路透社近日披露，一份来自美国国务院的内部电报显示，美国政府已经对其派驻全球的外交人员下令，让他们行动起来，游说所在国家不 要出台限制美国科技公司的数据主权法。 但在欧盟等都在出台法规，加强公民隐私保护和数据安全的趋势下，美方的做法或将挑起新一轮纠纷。 据路透社介绍，这份美国国务院的内部电报是于今年2月18日由美国国务卿鲁比奥签发的。这份电报一方面将其他国家出于保护本国公民隐 私和数据安全的立法贬低为"不必要且负担过重的监管规定"，另一方面则给自己戴高帽，称美国政府反对这些立法是为了鼓励"创新"和保 护"自由"。 该电报还特别要求美国派驻世界各国的外交官"行动起来"，"抵制"诸如数据本地化存储等限制数据跨境的法律。 然而，美国的这番做法却与世界各国越来越看重数据主权的大趋势相悖。 审核 | 卢长银 更何况，美国政府在这件事上其实是非常双标的。此前，美国政府就要求一款在美运营的社交平台把美国的用户数据存储在位于美国本土 的云计算基础设施，从而实现数据本地化。 实际上，欧盟方面之所以越发重视数据安全，其中一个原因亦是美国的双标。美方近些年一边对欧盟采取贸易保护主义措施，另一方面却 打着"自由"的旗号支持欧洲的极右翼 ...

Core Viewpoint - The article argues that Elon Musk, with his vast wealth and influence, poses a significant challenge to China, more so than any U.S. president, due to his control over critical technologies and industries that could reshape global order [1][3]. Group 1: Musk's Wealth and Influence - Musk's recent merger of xAI and SpaceX resulted in a valuation of $1.25 trillion, making him the first individual to surpass $800 billion in wealth [3]. - Musk's portfolio includes significant stakes in Tesla and other ventures, positioning him as a key player in the future of technology and capital [3][5]. Group 2: Strategic Industries and Technologies - Musk's companies are not limited to automotive and aerospace; they encompass AI, space communication, and low-orbit internet, which are pivotal for global order [5][20]. - Tesla's Shanghai factory is projected to deliver 916,000 vehicles in 2024, accounting for half of global deliveries, while also collecting over 3 billion kilometers of autonomous driving data in China [7][9]. Group 3: National Security Implications - The Starlink project, initially aimed at providing internet access to remote areas, has deployed thousands of satellites that could potentially be used for military purposes, raising concerns about data sovereignty and security [9][11]. - Musk's xAI aims to integrate AI into various applications, creating a closed-loop ecosystem that could dominate standards and control key technologies, posing a challenge for Chinese companies [11][18]. Group 4: China's Response and Opportunities - The article suggests that Musk's presence in China has stimulated local innovation, exemplified by the rapid development of the electric vehicle supply chain [13][15]. - Despite challenges, Chinese companies are adapting and developing their own low-orbit satellite systems and AI capabilities, indicating a competitive response to Musk's influence [16][22]. Group 5: Future Competition Dynamics - The competition between Musk's enterprises and Chinese firms will not only be about market share but also about defining technological standards and controlling communication channels [20][22]. - The article emphasizes the need for China to recognize the new logic of cross-industry competition and to make breakthroughs in multiple fields to effectively respond to Musk's influence [22].

