Nasdaq tipped to lead gains ahead of Nvidia and Salesforce earnings Proactive uses images sourced from Shutterstock US stocks are set to continue to rebound on Wednesday, after Donald Trump's State of the Union speech last night and ahead of key earnings from Nvidia and Salesforce this evening. Nasdaq futures were in the lead ahead of the open, up 0.5%, while those for the Dow Jones and S&P 500 were both up 0.3%. Wall Street staged a broad-based recovery in the previous session, led by gains for small ...

格隆汇2月25日｜摩根士丹利策略师表示，由人工智能颠覆性影响担忧引发的跨行业过度抛售，为选股 者创造了机会。投资者应当寻找那些"人工智能老牌企业"、增长强劲的企业以及高质量的公司，以利用 价格优势以及AI技术应用的普及所带来的市场动力。包括安德鲁·帕克尔在内的策略师表示，对于拥有 强大定价权的AI应用者而言，其投资理由愈发坚实。短期内人工智能的广泛应用有助于抵消受影响领 域以及整个市场所面临的长期变革带来的担忧。软件业是投资者恐慌情绪冲击最严重的行业之一，市场 似乎已假定现有企业无法利用人工智能创新。但相反的是，策略师们认为人工智能正在扩大企业软件的 可触达市场，微软、Intuit和Atlassian等公司出现了"有吸引力的切入点"。 ...

美国企业刚刚交出了近年来最强劲的一份财报季答卷，但美国股市并未随之起舞，强劲的盈利表现与低迷的市场走势形成了显著的脱钩。 据彭博报道，标普500指数成分股公司第四季度的盈利增长了13%，比预期高出近6个百分点。然而，在以摩根大通和沃尔玛公司发布财报为起止 的六周时间里，标普500指数却下跌了1.7%，追平了过去10个季度财报季期间的最差表现。 人工智能引发的"恐慌交易"、全球地缘政治风险以及对私募信贷的担忧，共同压制了市场的乐观情绪。投资者正对那些容易受AI技术应用冲击的 行业进行快速重新定价，导致市场资金从高估值板块流出，转向更为安全的资产。 尽管短期内多重不确定性导致美股呈现横盘震荡态势，但市场参与者依然认为，企业基本面的韧性最终将主导市场走向。一旦投资者理清了AI颠 覆性影响的范围与步伐，美股有望重拾升势。 强劲业绩遭遇市场冷眼 第四季度美国企业的盈利基本面极其稳健。据彭博援引Jefferies Financial Group Inc.的数据显示，不仅盈利增速超出预期，企业对来年的盈利前景 也充满乐观。罗素3000指数中，上调业绩指引的公司数量与下调指引的公司数量之比达到了4比1，这一比例上次出现还是在 ...

深度价值投资者李·罗奇（Lee Roach）指出，当市场预期一家公司会"立即死亡"，而实际上它只是"缓慢 衰退"时，投资回报可能非常惊人。罗奇认为，尽管人工智能（AI）削弱了软件公司的"护城河"，但这 并不意味着其终值为零。许多软件股的市盈率已跌至2008年危机以来罕见的水平。 来源：滚动播报 ...

Core Insights - DISCO has launched an all-inclusive platform for litigation, investigations, and regulatory responses, integrating eDiscovery, Cecilia AI, deposition management, and timelines into a single solution at a transparent price [1] - The new platform aims to address the inadequacies of one-off eDiscovery products by providing a seamless end-to-end solution for modern litigation [1] - A new pricing model has been introduced, featuring a single, transparent per GB price on processed data without ingest fees, facilitating clearer cost comparisons [1] Group 1: Product Features - The DISCO platform includes premier eDiscovery technology for instant access to critical data [1] - Cecilia AI offers advanced AI-powered legal tools to streamline and accelerate litigation processes [1] - Deposition management and timeline capabilities are now integrated into the platform, previously sold separately as Case Builder [1] Group 2: Strategic Direction - The company emphasizes the importance of integrated tools that address the full litigation lifecycle for complex matters [1] - DISCO's CEO highlighted the need for innovation in response to fast-evolving generative AI capabilities [1] - The platform will be showcased at Legalweek, indicating the company's commitment to demonstrating its advancements in legal technology [1]

2026 has gotten off somewhat to a rocky start. At the time of writing, the S&P ( SP500 ) is in the red, driven by the decline in Technology ( XLK ) stocks as AI disruption fears in software continueFormerly known as "The Dividend Collectuh." Top 1% of financial experts on TipRanks. Contributing analyst to the iREIT+Hoya Capital investment group. Dividend Collection Agency is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for ...

