专题：聚焦美股2025年第四季度财报 元宇宙公司（META）定于周三美股收盘后发布 2025 财年四季度业绩报告，华尔街将密切关注该公司 在人工智能数据中心领域的持续投入情况。 自去年 10 月发布三季度业绩以来，元宇宙公司股价已累计下跌逾 12%，投资者对这家社交媒体巨头的 巨额资本支出表示担忧。 元宇宙公司不仅将 2025 年资本支出预期从 660 亿至 720 亿美元上调至 700 亿至 720 亿美元，还表示预 计 2026 年的资本支出增幅将 "显著扩大"。 市场预计，该公司四季度资本支出将达 219 亿美元，较去年同期的 144 亿美元大幅增长。据分析师一致 预期，元宇宙公司四季度营收预计为 584 亿美元，每股收益预计 8.16 美元，较 2024 年四季度的 484 亿 美元营收、8.02 美元每股收益实现增长。 市场预计，元宇宙公司旗下现实实验室部门四季度营收为 9.59 亿美元，同时录得 59 亿美元的营业亏 损。 并非只有元宇宙公司在人工智能数据中心领域投入巨资，其在广告和人工智能领域的竞争对手亚马逊、 谷歌、微软也在各自的数据中心上投入了巨额资金。 元宇宙公司还斥重金招揽人工智能领域顶 ...

Core Viewpoint - The year 2025 marks a significant shift for Wall Street as it begins to recognize the massive investments tech giants are making in AI infrastructure, a trend expected to continue into 2026. However, rising costs are leading to heightened expectations for investment returns [1]. Group 1: Financial Performance and Capital Expenditure - Major tech companies like Meta, Microsoft, Alphabet, and Amazon are projected to increase their capital expenditures from approximately $350 billion in 2025 to over $470 billion in 2026 [1]. - Meta's capital expenditure guidance for 2025 has been raised to a range of $70 billion to $72 billion, with expectations for 2026 spending to grow nearly 57% to over $110 billion [10]. - Amazon has increased its 2026 capital expenditure forecast from $118 billion to $125 billion, driven by strong demand for AI services, with analysts predicting a growth of over 17% to exceed $146 billion [14]. Group 2: Company-Specific Insights - Tesla's vehicle deliveries are expected to decline by 8.6% in 2025, from 1.79 million in 2024 to 1.64 million, while its energy business has shown growth [4]. - Microsoft is under pressure to demonstrate effective cost control while accelerating data center construction to meet AI demand, with capital expenditures expected to rise to $99 billion this fiscal year [6]. - Alphabet's capital expenditure guidance for 2025 has been raised to between $91 billion and $93 billion, with expectations for significant growth in 2026, potentially exceeding $115 billion [16]. Group 3: Strategic Partnerships and Market Position - OpenAI has diversified its partnerships, reducing reliance on Microsoft, and has secured multiple billion-dollar agreements with companies like Nvidia and Oracle [2]. - Meta's high-cost AI strategy has faced scrutiny, especially after a disappointing launch of its Llama model, leading to adjustments in its spending strategy [10]. - Amazon's cloud services have signed a $38 billion deal with OpenAI, marking a significant collaboration that positions it competitively against other tech giants [15].

亚当·普雷瑟（ Adam Presser ）是 TikTok 美国合资企业新任首席执行官。图片来源： Jon Kopaloff—Getty Images for TikTok 哈佛双学位毕业生亚当·普雷瑟将执掌TikTok新成立的美国合资企业，他计划借这家中国企业应对美 国监管调整的发展契机，推动公司实现长期成功。 根据其领英资料，2022年4月至2023年7月期间，他曾任TikTok首席执行官周受资的首席幕僚，之后 逐步晋升为运营主管，最终出任TikTok运营与信任安全负责人。这位驻洛杉矶的高管如今面临科技 界最具政治敏感性的挑战之一：掌舵TikTok新成立的美国实体，既要打消美国政府的监管顾虑，又 要留住用户。 TikTok未立即回应《财富》杂志置评请求。 不过，凭借顶尖的教育背景和近20年的企业从业经历，普雷瑟或已为应对这一挑战做好充分准备。 他高中就读于私立名校哈佛西湖中学，随后进入耶鲁大学深造，获得汉语言文学学士学位及东亚研 究硕士学位。在耶鲁求学期间，普雷瑟获得理查德·莱特奖学金，赴中国进行汉语研修。 他在2023年接受洛杉矶约翰·托马斯·戴伊学校（升入哈佛西湖中学前就读的学校）校友访谈时透 露， ...

