每经记者｜岳楚鹏 每经编辑｜金冥羽 兰素英 ① 【三大期指齐跌】截至发稿，道指期货跌0.12%、标普500指数期货跌0.08%、纳指期货跌0.04%。 ② 【存储芯片概念股普涨】存储芯片概念股盘前普涨。截至发稿，闪迪、美光科技均涨超1%。 ③【黄仁勋：为GTC 2026准备了多款前所未见的新芯片】当地时间2月18日，黄仁勋接受媒体采访时称："我们已经为GTC 2026准备了几款前所未见的全 新芯片。"他补充道："由于所有技术都已达到极限，所以没有什么是容易的。"但他强调："有了这样一支团队（由英伟达和SK海力士的内存工程师组 成），没有什么是不可能的。" ④ 【英伟达清仓Arm全部股份】当地时间2月18日，最新监管文件显示，英伟达已抛售所持有的最后110万股Arm控股股票（价值约1.56亿美元）。英伟达 仍持有Arm为期20年的技术授权，其核心产品Grace CPU正是基于Arm架构。截至发稿，Arm上涨0.12%。 ⑤ 【Meta重启智能手表计划，计划2026年推出】 当地时间2月18日，据媒体援引知情人士透露，Meta已重启其"Malibu 2"智能手表项目。知情人士补充 说，该设备将于今年晚些时候发布， ...

Core Insights - Infobip has been recognized as the number one Established Leader in the Juniper Research RCS for Business 2026 Leaderboard, scoring highest among 17 vendors due to its superior capabilities, enhanced product offerings, and significant market presence [1][2] Group 1: Company Performance - Infobip's extensive mobile operator connections and geographic reach have been highlighted, including being the first provider to launch RCS messaging across all major US telecom carriers [2] - The company supports brands like Virgin Atlantic in delivering interactive messaging that enhances customer engagement [2] Group 2: Market Trends - The adoption of RCS for Business is expected to accelerate, particularly following Apple's support for RCS, with brands looking to leverage the channel for improved customer experiences [3] - Juniper Research anticipates that enterprise adoption of RCS will increase this year, driven by Infobip's capabilities in facilitating RCS sender registration and onboarding [3] Group 3: Company Strategy - Infobip aims to support the growth of RCS for Business through its CPaaS offering, which combines conversational experience orchestration with global messaging infrastructure and AI-enhanced customer engagement [3][4] - The company is focused on becoming an AI-first organization, driving innovation in customer communications and engagement solutions [4]

⑦ 【2025年业绩低于预期，力拓跌超2%】当地时间2月19日，矿业巨头力拓的2025年业绩报告显示， 全年基础盈利108.7亿美元。这一数字与上一年度持平，但略低于市场预期的110.3亿美元。财报显示， 作为力拓最大的利润来源，铁矿石业务受到价格下跌和出货量持平的拖累，基础息税折旧及摊销前利润 （EBITDA）同比下降11%。截至发稿，力拓下跌2.5%。 ⑧ 【业绩超预期并宣布收购Depop，eBay涨超7%】当地时间2月18日，在线购物交易平台eBay 2025年 Q4财报显示，营收为30亿美元，同比增长15%，超过分析师预期的28.7亿美元。调整后每股收益1.41美 元，超过市场普遍预期的1.35美元。商品交易总额（GMV）达到212亿美元，较去年同期增长10%。 eBay还宣布将以12亿美元从Etsy手中收购时尚市场平台Depop。截至发稿，eBay上涨7.33%。 ⑨ 【白银股走强】白银概念股走强。截至发稿，泛美白银涨超4%，赫克拉矿业涨近2%。 ④ 【英伟达清仓Arm全部股份】当地时间2月18日，最新监管文件显示，英伟达已抛售所持有的最后 110万股Arm控股股票（价值约1.56亿美元）。英伟达仍 ...

