十余年前，作为Facebook早期最具影响力的华人工程师之一，王淮Harry带着技术派的浪漫情怀，回国 成立了线性资本，从Day1就持续专注于科技早期投资。 当他在畅销书《打造Facebook》里拆解硅谷方法论时，AI还是一个被大多数人视为"疯子"才会谈论的科 幻词汇。但今天，无论你信与不信AI，它确实关乎到未来每个个体和种族的生存。 回顾2025年，线性持续在AI领域保持稳定的出手频次，投出了超过1亿美元的金额。 在AI的非线性加速度下，我们如何重新思考投资的逻辑？如何看待中美之间的科技竞争？当思考可以 被计算，判断可以被预测，那么属于人的价值又该退守到哪里？以下，是Harry的回答： 含华量100%与50%的中美AI战争 我们十年前就在提AI了，那个时候如果你说AI会成为未来垄断性的核心力量，大家都会觉得你疯了， 因为不管从技术还是商业上，都没有办法真正证明这一点。 但今天，无论你信与不信AI，它确实关系到我们未来个体和种族的生存。这个世界变化的速度，总是 超出最乐观者的预期。 我是工程师背景出身，博士就在学机器学习。但这新一波AI能力的体现，从ChatGPT 3.5落地到现在， 它的能力上限也一直在刷新 ...

Core Viewpoint - The article emphasizes the critical importance of adapting to AI technologies for survival and success in the evolving landscape of investment and business, highlighting the need for a shift in mindset and operational workflows to embrace AI fully [2][3][28]. Part 01: Competition Between the US and China - The article discusses the historical context of AI, noting that a decade ago, the potential of AI was often dismissed, but it is now recognized as essential for individual and collective survival [6]. - It identifies two key players in the AI landscape: the US, known for its innovative spirit and ability to create from scratch, and China, which excels in scaling and execution [7][8]. - The concept of "含华量" (Chinese by volume) is introduced, indicating a competitive dynamic where the US has a significant proportion of Chinese talent in AI, while China has a fully Chinese talent pool [10][11]. Part 02: Reevaluating Human Value - The article predicts that by 2030, 30% of current jobs will be replaced by AI, with further increases expected by 2040 and 2050, leading to a fundamental restructuring of the workforce [14]. - It argues that AI's ability to replicate creative processes challenges the notion of unique human value, prompting a reevaluation of what constitutes irreplaceable human contributions [15][16]. - The necessity of integrating AI into daily workflows is emphasized, with a call for individuals and organizations to adopt an "AI-first" approach to remain competitive [17]. Part 03: Distinguishing Between Types of Bubbles - The article differentiates between two types of market bubbles: "soap bubbles," which leave no value when they burst, and "beer bubbles," which enhance the experience of the underlying product [19]. - It acknowledges the current hype around AI but suggests that there are substantial underlying values in certain sectors, particularly in robotics and automation [20][21]. - The future of factories is envisioned as highly adaptable environments where robots can quickly switch tasks, driven by advancements in AI and supply chain efficiencies [21][22]. Part 04: Globalization in Transition - The article discusses the historical cycles of global leadership and suggests that the next few decades may see a shift in power dynamics, with a focus on the interplay between AI development and geopolitical changes [25][26]. - It highlights the importance of understanding and leveraging AI advancements in conjunction with global resource integration to create significant value [26]. - The article concludes with a call for entrepreneurs to adapt and innovate in the face of these changes, emphasizing the need for a mindset shift to thrive in a new era [27][28].

Core Insights - The article discusses Marc Benioff's controversial comments regarding public safety in San Francisco and the implications for his company, Salesforce, amidst a backdrop of political and media scrutiny [1][4][5]. Group 1: Public Safety and Political Context - Benioff has been a long-time advocate for public safety and has expressed concerns about police staffing levels in San Francisco, suggesting the National Guard could assist if necessary [1][6]. - His comments were interpreted as a shift towards conservative politics, which sparked significant media backlash and public debate [4][5]. - Following the controversy, Benioff clarified his stance, stating he does not believe the National Guard is needed for safety in San Francisco and emphasized the importance of community partnership [5][6]. Group 2: Economic Impact of Dreamforce - The Dreamforce event, hosted by Salesforce, attracts nearly 50,000 attendees and is expected to generate approximately $130 million in revenue for San Francisco, creating around 35,000 local jobs [7]. - The event serves as a platform for showcasing Salesforce's innovations, particularly in the field of agentic AI, which is gaining traction among major companies [11][12]. Group 3: Salesforce's AI Innovations - Salesforce is focusing on agentic AI, which allows for autonomous decision-making and complex workflow execution without constant human intervention, distinguishing it from traditional AI models [8][11]. - The company has seen significant adoption of its agentic AI technology, with over 12,000 customers utilizing it, leading to a 120% year-over-year growth in its Data and AI business segment, reaching $1.2 billion [13]. - Benioff has articulated a long-term vision for Salesforce to become an AI-first company, with a revenue target exceeding $60 billion by fiscal year 2030, indicating a 10% organic compounded annual growth rate [15][16]. Group 4: Market Performance and Perception - Despite the potential of its AI capabilities, Salesforce's stock has declined nearly 25% year-to-date, contrasting with gains seen by competitors like Microsoft and Oracle [9]. - The market's short-term focus has often overlooked the long-term vision and transformative potential of Salesforce's innovations, as highlighted during the Dreamforce event [10][16].

