◼ 风险提示：地缘政治风险、汇率风险、流动性风险。 证券研究报告·行业点评·互联网软件与服务 AI 产业跟踪 [Table_Main] 2025 火山引擎春季 FORCE 原动力大会：大 模型与智能硬件共筑 AI 生态 摘要： ◼ 推理、多模态和 GUI 操作能力全面升级，推动 Agentic AI 加速落地。 2025 年作为中国 Agent 应用元年，生成式 AI 正向具备自主决策能力的 Agentic AI 跃迁，深度思考、多模态理解与工具调用成为模型进化核心 方向。豆包大模型 1.6 系列全面强化升级后，支持"边想边搜"及 Deep Research（小范围测试），显著提升复杂推理与信息检索效率；同时，多 模态应用覆盖电商（商品审核与比价）、自动驾驶（路采数据筛选与意 图识别）、安全巡检（矿山/工地监测）等高价值场景。在 GUI 操作能力 方面，凭借视觉深度思考能力和视觉精准定位能力，大模型可使智能体 与浏览器及其他工具实现流畅交互与操作，完成酒店筛选、票据整理等 复杂任务，推动办公自动化落地。 ◼ Seedance 1.0 Pro 登顶全球文生视频和图生视频榜单。Seedance 1.0 Pro 支 ...

图片来源： LangChain Z Highlights ： 在 LangChain 主办的 Agent 大会上，吴恩达（ Andrew Ng ）与 Harrison 进行一场炉边深度对谈，围绕 Agentic 系统构建、 MCP 协议、语音交互、 AI 辅助 编码等多个前沿话题展开交流。这场访谈不仅回顾了过去一年 Agentic 技术的发展路径，也分享了构建 AI 系统时 " 从流程拆解到评估体系 " 的实操经验。 访谈于 2025 年 5 月 29 日发布。 从 " 是否是 Agent" 到 "Agentic 性光谱 " ：构建 AI 系统的新思维 Harrison ： 我 对接下来的这一部分感到非常兴奋。我们将与吴恩达进行一场炉边对谈。对于在座大 多数人来说，吴恩达可能无需太多介绍。我猜很多人 都上过他在 Coursera 上关于深度学习的课程。而且吴恩达其实也是 LangChain 故事的重要一部分。我大约两年多前在一场会议上首次见到吴恩达，当时 我们刚开始谈论 LangChain 。 他非常慷慨地邀请我们与他合作，为 DeepLearning.ai 开设一门关于 LangChain 的课程。我记得那 ...

作者 | 郭炜 白鲸开源 CEO，Apache 基金会成员 从技术架构的角度看，我认为这一次的 AI 浪潮将深刻影响整个软件生态。DSS 系统的设计是以 人作为最终消费者的决策支持逻辑为中心，然而，随着 Agentic AI 时代来临，最终的"消费者"更 可能是 Agent，对数据仓库和复杂 ETL 链路将被重新设计，甚至消失。传统数据仓库偏重结构与 查询模式，会被 Agentic Data Stack 架构强调语义与响应模式取代。本文作者的原标题为《 传统 数据仓库正在被 Agentic AI 吞噬？Agentic Data Stack 初探》。 引言：Snowflake 换 CEO 背后的信号 2024 年春天，云数据仓库的明星公司 Snowflake 宣布换帅，前 Google 广告业务负责人 Sridhar Ramaswamy 接替了曾带领 Snowflake 实现 600 亿美元估值的传奇 CEO Frank Slootman 。 如果你只是把这当成一次高管轮换，理解就不够透彻，因为这背后真正的隐喻是， 数据仓库世界 的范式，正在悄然巨变 。 "技术的演进，从来不是线性推进，而是技术的跃迁，从 OL ...