二是英伟达可能提前揭晓下一代Feynman架构芯片，该芯片被业内视为"革命性"产品，可能采用更广泛 的SRAM集成方案，甚至通过3D堆叠技术整合LPU（语言处理单元），不过相关细节尚未得到官方确 认。 "我们准备了多款世界前所未见的全新芯片。这并非易事，因为所有技术都已逼近物理极限，但有了这 样一支团队（由英伟达和SK海力士的内存工程师组成），没有什么是不可能的。"黄仁勋表示。 当前，英伟达所处的市场环境呈现出计算需求逐季变动的态势。在Hopper和Blackwell时代，预训练是 主要的市场需求；而随着Grace Blackwell Ultra和Vera Rubin的问世，推理能力已成为市场核心需求，延 迟和内存带宽则成为主要瓶颈。这种需求的转变直接左右着英伟达的产品设计方向。 当地时间2月18日，英伟达CEO黄仁勋在接受媒体采访时，对即将到来的GTC 2026大会进行预热，他明 确表示将在会上揭晓"世界前所未见"的全新芯片，引发业界广泛关注。 据悉，英伟达GTC2026大会将于当地时间3月15日在加利福尼亚州圣何塞举行，核心聚焦AI基础设施竞 赛的新时代。此外，英伟达还将于当地时间2月25日公布最新财季业 ...

Industry Overview - The software development market in China is expected to exceed 3 trillion yuan by 2026, with a compound annual growth rate of 12% [6] - The core competitive focus of the industry is on the integration of "technical depth, industry insight, and user experience" [6][22] - The acceleration of digital transformation has made software development a key engine for enterprise transformation [2] Evaluation Dimensions for Selecting Software Development Service Providers - **Technical Capability**: It is essential for providers to not only write code but also understand architecture and security. Companies should prioritize those with international certifications like CMMI3 and ISO27001 [3] - **Delivery Assurance**: A mature software development company must establish an end-to-end delivery mechanism with clear deliverables and acceptance criteria at each stage [4] - **Industry Experience**: Providers should demonstrate deep industry knowledge and have case studies relevant to the specific business context [7] Key Software Development Service Providers - **Huawei**: Recognized for its comprehensive strength and ability to handle large-scale government and enterprise projects, with a satisfaction rate consistently among the highest in the industry [11] - **Haoke Network Technology**: A leading choice for small and medium enterprises, known for its rapid adaptation to new technologies and high customer satisfaction [12] - **Shenzhen Haoke Network**: Focused on high compliance and high concurrency scenarios, with extensive experience across various industries [13] Future Trends in the Software Development Industry - The industry is transitioning from "generic development" to "deep technical integration, full-cycle services, and precise scenario applications" [22][24] - There is an increasing reliance on external service providers to achieve digital transformation goals, with a projected annual growth rate of 15% in the Chinese market [22] - The demand for long-term partnerships rather than one-time services is becoming a core competitive advantage [23]

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported its US 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 US-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 Activities - 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 made a small purchase of Google shares, ending the quarter with 7,300 shares, while also acquiring 11,300 shares of TSMC, valued at approximately $3.43 million [8][10]. Group 3: Market Context - The increase in holdings of Pinduoduo and Alibaba aligns with similar moves by other major private equity firms, indicating a collective bullish sentiment towards these stocks despite Pinduoduo's revenue growth slowing to 9% year-over-year [5]. - The AI sector is highlighted as a key area of interest, with ongoing developments in various subfields, suggesting that companies in this space may present significant investment opportunities [8].