Group 1 - Fiverr announced a transformation to become an "AI-first" company, aiming for a leaner and faster operation with modern AI infrastructure and fewer management layers, resulting in 250 job losses [1] - Fiverr joins other tech companies like Duolingo, Klarna Group, and Shopify in rapidly adopting artificial intelligence as a core strategy [2] - The term "AI-first" is becoming a common rallying cry among companies, indicating a critical need to adapt to technological changes [3] Group 2 - A survey revealed that nearly half of professionals familiar with top company strategies have never heard the term "AI-first," indicating a lack of understanding in the industry [3] - While a third of respondents view AI-first companies as more innovative and efficient, there are concerns that such companies may feel less human and provide a less enjoyable customer experience [4] - The research, conducted by FutureBrand, involved over 3,000 informed professionals and will be part of the FutureBrand Index 2025 [5]

Financial Performance & Growth - Zoom's CFO highlights the company's AI-first vision, focus on innovation, growth acceleration, profitability, and shareholder value creation[20] - Zoom is experiencing accelerating growth driven by enterprise progress, online stabilization, product diversification, new routes to market, and AI monetization[47, 55] - Online revenue growth is stabilizing, moving from -8% to flat[59] - Enterprise revenue continues to drive growth, with implied revenue share increasing from 58% to 60%[65] - The number of customers contributing over $100k in TTM (Trailing Twelve Months) revenue is increasing, representing 32% of total revenue[69, 70] - Zoom maintains strong non-GAAP gross margins of approximately 79%, with a target of 80%[102] - Zoom's non-GAAP operating margin is around 39%[102] - Zoom has executed a $2.7 billion buyback program ahead of schedule, leading to a YoY dilution of -1.9%[103] Product Diversification & AI Innovation - Zoom is diversifying its product set, with Workplace, Phone, and ZCX & Workvivo experiencing growth[77] - Millions of users are actively using AI, with a 4x YoY increase in monthly active users (MAUs)[80, 123] - Zoom is evolving its AI capabilities with AI Companion 2.0, enhancing user capabilities and workflows[122]

Strategy - AI first 意味着从在产品中添加 AI 功能发展到通过 AI 视角重新思考如何规划、构建和交付价值 [4] - AI first 公司需要像初创公司一样的好奇心和敏捷性，同时具备企业般的纪律性，两者并行 [12] - 公司需要平衡当前客户需求和对未来 AI 投资之间的关系，避免过度关注一方而落后 [11] - 规划方式需要拥抱不确定性，学习和发现塑造前进的道路，目的地本身也会随着对可能性的了解而演变 [13] Ways of Working - 需要将发现过程视为可重复的、有意的过程，在规划周期中构建用于实验、黑客马拉松和学习的时间 [19][20] - 将流程视为产品，根据结果评估其有效性，如果流程不能提高方向的清晰度、帮助团队或加速决策，则需要迭代或完全删除 [23] - 从速度转向智能速度，意味着培养有目的地快速行动的能力，在清晰、动力和适应性中工作 [25] People - 成为 AI first 公司主要是一种文化转型，需要重新思考在 AI 时代优秀人才的定义，不仅在 AI 团队中，而且在整个公司中 [26][27] - 投资于 T 型人才，即拥有深厚专业知识，同时可以扩展宽度、快速原型设计、跨部门流畅协作并实现端到端系统的人才 [29] - 需要在整个组织内建立 AI 流利度，让每个团队都感到有能力理解 AI，并有足够的信心使用 AI 进行构建 [33][34]