Core Insights - The book "The Cost of Passion: Social Media, Ideal Careers, and Vision Labor" reveals the disparity between the glamorous portrayal of creative careers on social media and the harsh reality faced by many creators, who often engage in unpaid labor and self-promotion without achieving significant financial returns [2][4] Group 1: Social Media and Creative Careers - Social media platforms like Facebook, Twitter, and YouTube have created an allure for young individuals aspiring to enter the creative industry, suggesting that they can bypass traditional employment routes [3] - Many content creators, particularly young women, are driven by a cultural narrative that encourages them to pursue their passions, yet only a few manage to achieve substantial rewards, leaving many with little to show for their efforts [4][5] Group 2: Vision Labor and Gender Dynamics - The concept of "vision labor" is introduced to explore the contradictions faced by female creators, who must balance the demands of brands while maintaining an authentic image to their audience [4] - The study highlights that many young creators, including "slash youth" who juggle multiple identities and careers, are not merely escaping mundane jobs but are actively seeking to monetize their passion projects in a competitive job market [5]

Core Viewpoint - The 2024 Weibo Night has creatively announced its lineup using simple drawings, sparking widespread engagement and excitement among fans, highlighting the competition among various entertainment sectors [1][3]. Group 1: Public Engagement - The use of simple drawings to announce the lineup has led to a nationwide frenzy, with fans quickly recognizing their idols through distinctive features depicted in the sketches [3]. - The interactive approach has successfully generated initial buzz and conversation around the event, showcasing the effectiveness of innovative marketing strategies in engaging audiences [3]. Group 2: Competition Among Stars - The announced lineup reflects a clear competition among three major camps: new-generation idols, top film and television stars, and powerful singers, indicating a diverse entertainment landscape [4]. - Rising multi-talented artists, such as Tan Jianci, who possess both acting and idol qualities, are becoming new influential figures in the industry [4]. Group 3: Commercial Logic Behind the Event - The selection criteria for Weibo Night guests extend beyond mere popularity to encompass a comprehensive assessment of influence, indicating a strategic approach to talent selection [5]. - The absence of popular TFBOYS members juxtaposed with the full attendance of the Times Youth Team highlights the evolving dynamics of fan engagement and market value [5]. - The inclusion of sports stars like Fan Zhendong and Wang Chuqin signifies an expansion of cross-industry influence, reflecting the event's broader appeal [5].

欧盟委员会26日宣布， 依据《数字服务法案》对美国企业家马斯克旗下社交媒体平台X启动一项新的正 式调查，重点评估其内置的人工智能聊天机器人"格罗克"可能引发的风险。 监制：韩霁审核：万政 编辑：王俊杰 校对：张尤佳（见习） 欧盟委员会称将继续收集证据，可能采取要求提供信息、开展访谈或现场检查等方式。若X平台未能作 出"有意义的调整"，欧盟委员会可采取临时措施。根据《数字服务法案》，违规企业最高可被处以其全 球年营业额6%的罚款。 2025年年底，欧盟委员会曾以X平台在"蓝标认证"界面设计上对用户构成误导等原因开出金额为1.2亿欧 元的罚单。 来源：新华网 欧盟委员会在新闻公报中指出，新调查将聚焦于X平台在欧盟境内部署"格罗克"相关功能时，是否对其 潜在风险进行了适当评估并采取了有效措施予以应对。 欧盟方面指出，相关风险包括借助该工具在欧盟传播非法内容，例如伪造的露骨色情图像，甚至可能涉 及"儿童性虐待材料"。欧盟委员会认为，这些风险"似乎已造成实质影响"，并对欧盟公民构成"严重伤 害"。 ...

欧盟启动对X平台的正式调查 欧盟委员会26日宣布，依据《数字服务法案》对美国企业家马斯克旗下社交媒体平台X启动一项 新的正式调查，重点评估其内置的人工智 能聊天机器人"格罗克"可能引发的风险。 往期推荐 福耀科技大学50名大一学生被企业抢光？校长王树国回应 此外，欧盟委员会已扩大此前对X平台推荐系统的调查范围，将评估其是否全面识别并缓解了《数字服务法案》所界定的系统性风险，并将 X平台近期宣布改用"基于格罗克的推荐系统"所产生的影响纳入调查。 欧盟委员会称将继续收集证据，可能采取要求提供信息、开展访谈或现场检查等方式。若X平台未能作出"有意义的调整"，欧盟委员会可采 取临时措施。根据《数字服务法案》，违规企业最高可被处以其全球年营业额6%的罚款。 2025年年底，欧盟委员会曾以X平台在"蓝标认证"界面设计上对用户构成误导等原因开出金额为1.2亿欧元的罚单。 来源：新华社 记者： 张兆卿、丁英华 关注" 新华网财经 "视频号 更多财经资讯等你来看 欧盟委员会在新闻公报中指出，新调查将聚焦于X平台在欧盟境内部署"格罗克"相关功能时，是否对其潜在风险进行了适当评估并采取了有 效措施予以应对。 欧盟方面指出，相关风险 ...