1. 通用 Agent 之外，Agentic Age 流量赛还有哪些「隐藏副本」？ Agentic AI 的「流量入口」逻辑，与传统互联网时代有何根本不同？有哪些产品被视为当前最值得争夺的战略高地，而又是谁 在主导这些战略入口？在「流量入口即生态」的新范式下，各主力玩家如何划定阵地？有哪些路线分歧？ 2. 烧钱一年，李飞飞的「空间智能」愿景有变化吗？ 机器之心PRO · 会员通讯 Week 24 --- 本周为您解读 ② 个值得细品的 AI & Robotics 业内要事 --- ① AI 助手可以跨平台自主执行任务，绕过传统平台的注意力分发模式。过去的互联网时代，用户获取信息和服务 的入口主要集中在搜索引擎、社交平台、门户网站等传统节点。用户主动搜索或点击链接，即可获得所需内容。 World Labs 的愿景有变化吗？AI 技术如何「反直觉」发展？为什么没有空间智能的 AI 是不完整的？空间智能如何解锁从「单 一现实」到「多元宇宙」的未来？为什么李飞飞没有更早重视 3D 表征？ ... 本期完整版通讯含 2 项专题解读 + 31 项 AI & Robotics 赛道要事速递，其中技术方面 12 项，国内方面 ...

Core Insights - SoundHound AI's launch of Amelia 7.0 represents a significant advancement in voice AI, transitioning from reactive assistants to fully autonomous AI agents capable of understanding, reasoning, and acting independently [1][10] - The integration of Polaris ASR in Amelia 7.0 enhances performance with low latency and 99% intent recognition accuracy, positioning SoundHound as a leader in the emerging agentic AI category [2] - In Q1 2025, SoundHound's revenue increased by 151% year-over-year to $29.1 million, driven by growth in voice commerce within the restaurant and automotive sectors [3][10] Company Developments - Amelia 7.0 is expected to provide defenses against commoditization in the speech-to-text market and create new revenue opportunities in various sectors such as healthcare and finance [4] - The company has a strong financial position with $246 million in cash and no debt, and it maintains guidance for 2025 revenue between $157 million and $177 million [3][4] - SoundHound's stock has seen a decline of 52.1% year-to-date, underperforming the industry average decline of 6.7% [9][10] Competitive Landscape - SoundHound faces increasing competition from major players like Microsoft and Google, both of which are advancing their own voice AI technologies [6][7][8] - Microsoft leverages its Azure OpenAI and Nuance Communications to target high-value sectors similar to those SoundHound aims to penetrate [7] - Google, with its Assistant and Vertex AI platforms, poses a significant challenge due to its established ecosystem and scalability [8] Financial Metrics - SoundHound's current forward 12-month price-to-sales (P/S) ratio is 20.65, which is higher than the industry average of 19.32 [13] - The consensus estimate for SoundHound's loss per share in 2025 remains at 16 cents, reflecting an improvement from a loss of $1.04 per share in the previous year [14]

Core Insights - VERSES AI Inc. and Analog are expanding their collaboration on Smart City projects, focusing on energy management, urban robotics, and edge-AI applications following a successful pilot program [1][4] - The Genius platform demonstrated a 32% increase in completed rides during the pilot, indicating significant potential for revenue growth for fleet operators [2][3] - The collaboration aims to integrate Genius into Analog's secure edge infrastructure, enabling real-time decision-making and data control for Smart City applications [4][5] Company Overview - VERSES AI Inc. specializes in cognitive computing and next-generation agentic software systems, with its flagship product, Genius, designed for reliable predictions and decisions under uncertainty [6] - Analog, founded in 2024, focuses on adaptive intelligence and edge computing, aiming to create intelligent systems that enhance human connection and experience [7] Future Prospects - The partnership will explore higher-value Smart City projects, including logistics, autonomous inspection robots, and city-scale sensor fusion, leveraging Genius' capabilities [4][5] - Significant investments are being made in Smart City initiatives, particularly in the Middle East, with expectations for growth in autonomous vehicles, sensors, and energy management systems [5]

Temenos ranked #1 in 13 categories in the IBSi Sales League table, including core, digital, payments and wealthGRAND-LANCY, Switzerland, June 13, 2025 (GLOBE NEWSWIRE) -- Temenos (SIX: TEMN), a global leader in banking technology, today announced it has been recognized as the #1 best-selling software provider in 13 categories in the IBSi Sales League Table (SLT) 2025. Temenos ranked #1 for core banking for the 20th consecutive year, while also topping the table for categories covering digital, payments, wea ...