Group 1: Market Performance - US stock indices opened higher, with Nasdaq up 0.76%, Dow Jones up 0.41%, and S&P 500 up 0.62% [1] - Storage stocks rebounded, with Micron Technology rising over 6%, SanDisk over 6%, and Western Digital over 4% [1] - Ride-sharing company Lyft fell over 15% as its Q4 2025 revenue did not meet market expectations [1] Group 2: Company News - Capgemini announced a strategic partnership with Microsoft to launch a managed cloud service model focused on data sovereignty, compliance, and business continuity [2] - Google received EU approval for its $32 billion acquisition of cybersecurity startup Wiz, aimed at enhancing its cloud computing and cybersecurity capabilities [3] - European automotive battery company ACC has suspended plans to build battery super factories in Italy and Germany due to lower-than-expected demand for electric vehicles [4] - TotalEnergies reported a Q4 adjusted net profit of $3.84 billion, exceeding market expectations, with production at 2.55 million barrels of oil equivalent per day [5] - NetEase reported a Q4 revenue of 27.5 billion yuan and an annual revenue of 112.6 billion yuan, with an annual operating profit of 35.8 billion yuan, a 21% year-on-year increase [6] - Omdia reported that Alibaba Cloud's market share in China increased to 36% in Q3 2025, driven by growing demand for AI in cloud infrastructure [7] - QuestMobile reported that Qianwen's daily active users reached 73.52 million, surpassing Yuanbao's 18.28 million and approaching Doubao's 78.71 million [8] - Bombardier announced an order for 40 Challenger 3500 business jets valued at $1.18 billion, with an option for an additional 120 aircraft [9]

微软高管曾公开表示，抓取互联网内容训练AI属于"合理使用"。这种数据殖民主义思维，揭示了技术巨 头对数据主权的漠视。企业投入大量资源积累的数据资产，可能正成为他人模型的养料。 赛凡企业云盘为企业建立完全自主的AI运行环境。所有数据从生成、存储到处理全程留在企业内部， 彻底杜绝敏感信息外泄风险。 硬件一体化设计让部署变得简单。根据模型规模需求，赛凡提供从单卡RTX 4090到多卡A100/H100的完 整解决方案。企业无需担心复杂的硬件兼容性问题，真正实现开箱即用。 DeepSeek在企业内部的深度集成，展现出强大潜力。一家金融机构部署后，风控模型准确率提升11%， 而所有数据始终在合规边界内流动。 物理层面，数据存储在企业自有机房，从根源确保控制权。相比公有云无法知晓数据具体位置的情况， 私有云提供完全透明性。 当AI开始阅读你的合同、分析你的客户数据、处理你的财务报告时，你是否想过这些敏感信息正在"离 家出走"？ AI时代的数据主权危机正在悄然蔓延。许多企业为提升效率而拥抱AI，却无意中将核心数据暴露于第 三方平台。员工将销售合同粘贴至公共AI界面，财务数据通过API传输至云端，研发图纸被上传至在线 模型— ...

【导读】硅谷新英雄OpenClaw之父豪言：本地AI智能体将灭掉80%App，人类从此只需「许下愿望」，世界自动为你运转！OpenClaw更是开启万亿美 元应用新场景，社交套利从未如此简单！ 这些天，硅谷正在经历一场前所未有的疯狂。 OpenClaw之父，已经成为硅谷英雄——继互联网之后，他开启了文明层级的又一次范式转移。 所有人类，正在站在被智能体接管的奇点前夜。 而且，如果还没有用OpenClaw赚钱，你就out了。 最近，已经有开发者仅投入2万美元，就实现了4000万美元净资产的积累。 许多人说，这就是OpenClaw的「十亿美元级应用场景」！ 一个人干翻所有大厂，2万美元撬动4000万？ 刚刚，OpenClaw之父上了YC访谈，揭秘了OpenClaw这个爆款AI背后的顿悟时刻。 他放下豪言：本地优先智能体，将「杀死」当今80%的应用；个人智能体，会彻底重塑软件的未来！ 最近，一个「2万美元变4000万美元」的例子，在全网疯传。 一个普通人用TikTok+OpenClaw，把华尔街按在地上摩擦。 TikTok上，一条视频突然爆了——一个女孩举着星巴克的粉色星星杯，声音都快破音了：「全城断货！真的买不到了 ...

