Core Insights - Tuya Smart hosted "Tuya Developer Day" at CES 2026, focusing on the theme "Accelerating the Physical AI Era Together," gathering leaders from top tech companies to discuss AI advancements [1] Leadership Dialogue - Alex Yang, COO and CFO of Tuya, discussed the transition of AI from concepts to large-scale applications with representatives from Google Cloud and AWS, emphasizing insights on AI-native devices [2] - Praveen Rao from Google Cloud highlighted the evolution of multimodal capabilities in AI systems, indicating a shift from virtual applications to real-world integration, aiming for proactive AI services [3] - Danny Smith from AWS noted the development of enterprise-scale agentic AI with Tuya, which can process multidimensional data and make optimal decisions rapidly, enhancing business outcomes [3] Panel Discussion - Chuck Sabin from Bluetooth SIG emphasized the importance of connectivity as a driver of innovation, collaborating with Tuya to enhance interoperability across devices [4] - Jeff Platon from the Wi-Fi Alliance discussed how AI is transforming connectivity experiences, ensuring Wi-Fi remains a secure foundation for intelligent applications [4] - Jon Harros from the Connectivity Standards Alliance stressed the need for open standards and collaboration to foster secure, interoperable AI solutions, with Tuya playing a key role [4] - Colin Cureton from Silicon Labs pointed out the challenges of fragmentation in deploying AI-native systems, advocating for partnerships to create robust connectivity platforms [4] Keynote Presentations - Alex Yang presented on how AI is redefining life, focusing on creating intuitive experiences that integrate smart devices and services to enhance daily living [5] - Joe Sun, CEO of Robopoet, discussed emotional companion robots for Gen-Z, highlighting their ability to form deeper emotional connections through Tuya's technology [5] - Olivier Garreau from Wisdom Oasis AI emphasized AI's role in enhancing parent-infant interactions, showcasing Tuya's technology in understanding subtle needs [5] - The event showcased breakthroughs in AI technology, including multimodal perception and emotional companionship, with a commitment to advancing Physical AI through collaboration [5]

Core Insights - Both Skillsoft (SKIL) and Futu Holdings (FUTU) are technology-driven companies targeting niche growth markets, appealing to growth-focused investors [1] Group 1: Skillsoft (SKIL) - In Q3 fiscal 2026, SKIL experienced a 6% year-over-year decline in revenue, primarily due to an 18% drop in the Global Knowledge (GK) segment, which contributed nearly 22% to the top line [2][10] - The GK segment incurred a non-cash goodwill impairment loss of $20.8 million, leading to an adjusted net loss of $4.9 million, prompting management to consider strategic alternatives for this segment [3][6] - The Talent Development Solutions (TDS) segment saw a 2% year-over-year decline, but the company is optimistic about its AI-native roadmap, having signed its first four large enterprise customers [4] - SKIL's adjusted net income improved significantly, with an 83% sequential and 27% year-over-year growth, although the adjusted EBITDA margin decreased by 30 basis points sequentially and 160 basis points year-over-year [5] - Management's focus is shifting towards the digital subscription business, as indicated by the lack of revenue and adjusted EBITDA guidance for the GK segment [6] Group 2: Futu Holdings (FUTU) - In Q3 2025, FUTU reported an impressive 86.3% year-over-year revenue growth, driven by a 90.6% increase in brokerage commission and handling charge income, and a 79.2% rise in interest income [7][10] - The company achieved a 42.6% year-over-year growth in funded accounts and a 30.8% increase in brokerage accounts, with a total user growth of 16.8% year-over-year [8] - FUTU's client acquisition strategy has been successful, particularly in Hong Kong, contributing to a 79% year-over-year increase in total client assets and a 105% rise in trading volume [9] - The company is also experiencing significant growth in crypto trading, with a 161% sequential increase in trading volume and a 90% sequential surge in crypto assets [11] Group 3: Financial Estimates and Valuation - The Zacks Consensus Estimate for SKIL indicates year-over-year declines of 3.6% in sales and 3.7% in EPS for fiscal 2026, with one estimate increasing over the past 60 days [12] - In contrast, the Zacks Consensus Estimate for FUTU shows year-over-year surges of 60.2% in sales and 90.2% in EPS for 2025, with two estimates moving upward in the past 60 days [13] - SKIL is trading at a forward price-to-earnings ratio of 1.56, significantly lower than its 3-month median of 3.75, while FUTU's ratio is 15.46, below its 3-month median of 17.45, indicating that SKIL appears undervalued compared to FUTU [15] Group 4: Overall Verdict - Both SKIL and FUTU are emerging tech stocks with growth potential, with SKIL undergoing a structural pivot towards a lean AI-native digital subscription model, while FUTU benefits from customer base expansion and crypto market opportunities [17] - SKIL is considered a more compelling opportunity for growth-oriented investors due to its lower valuation compared to FUTU, with SKIL holding a Zacks Rank 1 (Strong Buy) and FUTU a Zacks Rank 2 (Buy) [18]