Group 1 - Sidetrade has been ranked 141st in Fortune's list of Europe's Most Innovative Companies 2025, recognized for its strong innovation culture [1][2] - The evaluation for the list involved over 108,000 assessments from experts and employees, focusing on product innovation, process innovation, and innovation culture [1] - The company has a continuous innovation trajectory since its founding in 2000, with its technological foundation established in Paris, which ranks fourth globally in technology ecosystems as of 2025 [2] Group 2 - Sidetrade's CEO highlighted the company's technological lead, estimating it to be over three years ahead of the market, particularly in the era of agentic AI [3] - The company is redefining the Order-to-Cash process by equipping finance departments with autonomous agents that can act and adapt in real time, marking a strategic transformation in its business model [3][4] - Analysts view Sidetrade as a strategically undervalued asset, capable of capturing increasing value in a market that is under-equipped for the emergence of agentic AI [4] Group 3 - Sidetrade's AI platform, Aimie, analyzes $7.2 trillion worth of B2B payment transactions daily, predicting customer payment behavior and attrition risk for over 40 million buyers globally [5] - The company operates with a global workforce of over 400 employees, serving clients in more than 85 countries, including notable firms like BMW Financial Services and KPMG [6] - Sidetrade adheres to the principles of the United Nations Global Compact, emphasizing responsible business practices [6]

SAN JOSE, Calif., June 12, 2025 (GLOBE NEWSWIRE) -- Zoom Communications, Inc. (NASDAQ: ZM) today introduced Zoom Virtual Agent 2.0, the next evolution of the company’s self-service virtual agent. Now powered by agentic AI, Zoom Virtual Agent delivers smarter, autonomous self-service experiences across chat and voice channels. “With the next generation of Zoom Virtual Agent, we’re ushering in a new era of intelligent, proactive customer support, taking customers from frustration to building true connections ...

Financial Data and Key Metrics Changes - The company positions itself as a "Search AI company," focusing on providing high-performance solutions for storing, searching, and analyzing vast amounts of data [5][6] - The core technology is centered around Elasticsearch, which serves as the primary data storage and processing engine [8] Business Line Data and Key Metrics Changes - The company markets its offerings in three main areas: developer tools, observability products, and security solutions [9][12] - The observability product combines unstructured log messages with structured metrics and traces to identify operational issues [10] - The security product is described as a modern SIEM that goes beyond traditional capabilities, addressing the increasing complexity of security threats [11][49] Market Data and Key Metrics Changes - The company has seen a diverse range of use cases for Elasticsearch, from traditional search applications to more complex scenarios like transaction tracking and logistics [15][19] - The advent of AI has expanded the potential applications of Elasticsearch, with a focus on semantic and vector search capabilities [21][25] Company Strategy and Development Direction - The company aims to simplify the developer experience by providing out-of-the-box tools for building generative AI applications [36][37] - There is a strong emphasis on integrating AI capabilities into their products, including features like vector search and semantic search to enhance search relevance [25][26] - The acquisition of Keep Alerting is seen as a strategic move to enhance workflow automation capabilities in both security and observability [64][66] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that customers are at various stages of maturity in adopting generative AI applications, with some already in production while others are still experimenting [39][40] - The importance of providing accurate and contextually relevant information is highlighted as critical for the success of AI applications [72][75] Other Important Information - The company has established partnerships with major AI model providers to enhance its offerings and ensure compatibility with various AI frameworks [32][68] - The focus on security is underscored by the need for per-user and per-document security measures, which are critical for enterprise applications [80][81] Q&A Session Summary Question: What is Elastic's overall strategy regarding AI? - The company is focused on building core components for developers while also utilizing these components in their observability and security solutions [23][24] Question: Are customers still in the experimental stage with generative AI applications? - Customers are at different maturity levels, with some already deploying generative AI applications in production [39][40] Question: How does Elastic position itself in the security space? - The company provides a comprehensive security suite, including a modern SIEM with prebuilt detection rules and AI-powered features [46][49] Question: What is the integration with NVIDIA's enterprise AI factory about? - The partnership aims to leverage NVIDIA's capabilities for running AI workloads, enhancing the company's offerings in the AI space [90]