Group 1 - The core agreement involves a consortium led by Abu Dhabi's G42, along with Vietnam's FPT Group and Viet Thai Group, to develop sovereign artificial intelligence and cloud infrastructure in Vietnam [1] - The framework agreement outlines a planned investment of $1 billion to deploy cloud computing capabilities across three data centers in Vietnam, aimed at supporting the construction of an "AI-native society" and ensuring data sovereignty [1] - Additionally, there are plans to build a massive data center in Ho Chi Minh City, valued at $2 billion [1]

Financial Data and Key Metrics Changes - The company reported revenue of $3.9 billion for the third quarter, reflecting a 3% increase year-over-year on a reported basis, unchanged in constant currency [15][16] - Adjusted EBITDA decreased by 1% year-over-year to $696 million, while Adjusted Pre-Tax Income grew by 5% year-over-year to $168 million [16][18] - Free cash flow generated in the third quarter was $217 million, with a net CapEx of $210 million [18][19] Business Line Data and Key Metrics Changes - Kyndryl Consult experienced a strong performance with a 20% year-over-year growth in constant currency, now representing 25% of total revenue [15][16] - Hyperscaler-related revenue reached $500 million in the third quarter, marking a 58% increase year-over-year, exceeding initial growth expectations [17] - The company signed contracts totaling $3.9 billion in the quarter, with a trailing 12-month revenue book-to-bill ratio remaining above 1.0 [5][16] Market Data and Key Metrics Changes - The company noted a slowdown in attrition rates, particularly in strategic markets and the UK, which has led to increased local hiring costs [31][32] - The evolving partnership with IBM has resulted in a significant reduction in annualized spend from nearly $4 billion to approximately $2 billion, impacting revenue growth [9][58] Company Strategy and Development Direction - The company is focused on expanding its capabilities in AI and private cloud services, responding to increased demand driven by data sovereignty and security requirements [12][66] - The strategic direction emphasizes the importance of long-term customer relationships and adapting to changing market dynamics [13][66] - The company aims to achieve fiscal 2028 targets, projecting approximately $1.1 billion in Adjusted Pre-Tax Income and over $1 billion in adjusted free cash flow [14][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that longer sales cycles and evolving customer consumption models are impacting revenue expectations [24][28] - The company remains confident in its growth strategy despite current challenges, emphasizing the importance of adapting to industry disruptions caused by AI and regulatory changes [7][39] - Management reiterated that they do not expect a restatement of financial statements despite ongoing SEC reviews [25][36] Other Important Information - The company has repurchased 3.7 million shares in the quarter, representing 1.6% of outstanding shares, as part of its capital allocation strategy [18][19] - The financial position remains strong with a cash balance of $1.35 billion and a net leverage ratio of 0.7x Adjusted EBITDA [20][21] Q&A Session Summary Question: Outlook and Revision Factors - Analysts inquired about the reasons behind the revised outlook, focusing on sales cycle delays and the evolving IBM partnership [27][28] - Management explained that the sales cycles have lengthened due to market dynamics and regulatory discussions, impacting growth expectations [28][29] Question: Strategic Market Changes - Questions were raised regarding changes in strategic markets, particularly in the UK, and the associated costs and benefits [30][31] - Management indicated that investments in local markets are necessary but may take time to yield results [31][32] Question: Free Cash Flow and Working Capital - Analysts sought clarification on the factors affecting free cash flow projections, particularly in relation to pre-tax income revisions [49][50] - Management confirmed that the primary driver of the change in free cash flow guidance is linked to the revision in pre-tax income [50] Question: Confidence in Fiscal 2028 Targets - Questions were posed about the building blocks supporting confidence in achieving fiscal 2028 targets despite current shortfalls [56][57] - Management highlighted the importance of cash flow growth, profitability improvements, and the shift towards higher-margin contracts as key factors [58][59]