Core Viewpoint - Duolingo's recent shift to an "AI-first" strategy has sparked significant backlash from users, leading to a wave of cancellations and negative sentiment on social media, despite the company reporting strong financial growth. Group 1: Company Strategy and Actions - Duolingo announced its transition to an "AI-first" strategy, aiming to replace contractors with AI for tasks that can be automated, which has led to user outrage and a decline in app engagement [5][11][19] - The company has already laid off about 10% of its contractors, primarily affecting translation and content creation roles, as part of this strategy [10][23] - Following the backlash, Duolingo attempted to divert attention by clearing its social media accounts, creating a sense of mystery around its actions [7][21] Group 2: User Reactions and Market Impact - Users expressed their dissatisfaction through social media, with many deleting the app and sharing their experiences, including a notable video that garnered over 5 million views [13][16] - Despite the negative feedback, Duolingo's latest financial report showed a 38% year-over-year revenue increase, with paid subscribers reaching 10.3 million, a 40% growth [21][22] - The company's daily active users increased by nearly 50%, indicating that while there is user discontent, the overall user base may still be growing [21] Group 3: AI Integration and Content Quality - The integration of AI has reportedly increased course development speed by tenfold, allowing for the rapid creation of new language courses [22] - However, concerns have been raised about the quality of AI-generated content, with former content creators noting that AI lacks the creativity and cultural context that human instructors provide [25][27] - The shift to AI has also led to a slight decline in gross margin, from 73% in 2023 to 71.9% in Q4 2024, attributed to the costs associated with AI operations [23]

Core Viewpoint - Duolingo's recent shift to an "AI-first" strategy has sparked significant backlash from users, leading to a marketing maneuver that involved clearing social media accounts to divert attention from the negative feedback regarding the replacement of human workers with AI [5][10][12]. Group 1: AI Transition and User Reaction - The transition to an "AI-first" strategy was officially announced by CEO Luis von Ahn in April 2025, which included plans to gradually replace contractors with AI for tasks that can be automated [10][12]. - Following the announcement, there was a notable increase in user dissatisfaction, with many users expressing their frustration on social media and even canceling subscriptions, leading to a wave of negative sentiment [12][13]. - Duolingo's attempt to create intrigue by clearing its social media accounts was seen as a strategy to shift focus away from the backlash against its AI transition [8][14]. Group 2: Financial Performance and Growth - Despite the backlash, Duolingo reported strong financial results, with Q1 2025 revenue reaching $230.7 million, a 38% year-over-year increase, and paid subscribers exceeding 10 million, up 40% [18][19]. - The company has significantly improved content production efficiency, claiming a tenfold increase in course development speed due to AI integration [19][20]. - However, while revenue has increased, the gross margin has slightly declined from 73% in 2023 to 71.9% in Q4 2024, attributed to the costs associated with AI operations [21]. Group 3: Quality of AI-Generated Content - Concerns have been raised regarding the quality of AI-generated content, with former content creators noting that AI lacks the ability to create engaging and culturally relevant learning materials [21][22]. - The narrative that AI is merely "empowering" rather than replacing human workers has been challenged, as the company's policies indicate that only non-automatable tasks will see an increase in human staffing [22][24]. - The broader implications of this shift highlight a tension between technological advancement and the human elements of language learning, which are essential for cultural understanding and connection [21][24].

Core Viewpoint - Duolingo has established an "AI-first" strategy from its inception, focusing on leveraging AI technologies to enhance personalized education and content creation efficiency, rather than being a reactive transformation to current trends [3][7]. Group 1: Duolingo's AI Practices - Duolingo's core vision is to provide the best education globally, believing that technology can democratize access to high-quality education [7]. - The company has utilized machine learning since 2016 for personalized learning, significantly improving learning efficiency through adaptive testing and algorithms [8]. - AI has drastically increased content creation efficiency, with 148 new courses developed in one year after AI implementation, compared to 100 courses over 12 years previously [8][9]. - AI is also used in product features like "Video Call with Lily," allowing users to engage in personalized conversations, enhancing the learning experience [10]. Group 2: Early Lessons - Duolingo initially hesitated in commercializing its product, delaying the implementation of a monetization strategy for too long, which could have been initiated two years earlier [22][23]. - The company faced challenges in hiring experienced management early on, relying too heavily on recent graduates, which led to operational inefficiencies [26]. Group 3: Key Weapons for User Growth - Duolingo's success is attributed to a culture of extensive A/B testing, leading to continuous improvements in user retention and engagement [33]. - The decision to consolidate various educational content into a "Super App" rather than creating separate applications has streamlined user experience and engagement [32]. Group 4: Team Culture - The strong working relationship between the founders, established through prior collaboration, has been crucial for effective decision-making and conflict resolution [36]. - The CEO remains highly involved in product development, which is relatively uncommon in companies of Duolingo's size, ensuring alignment with the company's vision [37].

Q1 2025 EARNINGS PRESENTATION May 8, 2025 | 1 Legal Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including statements about DraftKings Inc. ("DraftKings", the "Company", "we", "us" and "our") and its industry that involve substantial risks and uncertainties. All statements, other than statements of historical fact, cont ...