综合业内多方观点来看，本轮不寻常的全球资产行情或受到多重结构性力量共同推动。 首先，全球流动性保持充裕，成为各类资产价格"起舞"的基石。 张大伟 制图 ◎记者 范子萌 尽管面临着全球经济增长放缓、地缘政治不确定性增强等"逆风"，今年以来，不管是美股、A股、日韩 及欧洲股市，还是债券、黄金，抑或是加密货币等资产，均呈现罕见的"齐涨"态势。 当下全球资产价格之高令人咋舌：美股三大股指近期频创历史新高，其中道指和纳指分别突破48000点 和24000点；日经225指数近日首次突破5万点，韩国综指则站上4200点，创历史最高纪录；金价虽从 4380美元/盎司的历史高点回落，依然在4000美元/盎司高位震荡…… 这种资产普涨的现象，已经打破了传统的"跷跷板"投资逻辑——即股票上涨时债券下跌，或风险资产上 涨时避险资产下跌的常规表现。个中不寻常令人深思：本轮行情背后的核心驱动力到底是什么？ 王运金表示，美元信用弱化，全球资产价值重新定价，叠加杠杆交易与动量策略放大了波动。在美国债 务危机、国际货币体系调整与去美元化加速等多重因素影响下，今年美元指数下跌近9%，全球央行和 私人部门同步减持美元敞口、增配其他计价资产，尤其是 ...

Core Insights - The article discusses insights from Andrej Karpathy, emphasizing that the transformation brought by AI will unfold over the next decade, with a focus on the concept of "ghosts" rather than traditional intelligence [5][16]. Group 1: AI Evolution and Cycles - AI development is described as "evolutionary," relying on the interplay of computing power, algorithms, data, and talent, which together mature over approximately ten years [8][9]. - Historical milestones in AI, such as the introduction of AlexNet in 2012 and the emergence of large language models in 2022, illustrate a decade-long cycle of significant breakthroughs [10][22]. - Each decade represents a period for humans to redefine their understanding of "intelligence," with past milestones marking the machine's ability to "see," "act," and now "think" [14][25]. Group 2: The Concept of "Ghosts" - Karpathy introduces the idea of AI as "ghosts," which are reflections of human knowledge and understanding rather than living entities [30][31]. - Unlike animals that evolve through natural selection, AI learns through imitation, relying on vast datasets and algorithms to simulate understanding without genuine experience [30][41]. - The notion of AI as a "ghost" suggests that it mirrors human thought processes, raising philosophical questions about the nature of intelligence and consciousness [35][36]. Group 3: Learning Mechanisms - Karpathy categorizes learning into three types: evolution, reinforcement learning, and pre-training, with AI primarily relying on pre-training, which lacks the depth of human learning [40][41]. - The fundamental flaw in AI learning is the absence of "will," as it learns passively without the motivations that drive human learning [42][43]. - The distinction between AI and true "intelligent agents" lies in the ability to self-question and reflect, which current AI systems do not possess [43][44]. Group 4: Memory and Self-Reflection - AI's memory is likened to a snapshot, lacking the continuity and emotional context of human memory, which is essential for self-awareness [45][46]. - Karpathy suggests that the evolution of AI towards becoming an intelligent agent may involve developing a self-referential memory system that allows for reflection and understanding of its actions [48][50]. - The potential for AI to simulate "reflection" marks a significant step towards the emergence of a new form of consciousness, where it begins to understand its own processes [49][50].

Core Insights - Intel is facing significant financial challenges and is attempting to navigate through capital operations, including a $2 billion investment from SoftBank, which has provided some relief amid consecutive quarterly losses [2][3] - The investment from SoftBank is part of Intel's long-term vision to accelerate its digital transformation and enhance its capabilities in cloud computing and next-generation infrastructure [3] - Intel's recent financial performance has been declining, with substantial losses reported, including a $16.6 billion loss in Q3 2024, attributed to restructuring and impairment costs [4][5] Financial Performance - Intel's revenue for Q2 2025 was $12.9 billion, showing no year-over-year growth, while the company reported a net loss of $2.9 billion [5] - The Altera business has been underperforming, with a revenue of $1.54 billion and an operating loss of $615 million in FY 2024 [5] - The company has been struggling with its foundry business, which reported a loss of $7 billion in 2023, highlighting the need for significant investment to remain competitive [6] Strategic Moves - Intel's recent capital moves include the sale of 51% of its Altera business to Silver Lake Partners for an estimated valuation of $8.75 billion, retaining 49% ownership [3] - The U.S. government is considering acquiring a 10% stake in Intel, potentially making it the largest shareholder, as part of efforts to support the semiconductor industry [3] - The company is contemplating the establishment of its foundry business as an independent subsidiary to better address the needs of U.S. manufacturing and compete with TSMC [6][8] Leadership and Future Direction - Since the appointment of CEO Chen Lifang, Intel has been focusing on its foundry strategy, emphasizing the need for financial discipline and competitive improvement [7] - There are internal disagreements regarding the future of the foundry business, with speculation about potential sales to other chip companies, although no confirmations have been made [7][8] - Analysts suggest that Intel is caught in a dilemma between maintaining an integrated design and manufacturing model like Samsung and a pure foundry model like TSMC, with no clear consensus on the best path forward [8]