After hitting an all-time high of $525.15 last February, AppLovin Corp.'s (NASDAQ: APP) share price tumbled more than 35% due to a pending class action lawsuit and to short seller reports. ...

Core Viewpoint - vivo is establishing a "full-stack self-research + open-source kernel + industry-academia-research competition" three-in-one technology layout to enhance the security and performance of operating systems in the AI era [2][6][28]. Group 1: AI and Operating System Transformation - The rise of AI is transforming operating systems from mere resource managers to intelligent service gatekeepers, necessitating a shift towards more secure foundational systems [3][8]. - Traditional C/C++ based systems are facing significant memory safety challenges, prompting a shift towards Rust, which offers a systematic solution to these issues [10][11]. Group 2: Rust Language and Security - Over 70% of severe security issues are linked to memory safety, highlighting the urgent need for more secure operating systems as AI technologies become more prevalent [10]. - Rust's strict ownership and lifecycle management mechanisms provide a proactive approach to memory safety, significantly reducing risks associated with traditional programming languages [11][12]. Group 3: C2Rust Project and Innovation Competition - The C2Rust project aims to automate the translation of C code to Rust, addressing the challenge of migrating legacy code to a more secure language [13][15]. - The recent competition showcased significant advancements, with the winning team successfully translating 54 files and approximately 11,000 lines of code, achieving a 100% test pass rate and over 97.8% syntax safety [6][16]. Group 4: BlueKernel and Open Source Strategy - vivo has initiated the BlueKernel project, which is a lightweight, secure, and general-purpose kernel developed in Rust, aimed at reducing the technical barriers for industry-wide adoption of Rust [24][25]. - The open-sourcing of BlueKernel is intended to foster collaboration and innovation in the Rust ecosystem, providing a sustainable platform for developers [23][24]. Group 5: Industry Impact and Talent Development - The Blue River Operating System Innovation Competition has attracted over 150 teams from more than 50 top universities, enhancing the industry's influence and fostering talent in Rust system development [27]. - By linking real industry challenges to academic research, vivo accelerates the validation and accumulation of cutting-edge technologies, contributing to the cultivation of skilled professionals in the field [27][28]. Group 6: Strategic Positioning - vivo's comprehensive strategy of self-research, open-source collaboration, and competitive innovation positions it as a leader in the Rust technology domain, enhancing the technological barriers of the Blue River Operating System [28][29]. - This strategic approach not only strengthens vivo's market position but also supports the broader development of China's foundational software industry in the global landscape [28][29].

Core Insights - Harbor Capital Appreciation Fund reported a return of 5.11% in Q3 2025, underperforming compared to the Russell 1000® Growth Index at 10.51% and the S&P 500 Index at 8.12% [1] - The fund primarily invests in U.S. companies with a market capitalization of at least $1 billion, focusing on equity securities [1] Fund Performance - U.S. equities showed strong performance in Q3 2025, driven by AI momentum and robust corporate earnings, with support from the Federal Reserve's interest rate cut [1] - The fund's top five holdings were highlighted as key investment picks for 2025 [1] Microsoft Corporation (NASDAQ:MSFT) - Microsoft Corporation's stock gained 11.08% over the last 52 weeks, closing at $488.02 per share with a market capitalization of $3.628 trillion on December 24, 2025 [2] - Concerns regarding Microsoft's relationship with OpenAI, particularly after the Oracle/OpenAI deal announcement, led to underperformance of its shares [3] - The fund's underweight position in Microsoft relative to the index positively contributed to its relative returns [3] - Microsoft reported revenue of $77.7 billion in Q1 FY 2026, reflecting an 18% increase, or 17% when adjusted for constant currency [3] - The fund suggests that certain AI stocks may offer greater upside potential and less downside risk compared to Microsoft [3]