Group 1 - The core viewpoint of the article suggests that the recent market volatility is not a fundamental reversal but rather a result of algorithmic trading creating a "chain reaction" of sell-offs, affecting both good and bad companies alike [1][2][30] - ARK Invest's Cathie Wood compares the current market to 1996, indicating that the internet revolution is just beginning, rather than being at a bubble peak [1][49] - Wood believes that aggressive AI capital expenditures by tech giants are not wasteful but essential to seize a historical opportunity, asserting that AI-driven productivity gains will alter the traditional logic of growth leading to inflation [1][24] Group 2 - The article discusses a significant divergence between official inflation data and real-time indicators, with the latter suggesting a rapid decline in inflation, indicating a disconnect between macroeconomic models and reality [6][11] - Algorithms are shown to struggle with this disconnect, leading to erratic trading behavior as they react to conflicting signals from government data and real-time metrics [8][44] - The article emphasizes that the current market volatility reflects a deeper cognitive revolution regarding the sources of value, as traditional debt-driven growth models face challenges from AI-driven productivity [15][21][22] Group 3 - The article posits that the traditional Phillips Curve, which suggests a negative correlation between unemployment and inflation, is being disrupted by AI-driven growth, allowing for simultaneous low inflation and strong growth [35][41] - It highlights the potential for a paradigm shift in fiscal philosophy, moving from debt-driven demand stimulation to growth driven by productivity enhancements from AI [22][23] - The article warns that this structural transformation will lead to a painful revaluation of assets, particularly affecting companies that have relied on low-interest financing without sustainable cash flow [25][27] Group 4 - The article suggests that the value anchor of the dollar may shift due to a technological revolution driven by AI, questioning the traditional reliance on oil and U.S. Treasury bonds [50][51] - It indicates that macroeconomic volatility will likely become the norm as the gap between official statistics and real-time economic perceptions persists [51][52] - The article concludes that understanding this structural change is crucial for navigating future market dynamics, as the current volatility is seen as a necessary process for value discovery [54][57]

Short seller James Chanos has criticized the tech industry's push towards developing orbital datacenters, outlining that space-based datacenters would cost more.“AI Snake Oil”In a post on the social media platform X on Wednesday, Chanos quoted a video that talked about Tesla Inc. (NASDAQ:TSLA) and SpaceX CEO Elon Musk's vision to put datacenters in orbit following xAI's merger into SpaceX."This is more AI Snake Oil from the Silicon Valley promoter class," he said. Chanos added that the annual cost of electr ...

Core Viewpoint - The film "Biao Ren: Wind Rises in the Desert" stands out in the competitive landscape of the Spring Festival, emphasizing the need for authentic martial arts cinema amidst the rise of AI-generated content [1] Group 1: Film Production and Techniques - The production team opted for traditional filming methods, spending 185 days on location in the Taklamakan Desert and constructing 20 temporary roads to achieve an authentic aesthetic [1] - The film features real stunts performed by actors, showcasing genuine martial arts skills, with Wu Jing's character demonstrating a variety of weapons and techniques [1] - Sound design was meticulously crafted in collaboration with a Hollywood sound team to capture the unique auditory experience of historical weaponry [1] Group 2: Cultural Significance and Audience Reception - "Biao Ren" reflects a collective dissatisfaction among generations of martial arts enthusiasts, aiming to revive the essence of traditional martial arts films [1] - The film has garnered a 7.5 rating on Douban, indicating a growing appreciation among audiences for authentic martial arts storytelling [1] - The narrative successfully balances traditional martial arts themes with modern interpretations, resonating with contemporary viewers through character development and moral dilemmas [1] Group 3: Industry Context and Trends - The martial arts film genre has faced a decline since 2011 due to audience fatigue and the prevalence of fantasy adaptations, making "Biao Ren" a significant entry in revitalizing the genre [1] - The film's success highlights a shift in audience preferences, with a desire for genuine, heartfelt storytelling over CGI-heavy productions [1] - The involvement of veteran filmmakers and actors signifies a commitment to preserving the cultural heritage of martial arts cinema [1]

Fox Business Alert. Forget sucking the energy out of the room. The AI data center boom is sucking the energy out of the electrical grid.Alphabet, Amazon, Meta, Microsoft, they are planning to spend more than $660 billion this year alone to realize their data center ambitions. And those data centers are huge energy gulpers. Well, now energy companies of all kind are reaching for some of that cash with both fists.Natural gas, nuclear, utility services, renewables. They are all in. The Williams company in a bi ...