Core Insights - Refly.AI has secured millions in seed funding, achieving a valuation close to ten million, with investments from prominent firms like Jinsha River Ventures and Hillhouse Capital [1] - The company positions itself as a more accessible Vibe Workflow product, aiming to simplify workflow processes for non-technical users [2][4] Product Features - Vibe Workflow aims to lower the cost of building workflows significantly, allowing users to create workflows with simple natural language commands [5][8] - Each node in the workflow is designed as an agent, equipped with 2-3 tools, enabling dynamic and stable workflow management [5][8] - Internal testing indicates that one Refly.AI node can replace approximately 20 nodes in traditional workflow tools like n8n [5] User Experience - The platform simplifies user interactions by allowing all operations to be expressed in natural language, eliminating the need for technical knowledge [8] - Users can expect to achieve around 80% accuracy in content generation, which is deemed acceptable for many creative tasks [10][11] - The target user base includes individuals with experience in traditional workflow tools who find them complex and are seeking simpler alternatives [13] Market Positioning - Refly.AI focuses on content generation rather than precise automation tasks, catering to users in self-media and content creation [10][12] - The company aims to expand its user base significantly, targeting various sectors such as education and finance, while emphasizing the importance of user-generated data for future growth [14][20] Long-term Vision - The ultimate goal is to create a platform that can automate complex tasks through user behavior data, potentially achieving a form of AGI [21][59] - The company envisions a future where users can interact with AI seamlessly in their daily lives, executing tasks with high accuracy and personalization [58][59]

Core Viewpoint - The article discusses the innovative application of financial technology in the change quality management of core trading systems at Changjiang Securities, highlighting the transition from experience-driven to data-driven management through the implementation of an AI-native intelligent change quality management platform [2][37]. Group 1: Research Background - The core trading system is essential for securities companies, directly impacting market stability and investor rights, facing unprecedented operational pressures and change challenges due to market reforms and technological advancements [3]. - From 2014 to 2024, regulatory bodies issued 49 IT-related penalties to 33 securities firms, with 34 related to information security, indicating vulnerabilities in core trading systems [3]. - Strengthening change quality management in core trading systems is crucial for the digital transformation of the securities industry, with Changjiang Securities leading the exploration of financial technology applications in this area [3][4]. Group 2: Company Overview - Changjiang Securities, established in 1991 and listed in 2007, is a comprehensive financial service provider in China, offering a wide range of services including wealth management, investment banking, and asset management [4][5]. - The company operates a financial holding group structure with subsidiaries across various sectors, aiming to enhance its service model and drive business innovation [5][6]. Group 3: Technology Empowerment and System Construction - The company emphasizes the importance of robust and secure core systems, viewing change quality management as critical for business continuity and customer experience [7]. - In 2024, the company faced over 13,400 modification points in system upgrades, highlighting the inadequacy of traditional quality management methods reliant on manual experience [7][8]. Group 4: Research Findings - Traditional change quality management faces significant limitations in efficiency, precision, and coverage due to reliance on personal experience and lack of systematic support [8][9]. - The complexity of the core trading system, with millions of lines of code and thousands of interfaces, hampers efficient understanding and problem identification [10][11]. - Manual evaluation of numerous change points is insufficient for comprehensive risk assessment, leading to potential oversights [11][12]. Group 5: Intelligent Change Quality Management Solutions - Changjiang Securities developed an AI-native intelligent change quality management platform, integrating various technologies to enhance the entire change lifecycle [14][19]. - The platform includes a layered evaluation model, standardized management processes, and intelligent technology support to improve risk assessment and operational efficiency [15][17][19]. Group 6: Practical Outcomes and Value - The application of financial technology has led to significant improvements in change risk assessment accuracy, system stability, and operational efficiency [27][29]. - The automated and intelligent management of change processes has reduced implementation cycles by approximately one-third and testing time by 70% [30][31]. - The platform has enabled the creation of high-quality data assets from various system-generated data, driving business innovation and enhancing market competitiveness [32]. Group 7: Experience Summary and Outlook - The intelligent transformation of change quality management is a complex process involving technology, processes, and organizational culture, requiring continuous optimization and collaboration [33]. - Future efforts will focus on establishing a feedback loop for continuous improvement, enhancing human-machine collaboration, and promoting industry standards [34][36].