Core Insights - The rise of youth creators on Douyin is reshaping the content landscape, with many leveraging traditional culture and modern elements to create engaging works that resonate with audiences [5][20][27] Group 1: Youth Creator Impact - Douyin's official data shows that over 30.86 million youth have started their creative journey on the platform, contributing to a total of over 518.4 billion views for their works [5][20] - The youth creators are not only gaining popularity but also attracting significant engagement, with some creators amassing millions of likes for their innovative content [3][6][8] - The platform has seen a surge in creators with over 1,000,000 followers, indicating a growing recognition and demand for youth-driven content [20][24] Group 2: Cultural Integration - Many youth creators are blending traditional cultural elements with contemporary themes, such as integrating shadow puppetry with popular IPs like "Plants vs. Zombies" and "Demon Slayer" [6][8] - The combination of traditional art forms with modern dance and storytelling techniques is breathing new life into cultural heritage, making it more appealing to younger audiences [8][10] Group 3: Platform Support and Growth - Douyin's "Youth Creator Growth Plan" has provided a comprehensive support system, including creative courses and traffic incentives, which has accelerated the growth of new creators [20][24] - The plan has resulted in a significant increase in income for youth creators, with an average monthly income exceeding 10,000 yuan for participants [24][25] - The platform's backing has enabled youth creators to gain exposure and opportunities, including collaborations with renowned figures and participation in high-profile events [25][27] Group 4: Audience Engagement - Youth creators are effectively engaging with their peers, with 63% of their views coming from users within the same age group, highlighting a strong connection with their audience [20][22] - The emotional resonance of their content, often reflecting shared experiences and cultural nostalgia, has created a community where viewers feel connected and understood [12][18]

Group 1 - The U.S. military's Abraham Lincoln aircraft carrier strike group is being deployed to the Middle East to promote peace and stability in the region [2] - The European Commission has launched a formal investigation into X platform, focusing on the potential risks associated with its AI chatbot, Grok, and whether appropriate measures have been taken [2] - Microsoft has released its second-generation AI chip, Maia 200, which is designed to reduce reliance on Nvidia chips and improve efficiency, achieving a 30% performance increase per dollar compared to its latest hardware [4] Group 2 - Apple has launched an upgraded version of AirTag, featuring a 50% increase in tracking distance and a louder speaker, while maintaining the same price of $29 [5][6] - Alibaba has introduced its flagship reasoning model Qwen3-Max-Thinking, which has over one trillion parameters and outperforms top international models in various evaluations [8] - Trump announced an increase in tariffs on various South Korean goods from 15% to 25% due to the failure of the South Korean legislature to ratify a trade agreement [9] Group 3 - The price of silver has seen a significant fluctuation, erasing a 14% gain, while gold has dropped below $5000 per ounce [11] - Yuhui Supermarket in Beijing has temporarily closed due to issues with the property management, despite having reopened after renovations less than a year ago [13][14] - The founder of Miaokelan Duo has been removed from his positions, with the company's stock price dropping by 1.77% following the announcement [15] Group 4 - KFC has made a slight price adjustment of an average of 0.8 yuan for its delivery products, while maintaining in-store prices unchanged [19] - Baicaowei has faced criticism for misleading consumers regarding the contents of its nut gift boxes, which contain significantly less nuts than advertised [20][21] - Tencent's CEO Ma Huateng emphasized the importance of saving users' time and improving efficiency through AI integration in their products during the company's annual employee meeting [30]

Core Viewpoint - The French National Assembly has passed a bill prohibiting social media use for minors under 15, driven by growing concerns over cyberbullying and mental health risks among youth [2] Group 1: Legislative Action - The bill was approved with a vote of 116 in favor and 23 against, reflecting increasing public anxiety about the impact of social media on minors [2] - The bill will next be reviewed by the Senate and requires a final vote in the National Assembly [2] Group 2: Government Stance - President Macron highlighted social media as a contributing factor to youth violence and called for France to follow Australia's lead in banning minors from using social media [2] Group 3: International Context - Australia implemented the world's first ban on social media for minors under 16 in December, prohibiting access to platforms like Facebook, Snapchat, TikTok, and YouTube [2]