARM 的 CPU 架构，英 伟达才得以推出 Grace Hopper、Blackwell 等系列重磅产品。更重要的是，ARM 还将在英伟达即将 推出的Vera CPU中扮演关键角色，这类处理器的重要性正在急剧提升。 据彭博社报道，根据最新提交给美国 SEC 的文件，英伟达已出售其持有的 ARM 剩余股份，价值约 1.4 亿美元。耐人寻味的是，此举恰好发生在ARM 在未来 AI 竞赛中的地位开始受到质疑的节点。 很多人尚未意识到：CPU 近期正迎来空前重要的地位提升。原因在于推理 workload，尤其是智能体 （agentic）相关负载—— 这类场景的重心正从 GPU 计算转向更依赖 CPU 的任务，例如工具调用、 API 请求、内存查找与调度逻辑。 这一转向已非常明显：英特尔、AMD 均表示，超大规模云厂商对其数据中心 CPU 需求暴增，背后 正是 CPU 整体市场（TAM）的高速扩张。与此 ...

Group 1 - Nvidia announced a "multi-generational" partnership with Meta to deploy millions of Nvidia's current and next-generation chips for AI training and inference data centers [1][4] - This collaboration marks Nvidia's entry into the CPU market, traditionally dominated by Intel and AMD, as Meta will utilize both Nvidia's GPUs and CPUs [1][4] - The partnership highlights Meta's increasing reliance on Nvidia, despite its own chip development and collaborations with competitors like AMD and Google [4] Group 2 - The collaboration includes Nvidia's networking equipment and confidential computing technology for WhatsApp's AI features, as well as the deployment of the next-generation Vera CPU to replace the current Grace CPU [4] - By choosing a single supplier for a full-stack chip solution, Meta aims to reduce operational complexity, while Nvidia's move indicates its ambitions in the CPU space [4] - The current demand for AI infrastructure is strong, suggesting that competitors like Intel and AMD may not experience significant declines in the short term despite increased competition [4]

义乌一家国际货代公司负责人1月6日向《每日经济新闻》记者（以下简称每经记者）透露，目前公司基本不再接收和委内瑞拉相关的港口订单，担心有太多 不确定因素。 1月5日，国际物流数字化服务平台运去哪（YQN）的航线专家向每经记者透露，已有部分海运客户暂停出货，取消当天前往委内瑞拉北部重要港口拉瓜伊 拉的装货计划或申请退关。整体来看，由于当前局势不稳，委内瑞拉短期内后续订舱量可能将受到一定影响。 1月3日，美国强掳委内瑞拉总统夫妇，其后，邻国哥伦比亚宣布进入一级战备状态。拉美部分地区局势动荡，其涟漪也波及国内从事国际物流运输的企业。 事实上，包括委内瑞拉在内的十多个拉美地区国家官方语言均为西班牙语。尽管眼下拉美部分地区时局动荡，但远隔万里之外的浙江义乌，仍有越来越多的 外贸商家开始重视拉美地区的新增量，学西班牙语成为不少商户在主业之外的兴趣选择。 除了主动学习语言以外，AI翻译卡片、大模型等AI产品也正为义乌商户们的多语种沟通能力提供加持。中国AI技术的进化，也吸引了海外客商的关注。近 期，每经记者在义乌第六代市场全球数贸中心发现，智能眼镜、AI翻译器、无人机、AI耳机等智能硬件产品成为不少外商选购的热门品种。 拉美 ...

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported its U.S. stock holdings as of the end of Q4 2025, with a significant focus on Chinese concept stocks, which accounted for 92% of its portfolio [1][2]. Group 1: Holdings Overview - HHLR holds a total of 33 U.S. listed companies, with its top ten holdings including Pinduoduo, Alibaba, BeiGene, Futu Holdings, Legend Biotech, Arrivent Biopharma, Beike, Webull Corp, Cytek Biosciences, and Clearwater Analytics, with seven of these being Chinese concept stocks [2][4]. - The market value of HHLR's holdings in Pinduoduo reached approximately $1.22 billion, with a total of 10.72 million shares, reflecting an increase of 2.13 million shares from the previous quarter [4][5]. - Alibaba's holdings increased from 3.29 million shares to 5.43 million shares, with the market value rising from $588 million to $796 million, making it the second-largest holding in HHLR's portfolio [7]. Group 2: Trading Actions - HHLR significantly increased its positions in Pinduoduo and Alibaba while reducing its holdings in Futu Holdings and Webull Corp, with Futu's shares decreasing by nearly 50% from 3.24 million to 1.63 million [5][7]. - The firm also completely exited positions in several companies, including NetEase, Baidu, Manbang Group, Donghai Group, and Bright Scholar [7]. - HHLR's strategy aligns with other major private equity firms, such as Highfields and Jinglin Asset, which also increased their stakes in Pinduoduo during the same period [5]. Group 3: Sector Focus - HHLR is maintaining a focus on technology stocks, having made a small purchase of Google shares, bringing its total to 7,300 shares [8]. - The firm also invested in semiconductor company TSMC, acquiring 11,300 shares valued at approximately $3.43 million [8][10]. - Industry experts suggest that the AI sector is rapidly evolving, with various sub-sectors achieving commercial viability, indicating potential investment opportunities in areas like computing power, AI applications, energy storage, and electrical equipment [8].