Financial Performance - GitLab's Q2 FY26 revenue reached $236 million, demonstrating a 29% year-over-year growth rate[7, 56] - The company achieved a 17% Non-GAAP operating margin in Q2 FY26[7, 56] - GitLab's Non-GAAP adjusted free cash flow margin was 20% in Q2 FY26, translating to $46 million in adjusted free cash flow[7, 56] - The dollar-based net retention rate was 121%[7] Customer Growth and ARR - GitLab has 10,338 base customers[7] - The number of customers with over $100K in ARR reached 1,344[7] - GitLab Dedicated accounts for $50 million of total ARR[26] Strategic Objectives - GitLab aims to acquire new customers through sales-led growth, focusing on first-order lands and module adoption[10, 12] - The company is accelerating customer value realization through sales excellence and faster value demonstration[18, 19] - GitLab is shifting towards depth-first innovation, investing in core DevOps, security, and AI growth levers[32] Product and AI - GitLab Ultimate contributes 53% of the company's total ARR[22] - 56% of startups joining the GitLab Startup Program in Q2 FY26 are AI companies[14] - Customer surveys indicate that 91% believe AI-native dev tools will increase their GitLab usage[43]

Core Viewpoint - Confluent, Inc. is under investigation for potential violations of federal securities laws following a significant drop in stock price after the release of its Q2 2025 financial results, which indicated a reduction in revenue growth due to a major client's shift towards self-management of data platforms [1][2]. Financial Performance - On July 30, 2025, Confluent reported its Q2 2025 financial results, highlighting that an AI-native customer is reducing its usage of Confluent Cloud, which is expected to dampen Q4 cloud revenue growth by low single digits [2]. - Following this announcement, Confluent's stock price fell by $8.67, or 32.8%, closing at $17.73 per share on July 31, 2025, resulting in financial losses for investors [2].

作者：张昊然，Motiff 妙多 Co-Founder、副总裁 编辑：Cage 曾被专业设计师看成"玩具"的生成式 UI，如今正在和 vibe coding 一起改写开发和设计工作流，需求- >代码->设计的新工作流开始出现。本文回溯了这场演变：从早期「拼乐高」式的模板化设计，到 Claude Sonnet 3.5 更新开始模型有了创造力、直接写出高美感和风格化的前端代码，到如今 AI 展现 出理解并遵循特定"设计系统"的能力。 AI 设计的表达力和风格多样性这两个维度上实现了跃迁式进步，让我们开始期待未来有 AI-native 的 设计编辑器，设计中的 70%+ 工作由 AI 完成，类似设计领域的 Cursor 甚至 Devin。设计师的价值不 再是操作设计工具进行构建，而是回归设计本身进行更多的思考、呈现更多的创意方案、推进更高 质量的决策。 本文是一篇读者投稿，来自 Motiff 妙多的 Cofounder 昊然。他基于这两年打造 AI-native 设计工具的 经验，对 AI+设计领域的未来可能性进行了推演，尤其是如何在模型能力的飞速进展下对业务方向 和技术路线作出决策。相信来自优秀读者朋友的实践和观 ...