如何定义Steam？ 不同视角下的数据，会导向迥异的答案。根据今年8月Valve业务发展负责人Erik Peterson在科隆展上披露的信息，5年来，Steam平台的同时在线用户量由 2020年的2000万增长到如今的4000 万以上，游戏内同时在线用户数峰值也突破了1200万。 同时，2024年Steam的游戏发行收入也创下历史新高，多达224部游戏在这里拿下了百万美元以上的营收。不夸张地说，这一平台的影响力、渗透率和商业 号召力仍在飙升，哪怕它早已是全世界PC游戏市场中最庞大的分销枢纽。 但在另一些人眼中，这种"庞大"本身也蕴含着隐忧。 不久前，来自PC游戏分发平台ROKKY的白皮书《PC游戏分发现状（The State of PC Game Distribution）》，就用一连串独立调研数据昭示了行业内的普 遍焦虑。今年5月，Atomik Research对英美背景的306位游戏从业者开展访谈，受访者大多来自50人以上规模的游戏工作室，其中四分之三身处管理层岗 位。 报告指出，Steam营收已经占到了大多数游戏工作室收入总量的75%以上，超过半数的开发者承认团队对 Steam"过度依赖"。并且，这些信 ...

Market Overview - US stock indices opened significantly lower, with the Dow Jones down 0.78%, Nasdaq down 1.42%, and S&P 500 down 1.07% as concerns over persistent inflation led to a drop in the probability of a Federal Reserve rate cut in December falling below 50% for the first time [1] Company News - **Applied Materials**: Despite reporting Q4 earnings and Q1 guidance that exceeded expectations, the company's stock fell over 7% due to concerns that US export restrictions could lead to a $600 million revenue decrease by 2026 from its business in China [1][2] - **Google**: The company announced plans to appeal the European Commission's antitrust ruling, which included a €2.95 billion ($3.4 billion) fine. Google rejected the Commission's request to split parts of its business, stemming from a four-year investigation into its advertising practices [1][3] - **Cidara Therapeutics**: The company saw its stock surge over 105% in pre-market trading after Merck announced a cash acquisition offer of $221.50 per share, valuing the deal at approximately $9.2 billion [1][4]

Core Points - The court is currently evaluating a motion to dismiss an antitrust lawsuit filed by Artuso Pastry against several major paper and packaging companies, including Cascades, Georgia-Pacific, and Graphic Packaging International, among others [4][5][6] - The dismissal of Smurfit Westrock and Georgia-Pacific was made without prejudice, allowing for the possibility of their re-involvement if new evidence arises [2][9] - The plaintiff's claims center around allegations of a price-fixing conspiracy among the defendants, but the court has indicated that the plaintiff has not provided sufficient evidence to support these claims [6][10][11] Group 1: Legal Proceedings - The defendants filed a motion to dismiss the case on the grounds of "failure to state a claim," indicating that even if some facts are true, they do not establish a legal claim [5][6] - Artuso Pastry's responses to the motions to dismiss are due in December, with defendants having until January to submit reply briefs [4] Group 2: Company Involvement - Smurfit Westrock was included as a defendant in the lawsuit, alongside predecessor companies that merged in July 2024 [3] - The case also lists multiple entities from Cascades as defendants, including Cascades Inc., Cascades USA Inc., and Cascades Holding US [3] Group 3: Antitrust Allegations - The lawsuit alleges that the defendants created a cartel for corrugated materials, but the court has noted that the plaintiff must provide more substantial evidence of collusion [6][7] - The plaintiff's ability to prove standing is questioned, as it must demonstrate direct injury from the alleged anticompetitive conduct [8][9] Group 4: Specific Company Defenses - Packaging Corporation of America (PCA) argues that the plaintiff's claims are insufficient, citing a lack of evidence for conspiracy and its own capacity expansion during the alleged price increases [10][11] - Pratt Industries similarly contends that its actions, including increased output and new facility openings, contradict the notion of participation in a price-fixing conspiracy [11][12]

Core Viewpoint - Penske Media has filed an antitrust lawsuit against Google, claiming that the "AI Overview" feature at the top of search results illegally utilizes the company's reporting content, leading to significant financial impacts [1] Financial Impact - Since the end of 2024, Penske Media has reported a revenue decline of over one-third from online shopping affiliate links due to reduced traffic caused by Google [1]

Core Viewpoint - Major US tech giants are actively seeking to strengthen their relationship with President Trump to gain policy benefits, particularly in the realm of artificial intelligence and investment commitments [2][3]. Group 1: Support for Trump - Several tech CEOs, including Satya Nadella (Microsoft), Sam Altman (OpenAI), Sundar Pichai (Google), Tim Cook (Apple), and Mark Zuckerberg (Meta), expressed their support for Trump during a White House event, emphasizing their commitment to investing in the US [2][6]. - Cook highlighted Apple's investment commitment of $600 billion in the US and praised the current administration for creating a favorable environment for business and innovation [6]. Group 2: AI Education Initiatives - The event included discussions on an AI education initiative led by First Lady Melania Trump, aimed at fostering interest in AI among students and educators from K-12 [6][7]. - Microsoft announced plans to provide free access to its Copilot AI tool for US college students and pledged $4 billion in cash and AI services over the next five years to support this initiative [7]. - Google plans to invest $1 billion in AI education over the next three years, aligning with Melania Trump's initiative [9]. Group 3: Political Lobbying and Funding - Tech companies are increasingly engaging in political lobbying to seek support for regulatory relief and public subsidies, with OpenAI spending approximately $620,000 on lobbying in Q2 alone [12][13]. - A significant investment of $100 million is planned by Silicon Valley to fund organizations opposing AI regulation ahead of the midterm elections [13][14]. - Meta has established its own political action committee in California to oppose state-level AI regulations, planning to invest tens of millions in the upcoming gubernatorial election [14].