Core Insights - Workday reported strong Q4 FY2026 results with a non-GAAP EPS of $2.47, exceeding the consensus estimate of $2.32, and total revenue of $2.532 billion, reflecting a year-over-year growth of 14.5% [1] - The company's guidance for FY2027 subscription revenue is projected between $9.925 billion and $9.950 billion, indicating a growth rate of 12-13%, which is a deceleration compared to FY2026 [1] - Following the guidance announcement, Workday's shares fell 8% in after-hours trading and nearly 13% in premarket trading, signaling investor concerns about future growth [1] Financial Performance - Workday's Q4 FY2026 non-GAAP EPS increased by 28.6% year-over-year to $2.47 [1] - Total revenue for the quarter reached $2.532 billion, driven by subscription revenue of $2.36 billion, which grew by 15.7% year-over-year [1] - The non-GAAP operating margin improved by 420 basis points to 30.6%, and full-year free cash flow rose by 26.86% to $2.777 billion [1] Guidance and Market Reaction - The FY2027 subscription revenue guidance of $9.925 billion to $9.950 billion represents a slowdown from the previous year's growth rate [1] - The 12-month subscription backlog stands at $8.833 billion, reflecting a 15.8% increase, which suggests sustained demand [1] - The market's reaction to the guidance was negative, with shares dropping significantly, raising questions about whether the guidance reflects conservative estimates or actual demand weakness [1] Strategic Initiatives - Co-founder and CEO Aneel Bhusri emphasized the company's commitment to innovation in HR and finance through AI, highlighting the completion of 1.7 billion AI actions across its platform in FY2026 [1] - Workday has made strategic acquisitions, including Paradox, Sana, and Pipedream, to enhance its AI capabilities [1]

Core Viewpoint - Oracle has experienced significant volatility, dropping 54.9% from its all-time high, yet it holds potential for substantial returns if its ambitious cloud revenue projections materialize [2][4]. Group 1: Company Overview - Oracle has transitioned from a legacy software company to a key player in the AI and cloud infrastructure space, aiming to compete with major players like Amazon, Microsoft, and Alphabet [1][4]. - The company’s database and data management software segment is high-margin and generates substantial free cash flow, but it is insufficient to support Oracle's cloud infrastructure ambitions [3]. Group 2: Financial Projections - Oracle aims to grow its Oracle Cloud Infrastructure (OCI) revenue from $18 billion in fiscal 2026 to $144 billion by fiscal 2030, indicating a strong growth trajectory [4]. - The projected OCI revenue would surpass Amazon Web Services' current revenue of $128.7 billion, highlighting Oracle's aggressive growth strategy [5]. Group 3: Investment Thesis - If Oracle's forecasts are accurate and OCI achieves margins similar to AWS's 35.6% in 2025, the stock could yield significant returns for investors over the next five years [6]. - The investment thesis is contingent on Oracle's ability to manage its debt and leverage its remaining performance obligations (RPO), which stood at $523 billion, with $300 billion linked to OpenAI [7].

原来AI也在水字数。 大模型的思维链越长，推理能力就越强？谷歌Say No—— token数量和推理质量，真没啥正相关，因为token和token还不一样，有些纯凑数，深度思考token才真有用。 新研究抛弃字数论，甩出衡量模型推理质量的全新标准DTR，专门揪模型是在真思考还是水字数。 基于DTR，还提出了Think@n策略，让GPT-OSS、DeepSeek-R1等推理模型实现准确率不降、算力成本直接砍半的效果。 长逻辑不等于好推理 长期以来，一个比较常见的观点是思维链越长越牛。 这种思路的逻辑也比较直接，推理步骤多=思考更充分=答案更准。 于是不少研发者也为了追求长推理轨迹开始堆算力。 谷歌的研究团队在AIME2024/2025、HMMT 2025、GPQA-Diamond四个数据集上，测了GPT-OSS、DeepSeek-R1、Qwen3等8个模型变体； 结果发现，token长度和准确率的平均相关系数是-0.54……负相关。 也就是说，在某些情况下，思维链越长，推理越容易跑偏，甚至还会陷入逻辑死循环或者过度推理。 那么问题来了：如果长度靠不住，那该怎么判断模型是不是在真思考？ 谷歌这次的视角比较有意思， ...

PresentationGreat. Thanks, everyone, for joining us for the next session. We're delighted to have SAP back at the conference and particularly Sean Kask, who's the Chief AI Strategy Officer. Sean, I think this is probably third year in a row coming back, but we live in interesting times in the -- on the kind of AI front, there seems to be almost an exponential curve in terms of the development. So I wanted to sort of kick off and get your perspective on -- in the past 12 months, what have been the really big ...