Group 1: Core Insights - The investment bank Bernstein emphasizes the importance of "super fans" in driving growth and profitability in the entertainment industry, with effective engagement and monetization of these fans being a key differentiator [1] - The demand for live events and experiences has been fueled by "FOMO" (fear of missing out) and "YOLO" (you only live once) mindsets since the end of the pandemic, benefiting hotel groups and travel agencies [2] - Super fans are typically high-income individuals with low price sensitivity, maintaining stable consumption habits even during economic downturns, which may slow the growth of regular fans but significantly enhance profitability for leading companies [2] Group 2: Company Ratings and Targets - Live Nation Entertainment is highlighted as a top pick, with a target price of $185, the highest among analysts tracked by Bloomberg, due to its ticket sales, sponsorship revenue, and concert profit margins having room for growth [3] - Spotify is also rated positively, with a target price of $825, attributed to its underestimated pricing power and the anticipated launch of a super fan subscription service, which is expected to drive significant user adoption and boost gross margins [6] Group 3: Market Dynamics - Bernstein analysts believe that recent criticisms of Live Nation and Ticketmaster are temporary, and the likelihood of adverse rulings from the U.S. Department of Justice is low, with regulatory focus shifting from primary to secondary ticket markets [3] - The shift to "total price display" practices and the withdrawal of monopoly claims against artists indicate a changing regulatory landscape that may favor Live Nation [3]

以下文章来源于路边消息社 ，作者雷教授 导 语：技术创新很难复制，否则，拥有技术的大模型六虎，怎么还在挣扎融资和降低成本中不 可自拔？ 这帮做量化的，捅了大模型的老巢了？ 笔者了解到一个最新消息，梁文锋的幻方量化老对手、量化巨头九坤，携手微软团队成功复现 DeepSeek-R1，还首次发现了语言混合（例如中英文夹杂）会显著降低推理能力等问题。 怎么又是做量化的？ 路边消息社 . 分享你不知道的行业八卦 作者 | 雷教授 来源 | 路边消息社 按照笔者的了解，在云算力端，当时除了几家互联网公司（商汤、百度、腾讯、字节、阿里），就 只有幻方有超过1万张A100芯片储备。 这还没完，另一量化巨头宽则在2月24日发布了智能学习实验室人才招聘通知，宣称该实验室将朝 着整个人工智能启航。 这真是量化人才捅了大模型的老巢？ 笔者问了身边的投资人朋友，"难道以后要去量化机构投资大模型团队了？"一些关注AI领域的投资 人的第一反应都是：什么？难道我们要找关系拜访王琛了？ 一个评论一针见血：见不到梁文锋，还见不到王琛吗？ 这个评论提及的王琛，就是九坤的创始人。 介绍王琛之前，分享一个趣事。其实在梁文锋（浙大毕业）之前，大多数做大 ...