Core Viewpoint - The Chinese AI unicorn attempted to relocate to Silicon Valley through a shell company in Singapore, but was halted by the Ministry of Commerce, resulting in the collapse of a $14 billion acquisition deal [1][3]. Group 1: Acquisition Attempt and Regulatory Response - The Ministry of Commerce intervened decisively, indicating that the acquisition was not just a commercial dispute but a significant regulatory issue [3][12]. - The Manus team believed that relocating their headquarters to Singapore would allow them to sever ties with China, but this was a miscalculation in the face of regulatory scrutiny [3][10]. - The acquisition was complicated by the requirement from Silicon Valley venture capital firm Benchmark, which demanded a complete separation from Chinese identity for a $75 million investment [5]. Group 2: Data and Technology Ownership - The core technology and data were developed in China, making it impossible to change the "nationality" of the technology, as it is considered "deemed export" under Chinese law [16][20]. - The Ministry of Commerce's assessment focused on whether data was being illegally exported and whether technology was being transferred without compliance [20][22]. - The case highlights the importance of data sovereignty and the principle of technology origin, which cannot be circumvented by merely changing the company's registration location [24][26]. Group 3: Implications for the Industry - The incident serves as a warning to venture capitalists that the previous model of investing in projects with the intent to sell to foreign entities is no longer viable, especially for projects involving core technology and significant data [36]. - The era of opportunistic arbitrage is over, and companies must choose between "dollar capital" and the "Chinese market," leading to a dilemma that will become the norm [38]. - The Ministry of Commerce's swift action demonstrates a commitment to protecting national interests and enforcing compliance with regulations, signaling a shift in how international acquisitions involving Chinese technology will be handled [30][34].

来源：张学昆观世界 TikTok 日前，TikTok公司正式官宣，中美双方已经正式达成协议，成立全新的美国版TikTok，这场长达6年的 中美纷争，终于落下了帷幕。消息一出，特朗普就在社交媒体上高调发文，罕见感谢中国，称中国在可 以"为难美国"的选项中选择了成全，他非常"感激"。 按照协议内容，美国将成立"TikTok美国数据安全合资有限责任公司"。甲骨文、银湖等为首的美国及全 球投资者持有该公司约80%的股份，而中国母公司字节跳动保留约20%的股份。该公司的主要任务，就 是确保用户数据存储在美国境内，保证所谓的"国家安全"。 从国际社会的博弈逻辑来看，这场协议的达成，也是中美双方"务实妥协"的结果，并非单方面的让步。 对中国来说，协议的达成保住了中资企业的核心利益，避免了彻底剥离和出售其美国业务。更重要的 是，作为应用灵魂的算法，并非被强制"交出"或"没收"，而是通过"知识产权使用权授权"的方式进入新 公司。 对美国来说，它实现了"数据主权"和"运营控制"的目标。通过将多数股权和运营权让渡给美国认可的实 体，保住了TikTok带来的巨大经济利益，同时将TikTok从"外国对手控制的应用"这一政治定义中剥离出 ...

历时五年拉锯战，牵动全球2亿用户的TikTok美国命运终于尘埃落定！字节跳动正式官宣与甲骨文、银 湖资本等签署协议，成立TikTok美国数据安全合资公司，这场横跨两届美国政府、一度面临"不卖就 禁"的博弈，以一种"中国式智慧"的方案完美收官。 颠覆性架构："赚钱"与"合规"彻底分家 这份被业内称为"云上得州"的协议，藏着最精妙的平衡术。TikTok美国业务被拆分为两大主体：字节 100%控股的商业公司，牢牢掌控电商、广告等核心盈利板块，继续收割美国市场的真金白银；而新成 立的合资公司则专门负责数据存储、内容审核等合规事务，美国用户数据将全部迁移至甲骨文本地数据 中心，完全满足美方"数据主权"要求。 股权结构上更是暗藏玄机：字节仅保留19.9%股份，虽为最大单一股东，但让渡了多数股权给美国及中 东投资方，7人董事会以美国公民为主导。这种设计看似"退让"，实则将合规风险完全剥离——未来即 便出现数据安全争议，责任也与字节无关，由美方指定投资方承担 。复旦大学沈丁立教授点破关 键："这是中美'共同赚钱'的合作模式，从根本上堵住了美方后续'加价'的可能。" 在这场博弈中，字节跳动守住了最核心的生命线——算法知识产权。 ...