Core Viewpoint - Microsoft is positioned for strong growth and substantial shareholder returns due to its significant stake in OpenAI and the growth of its Azure cloud business, with a market capitalization exceeding $3.5 trillion [1]. Financial Performance - Microsoft reported impressive financial results with all core metrics achieving double-digit growth, driven by a robust cloud business, with revenue increasing by 18% year-over-year (17% excluding currency effects), approaching $77.7 billion [3]. - The operating profit margin reached 99%, with operating profit at $88 billion, and net profit of $77.7 billion, resulting in diluted earnings per share of $3.72. The current price-to-earnings ratio is approximately 33 times [3]. Shareholder Returns and Capital Expenditure - Microsoft returned $10.7 billion to shareholders this quarter, with a total yield slightly above 1% and a dividend yield of only 0.66% [6]. - Capital expenditures surged to $44.9 billion to meet the growing demand from Azure, with expectations for continued growth in capital spending [6]. - Free cash flow reached $55.7 billion, supported by revenue growth and a leasing model that mitigates the impact of AI-related disruptions [6]. Business Segment Performance - The cloud business is the core growth engine, with commercial orders driven by OpenAI increasing by 122% year-over-year, while Azure's revenue grew nearly 99% [9][10]. - The productivity and business processes segment continued to grow, benefiting from a slowdown in cost growth and improved gross margins [10]. - The Windows OEM and gaming segments showed the slowest growth, with Windows OEM revenue increasing by 6%, primarily due to a one-time boost from the transition from Windows 10 to Windows 11 [10]. Core Advantages - Microsoft has three main advantages for future development: 1. Antitrust compliance advantage, having successfully navigated past antitrust challenges, allowing for greater operational flexibility [12]. 2. A diversified business portfolio that includes Windows, Azure, ChatGPT, GitHub, LinkedIn, Xbox, and Blizzard, enhancing resilience against market changes [12]. 3. Valuation advantage, with a non-GAAP annualized earnings per share of $16.5 and a price-to-earnings ratio of about 30 times, making it more attractive compared to competitors like Google [13]. Conclusion - Despite a market capitalization of $3.6 trillion, Microsoft is believed to have significant growth potential, supported by its diversified business model and strong performance in the AI sector, particularly with Azure and ChatGPT [17][18].

Group 1: Precious Metals - Gold prices have increased by more than 70% in 2025, reaching new records [1] - Silver has gained over 150% during the same period, also hitting new highs [1] Group 2: Lottery - A single winning ticket for Powerball's second largest jackpot of $1.8 billion was sold at a gas station near Little Rock, Arkansas [2] - The identity of the winner will not be known until at least today due to the lottery claim center being closed for the holidays [2] Group 3: Autonomous Vehicles - Self-driving car startup Whimo has paused its robo-taxi service in San Francisco due to flash flood warnings from the National Weather Service [3] - The decision was influenced by recent rainstorms affecting California [3] Group 4: Mergers and Acquisitions - Snowflake is reportedly in talks to acquire AI startup Observe for approximately $1 billion, which would be its largest acquisition to date [4] - Observe operates a monitoring and analytics platform aimed at software developers and IT departments [4]

Core Viewpoint - Oracle's new CEOs, Clay Magouyrk and Mike Sicilia, are facing significant challenges as the company's stock has dropped 30% this quarter, marking its steepest decline since 2001 and the dot-com bust [1][2]. Financial Performance - Oracle reported weaker-than-expected quarterly revenue and free cash flow, prompting the new finance leader to announce a $50 billion capital expenditure plan for fiscal 2026, which is 43% higher than previously planned and double the amount from the previous year [3]. - The company is also planning $248 billion in leases to enhance cloud capacity alongside building new data centers [3]. Debt and Investment Concerns - To support its growth plans, Oracle raised $18 billion in a significant bond sale, one of the largest in the tech industry, raising concerns about its ability to maintain an investment-grade debt rating [4]. - Analysts express skepticism about Oracle's capacity to meet its financial obligations without restructuring its contract with OpenAI, which has committed over $300 billion to Oracle [5]. Market Position and Growth Strategy - Oracle's revenue backlog surged by 359% due to its agreement with OpenAI, which initially boosted its stock by nearly 36% [8]. - The company aims to increase revenue to $225 billion by fiscal 2030, primarily driven by AI infrastructure, although this growth may come at the expense of profitability, with gross margins expected to decline from 77% in fiscal 2021 to about 49% by 2030 [15][16]. Investor Sentiment - Some investors remain cautious about Oracle's long-term plans, particularly its heavy reliance on OpenAI, which is facing its own financial challenges [17]. - Analysts have mixed views, with some issuing buy ratings based on potential revenue growth from OpenAI, while others highlight the need for Oracle to improve its market share in cloud infrastructure, where it lags behind competitors like Amazon and Microsoft [18][19].