Core Insights - H&H International Investment, managed by investor Duan Yongping, has made significant adjustments to its portfolio in Q4 2025, notably reducing its stake in Apple while increasing investments in AI-related stocks [1][2]. Portfolio Adjustments - In Q4 2025, Duan Yongping reduced his holdings in several stocks, including Apple (AAPL) by 10.12%, Occidental Petroleum (OXY) by 1.27%, Alibaba (BABA) by 1.24%, ASML Holding (ASML) by 0.47%, and Walt Disney (DIS) by 0.1% [2]. - Despite the reduction, Apple remains the largest holding in Duan's portfolio, with a market value of $8.797 billion, accounting for 50.3% of the total portfolio, although he sold 2.4706 million shares [3]. Investment in AI - Duan Yongping significantly increased his position in NVIDIA, acquiring 6.6393 million shares, marking a 1110.62% increase, with a total market value of $1.35 billion, making it the third-largest holding at 7.72% of the portfolio [3]. - Additionally, Duan initiated positions in three AI-related companies: CoreWeave (299,900 shares), Credo (141,300 shares), and Tempus (110,000 shares), targeting key areas in the AI supply chain [3]. Strategic Outlook - In early January, Duan expressed a strong interest in learning about AI, indicating a belief that the technology will significantly transform the world in the coming years, potentially more than in the past decades [3].

Group 1: Economic Impact of Chinese New Year - The Chinese New Year not only holds cultural significance but also plays a crucial economic role, typically leading to a surge in consumption across multiple industries [2] - During the Spring Festival, hundreds of millions of people travel across the country to reunite with family, presenting a significant opportunity to boost domestic consumption in the world's second-largest economy [2] - There is a notable increase in consumer spending in areas such as food, festive goods, entertainment, and tourism, with retail and e-commerce platforms experiencing substantial sales growth before the holiday [2] Group 2: Technological Advancements in Robotics - The annual Spring Festival Gala showcased significant advancements in humanoid robotics, highlighting China's rapid development in this field, particularly in industrial and agricultural applications [3] - The performance featured humanoid robots demonstrating complex martial arts moves with high precision, showcasing the progress made in just one year since a viral video of robots performing traditional dances [4] - Humanoid robots and AI assistants were prominently featured in various segments of the gala, illustrating innovations in control, perception, and collaboration [5]

·高市早苗当选日本第105任首相 ·春节消费全面火爆绿色智能健康类消费需求旺盛 ·国务院安委办、应急管理部召开专题调度会要求加强烟花爆竹全链条安全监管 ·据美国高级官员当地时间18日称，美国总统特朗普的国家安全顾问当日在白宫战情室会议上讨论了伊 朗问题，所有参与中东军事集结的美军部队应在3月中旬前部署到位。美高官还称，美国希望伊朗在日 内瓦会谈后提交一份关于解决僵局的书面提案。此外，美国国务卿鲁比奥将于2月28日前往以色列，与 以色列总理内塔尼亚胡会晤，讨论伊朗问题。 (央视新闻） ·据俄罗斯媒体18日报道，俄罗斯、美国和乌克兰在为期两天的日内瓦三方会谈期间未签署任何文件。 （新华社） ·春节假期前两天，绿色、智能、健康类消费需求旺盛。商务大数据显示，2月15日，重点平台智能穿戴 设备销售额增长1.3倍，智能血压仪、血糖仪增长超60%，有机食品增长52%；冰雪游消费增长1.2倍， 避寒游消费增长68%。(央视新闻） ·国务院安委会办公室、应急管理部召开专题调度会，要求切实做好烟花爆竹生产、运输、销售、燃放 全链条安全监管和安全宣传，全面排查风险隐患，坚决守住安全底线。应急管理部将派出明查暗访组， 督促各地严格 ...

Core Insights - H&H International Investment, managed by Duan Yongping, reported a total portfolio value of approximately $17.49 billion, equivalent to over 120 billion RMB, as of the end of 2025 [2] - The firm significantly reduced its position in Apple, its largest holding, while increasing its stake in NVIDIA by over 1,100% in Q4 [2][3] - Duan Yongping also made initial investments in three AI-focused companies: CoreWeave, Credo Technology, and Tempus AI, with respective portfolio allocations of 0.12%, 0.12%, and 0.04% [2][3] Investment Changes - Apple (AAPL) saw a reduction in shares held from 32,358,507 to 29,887,907, decreasing its portfolio percentage from 60.42% to 50.30% [3] - NVIDIA (NVDA) shares increased from 7,237,100 to 23,876,400, raising its portfolio percentage from 0.76% to 7.72% [3] - Google (GOOG) and Pinduoduo (PDD) were both increased, with PDD seeing a 34.55% increase in shares held [2][3] New Investments - CoreWeave (CRWV) is a cloud service provider focused on AI and high-performance computing, with a portfolio allocation of 0.12% [2][3] - Credo Technology (CRDO) specializes in high-speed connectivity solutions for AI data centers, also holding a 0.12% portfolio allocation [2][3] - Tempus AI (TEM) is a leader in AI-driven precision medicine, with a 0.04% allocation in the portfolio [2][3] Significant Reductions - A substantial reduction of 87.63% was made in ASML, indicating a strategic shift away from this position [2][3] - The firm also reduced its stake in OXY by 2.83% [3] Future Outlook - Duan Yongping expressed a strong interest in understanding AI technologies, indicating a potential for further investment in this sector [4]

TrueBlue, Inc. Q4 2025 Earnings Call Summary - Moby Strategic Realignment and Market Expansion Transitioned to a territory-based operating model in on-demand staffing to increase sales capacity and enable more localized client engagement. Leveraged a new strategic partnership with a group purchasing organization to unlock approximately $15,000,000 in annualized new business wins. Capitalized on structural labor shortages in the energy sector, driving 60% revenue growth in that vertical through speci ...