Core Viewpoint - Google's stock surged over 7% in after-hours trading, reaching $226.899 following a court ruling that mandates the company to share data with competitors to enhance competition in the online search market [1] Group 1: Legal Developments - A Washington judge ruled that Google must share data with competitors, which is aimed at increasing competition in the online search market [1] - The judge dismissed the request from prosecutors for Google to sell its Chrome browser, and Google is not required to divest its Android operating system [1] - Google is set to face another lawsuit from the U.S. Department of Justice in September, where a judge has already determined that Google holds an illegal monopoly in the online advertising technology sector, with remedies to be decided at that time [1] Group 2: Broader Context - The lawsuits against Google are part of a broader bipartisan crackdown on large tech companies that began during President Trump's first term, which also includes actions against Meta Platforms, Amazon, and Apple [1]

Group 1 - Perplexity AI, a startup based in San Francisco, has made a $34.5 billion offer to acquire Google's Chrome web browser, significantly higher than its own valuation of approximately $18 billion [1] - The acquisition proposal aims to place Chrome under the management of an independent operator focused on sustainability, openness, and consumer protection [1] - Google is currently facing antitrust litigation, with a court ruling last year determining that Google holds an illegal monopoly in the online search sector, leading to calls for the divestiture of the Chrome browser [1] Group 2 - Analysts from Baird Equity Research believe that the $34.5 billion offer undervalues the Chrome browser and is unlikely to be taken seriously [1] - The acquisition bid may be intended to stimulate interest from other potential bidders or to influence the upcoming antitrust ruling [1] - Google's attorney stated that over 80% of Chrome's users are located outside the United States, indicating that a divestiture would have widespread global implications [2]

Core Viewpoint - Alphabet's Q2 earnings exceeded market expectations, driven by strong growth in cloud services and search advertising, but raised concerns about profitability due to increased capital expenditures for 2025 [1][2][11]. Financial Highlights - Revenue: Alphabet reported Q2 revenue of $96.43 billion, a 14% year-over-year increase, surpassing analyst expectations of $93.97 billion [3]. - Adjusted Revenue: The adjusted revenue, excluding partner payouts, was $81.7 billion, exceeding the average analyst forecast of $79.6 billion [3]. - Earnings Per Share: Q2 earnings per share were $2.31, a 22% increase year-over-year, higher than the expected $2.18 [4]. Business Segment Performance - Google Cloud Revenue: The cloud segment generated $13.6 billion in Q2, a 32% year-over-year increase, exceeding market expectations of $13.1 billion [6]. - Advertising Revenue: Total advertising revenue reached $71.3 billion, a 10.4% increase year-over-year, with search revenue at $54.1 billion, up 11.7% [7][19]. Capital Expenditure Plans - Capital Expenditure Increase: The company raised its 2025 capital expenditure forecast to $85 billion, up from the previous estimate of $75 billion, indicating a 13% increase [10][11]. - Future Projections: Capital expenditures are expected to continue increasing in 2026 [11]. AI Investment and Competition - AI Development: Alphabet has invested billions in AI development, focusing on building new data centers to support AI models [12]. - Talent Acquisition: The company is committed to investing in top talent to maintain its competitive edge in AI, including a recent acquisition of AI startup Windsurf for $2.4 billion [15]. - Competitive Landscape: Competitors like Meta are aggressively recruiting AI talent, intensifying the competition in the AI space [16]. Market Reactions - Stock Performance: Following the earnings report, Alphabet's stock initially dropped by 2.8% in after-hours trading but later rebounded, showing a peak increase of 3.4% [1][9]. Regulatory Concerns - Antitrust Litigation: Investors are concerned about ongoing antitrust lawsuits that could impact Google's market dominance, with a ruling expected next month [21][23].

Core Insights - Meta Platforms reported a 16% year-over-year revenue increase, reaching $42.3 billion, exceeding expectations and boosting shares by 4% in after-hours trading [1][2] - Earnings per share were $6.43, significantly higher than the consensus estimate of $5.22, with revenue expectations set at $41.4 billion [2] - Daily active users across Facebook, Instagram, and WhatsApp grew by 6% compared to the previous year [2] Industry Context - Meta is among the first tech giants to report earnings amid global economic turbulence, with mixed results from other companies like Alphabet, Spotify, and Snap Inc. indicating uncertainty in operations for the upcoming quarters [3] - The earnings release occurs during a sensitive period for Meta, as the Federal Trade Commission has filed an antitrust lawsuit seeking to separate Instagram and WhatsApp from the company [4]