神译局是36氪旗下编译团队，关注科技、商业、职场、生活等领域，重点介绍国外的新技 术、新观点、新风向。 编者按：人从本质上讲是感性动物，很多决策并不是理智行为的结果。哪怕是历史上看似非常重要的一 些决策，亦是如此。决策带有偶然性，且人的因素会在其中起很大的作用。本文来自编译，希望对您有 所启发。 讲几个关于"重大决策"的故事。 1964年，沃伦·巴菲特（Warren Buffett）持有一家前景黯淡的老牌工业公司的股票。 该公司的首席执行官认为，巴菲特的购买行为威胁到了他的工作保障，并提出以溢价回购股票。巴菲特 也急于出售，因为他已经厌倦了眼睁睁地看着企业陷入困境。 两人达成了一项协议，该公司将以每股11.5美元的价格收购巴菲特的全部股票。 巴菲特在正式达成交易后不久就收到了一封信。公司仍将购买他的全部股票，但价格为每股 11.375美 元。 巴菲特回忆说："这真的让我火冒三丈。这个家伙试图压价0.125美元，还告诉我这就是交易。" 巴菲特当面质问这位首席执行官，后者却坚称双方从未达成任何协议。这让他更加愤怒。 因此，巴菲特没有卖出，而是开始尽可能多地买进该公司的股票。他最终购买了该公司超过三分之一的 股份。 ...

Core Viewpoint - Chengdu Huamei has officially launched a fully autonomous, forward-designed 4-channel, 12-bit high-speed, high-precision A/D converter, setting a new benchmark for domestic high-speed, high-precision ADCs and achieving a technological breakthrough in RF direct sampling high-speed ADC chips [1] Company Summary - The newly released product surpasses various core indicators of both domestic and international counterparts [1] - The product is widely applicable in fields such as phased array radar, wireless communication, high-end instruments, and electronic devices, garnering significant attention from the industry [1] Industry Summary - The launch of this product defines a new industry standard for domestic high-speed, high-precision ADCs [1] - The technological advancements represented by this product are expected to influence the competitive landscape within the ADC market [1]

Group 1 - Qualcomm has established an artificial intelligence research center in Vietnam [1] - The research will focus on advancing generative and agent-based AI solutions in smartphones, personal computers, XR (extended reality), automotive, and IoT applications [1]

直到现在，特朗普还没有意识到中国正在超越美国。 看着特朗普第二任期统治下的美国，美国媒体已经开始着急，他们发出提醒，希望特朗普政府能够重视 起来，不要再继续错误行为了。 特朗普二次"入宫"的政策，真的错了吗？ 从特朗普上台开始，他的核心只有一个：利益。他喊着"MAGA（让美国再次伟大）"的口号，做的全是 让自己赚得盆满钵满的事情。 上任前两个月，特朗普践行自己在竞选时期的承诺：改善国内非法移民的情况、签署各种政令、与马斯 克一起，对各部门下手，做的是"节流"的事情、推动俄乌停火等等。 本以为特朗普此任期真的会就"MAGA"展开行动，然而，上任的第三个月，特朗普就暴露了自己的目 的。 就连特朗普所在的共和党，内部也出现了不赞同的声音。更别说这项政策给美国带来了严重的危机，许 多铁杆盟友因此开始考虑这段关系。 简而言之，关税能够给美国带来多少收入暂且不论，特朗普政府已经开始在短短几个月时间内遭受内外 夹击了。 对于特朗普政府来说，唯一超出其预料的就是中国。中国从推出"对等关税"开始就持强烈反对态度，但 特朗普也认为，中国虽然反对，但迟早会接受自己的政策。 他发动了关税战，称关税会让美国好起来，还喊话希望美国民众" ...

据日经新闻：本田将投资日本先进芯片制造商Rapidus，计划在2025/26财年下半年进行快速投资。 ...

Market Overview - The Hong Kong stock market experienced a collective drop in the afternoon, with the Hang Seng Index closing down 0.08% at 24,162.87 points and a total turnover of HKD 250.34 billion [1] - The Hang Seng Tech Index fell by 0.76%, while the Hang Seng China Enterprises Index decreased by 0.15% [1] - CICC noted that despite the need for overall recovery in China, there are structural highlights in the macro and market environment, making Hong Kong stocks advantageous for stable returns and structural opportunities in new consumption, AI technology, and innovative pharmaceuticals [1] Blue Chip Performance - China Hongqiao (01378) led blue-chip stocks with a rise of 4.83% to HKD 15.2, contributing 3.15 points to the Hang Seng Index [2] - BYD (01211) increased by 3.71%, contributing 28.49 points, while Hansoh Pharmaceutical (03692) rose by 3.59% [2] - Li Auto (02015) fell by 2.75%, dragging down the index by 7.25 points, and Galaxy Entertainment (00027) dropped by 2.22%, contributing a decline of 2.57 points [2] Sector Highlights Innovative Pharmaceuticals - The innovative drug sector continued its upward trend, with notable gains from companies like Crystal Pharma (02228) up 16.7% and Lepu Biopharma (02157) up 11.5% [3] - The State Council issued opinions to improve the basic medical insurance drug catalog, which is expected to enhance the demand for innovative drugs [3] - Analysts believe that the biotech sector's valuation recovery is largely complete, with strong market liquidity and robust corporate earnings expected to drive continued interest [3] Aviation Stocks - Major Chinese airlines saw positive performance, with China Eastern Airlines (00670) up 4.08% and China Southern Airlines (01055) up 3.39% [4] - Citigroup maintained a "buy" rating on the three major Chinese airlines, citing a more balanced supply-demand outlook and stable domestic ticket prices [4] - Target prices for China Southern Airlines and China Eastern Airlines were adjusted upward, reflecting positive market sentiment [4] Shipping Sector - The shipping sector benefited from increased trade demand, with Shanghai's export container settlement price index rising by 29.5% [5] - Analysts noted that ongoing tariff uncertainties and economic expectations will influence the sustainability of shipping demand in the coming years [5] Gaming Sector - The gaming sector showed mixed results, with some stocks like Galaxy Entertainment declining while others like SJM Holdings (00880) rose by 6.25% [6] - The Macau government announced the end of operations for several satellite venues by the end of the year, impacting revenue expectations for certain companies [6] Notable Stocks - Dekang Agriculture (02419) reached a new high, closing up 8.3% with significant sales figures reported [7] - New City Development (01030) surged by 7.18% amid news of a planned USD bond issuance [8] - Longpan Technology (02465) rose by 6.47% as interest in solid-state batteries continues to grow [9] New Listings - Rongda Technology (09881) debuted strongly, closing up 42% at HKD 14.2, focusing on AIDC solutions [10] - New Qian'an (02573) also performed well, rising 21.43% with a focus on food additives [11]

台积电5月营收飙升39.6%，因人工智能需求强劲 金十数据6月10日讯，客户包括英伟达(NVDA.O)和苹果(AAPL.O)的主要芯片制造商台积电(TSM.N)公布 5月份营收增长39.6%至3205亿新台币（合107亿美元），此前，许多公司囤积芯片以应对日益加剧的贸 易不确定性。作为对比，4月份的营收增幅为48%。分析师平均预计台积电第二季度营收将增长39%。 虽然5月份的销售看起来相对健康，但较4月份下降了8.3%。台积电首席执行官魏哲家上周重申，公司 预计到2025年，以美元计算，营收将增长20%左右。他告诉股东，人工智能芯片仍供不应求。上个月， 英伟达发布了稳健的销售预测，称人工智能计算市场仍将呈指数级增长，缓解了投资者的担忧。 ...

Core Viewpoint - Inversion Semiconductor aims to develop a compact, high-performance light source based on laser wakefield acceleration (LWFA) technology, claiming its power will be 10 times higher than ASML's current EUV sources, potentially revolutionizing semiconductor manufacturing [4][24]. Group 1: Company Overview - Inversion Semiconductor, founded in 2024 by Rohan Karthik and Daniel Vega, is backed by Y Combinator and focuses on creating a new type of light source for advanced lithography [7][24]. - The company plans to utilize a "tabletop" particle accelerator that is 1,000 times smaller than traditional accelerators but can output up to 10 kW of power [4][8]. Group 2: Technology and Innovation - The proposed technology can increase chip manufacturing speed by 15 times, allowing for the powering of multiple lithography tools simultaneously, thus reducing costs [4][25]. - Inversion's light source can generate wavelengths between 20 nm and 6.7 nm, including the 13.5 nm light currently used in ASML's EUV tools [8][24]. - The LWFA method used by Inversion is distinct from traditional methods, producing coherent and monochromatic radiation that is crucial for next-generation lithography systems [12][24]. Group 3: Challenges and Considerations - The development of such a light source requires petawatt-level laser systems, which are complex, expensive, and energy-intensive, posing significant challenges for Inversion [5][21]. - Inversion must either collaborate with ASML or develop its own lithography systems, which would require creating a new ecosystem and could be time-consuming and costly [5][25]. - The company lacks experience in building high-volume, reliable wafer fabrication equipment, which is critical for the semiconductor industry [5][22][25].

Core Viewpoint - The UK Financial Conduct Authority (FCA) has partnered with Nvidia to create a regulatory sandbox for banks to safely experiment with artificial intelligence (AI) technology [1] Group 1: Partnership and Initiative - The FCA announced a collaboration with Nvidia to build a regulatory sandbox environment for banks to test AI technologies [1] - The initiative, named "Supercharged Sandbox," will allow UK financial institutions to conduct AI experiments using Nvidia's accelerated computing platform and enterprise-level AI software starting in October [1] Group 2: Objectives and Benefits - The FCA aims to support financial institutions that have innovative AI ideas but lack implementation capabilities [1] - The initiative is designed to promote economic growth while ensuring market and consumer protection [1] - The FCA has also established live testing services for more mature AI applications [1]

目的就是为了增加自己的谈判筹码，好让中国放开管制的稀土，奈何中国始终不松口。 没成想，特朗普政府不想着如何和中国改善关系，反而在6月4日全面暂停12国公民进入美国，变相将盟 友推开。 前言 关税休战至今，特朗普政府依旧小动作不断，前一秒还在指责中国违反协议内容，下一秒自己却宣布拒 绝对华出口乙烷。 为何特朗普在关键时刻不去寻找盟友，反而将他们一脚踢开？美国对中国的管制真就一点办法没有吗？ 中美关税 大多数人聊贸易，会想到钢铁、汽车、芯片，可很少有人意识到，美国真正的痛点之一，便是深埋在土 壤里的稀土。 这东西不起眼，却是现代工业和国防的骨架。2025年5月出炉的一份国防报告，估计让华盛顿不少人倒 吸一口凉气。报告说得清楚，美国七成多军用设备，从战舰到最牛的F-35，关键材料都得指望某个特定 国家的稀土供应。 这不是可有可无的小零件，隐形战机得靠它做涂层，雷达离不开它，就连飞机引擎里抵抗高温的隔热 层，也是它的功劳。卡住这口稀土供应，等于是用一把手术刀，直接捅到了美国军工产业的心脏。它不 像炸弹那样引人注目，却能带来缓慢而致命的损害。 更让人捏把汗的是，全球重稀土市场，几乎全被那个国家攥在手里，份额高达99%。 ...