Market Performance - On December 24, 2025, U.S. stocks reached record highs, with the S&P 500 closing at 6,932.05, up 22.26 points (0.3%), the Dow Jones Industrial Average at 48,731.16, up 288.75 points (0.6%), and the Nasdaq Composite at 23,613.31, up 51.46 points (0.2%) [2] - This performance marked the third consecutive year of double-digit percentage gains, driven by optimism surrounding artificial intelligence, anticipated interest rate cuts, and sustained economic growth despite recession fears [2] Economic Insights - The U.S. economy expanded at a robust annual pace of 4.3% in Q3 2025, exceeding economists' expectations, supported by a healthy labor market and falling unemployment claims [4] - Consumer confidence has dipped to its lowest level since April due to concerns over high prices, while Personal Consumption Expenditures (PCE) inflation increased to 2.8%, presenting challenges for the Federal Reserve [4] Corporate News - Novo Nordisk A/S saw a 7.3% increase in shares following FDA approval of its GLP-1 pill for treating obesity [6] - Huntington Ingalls Industries Inc. experienced a 0.3% rise in stock due to U.S. government plans for a new class of battleships [10] - ServiceNow Inc. shares fell 1.5% after announcing the acquisition of cybersecurity startup Armis for $7.75 billion [10] - ZIM Integrated Shipping Services Ltd. surged 5.8% as its board evaluates potential acquisitions [10] - Marvell Technology Inc. gained 3.4% driven by strong performance in AI [10] - Nvidia's stock rose 3% on December 24, contributing significantly to market gains [10] - DENSO CORPORATION announced a joint development agreement with MediaTek Inc. to advance next-generation automotive system-on-chips [10] Upcoming Events - The minutes from the December Federal Open Market Committee meeting will be released on December 30, 2025, providing insights into the Fed's monetary policy outlook [5] - Key Chinese economic data, including PMI figures, are expected on December 31, 2025, along with global PMI surveys and crucial U.S. non-farm payroll data in early January 2026 [5]

Core Viewpoint - Microsoft clarified that it has no intention to rewrite Windows 11 using Rust language in conjunction with AI technology, despite a senior engineer's bold claim about eliminating all C/C++ code by 2030 and rewriting major codebases with AI [3][10][11]. Group 1: Engineer's Statement and Public Reaction - A senior engineer at Microsoft, Galen Hunt, initially stated the goal of eliminating all C/C++ code by 2030, aiming for a target of "one person, one month, one million lines of code" [3][12]. - The statement sparked significant public debate, leading Microsoft to issue a clarification that no such plans exist [10][11]. - The use of "we" in the original post suggested a representation of the company's stance, raising concerns about the seriousness of the claim [8][9]. Group 2: AI and Code Generation - Microsoft CEO Satya Nadella previously claimed that 30% of the company's code is generated by AI, with predictions that this could rise to 95% by 2030 [14]. - The emphasis on AI's role in code generation has been a recurring theme within Microsoft, indicating a strategic direction towards increased automation in software development [13][14]. Group 3: Memory Usage Issues - Reports indicate that several mainstream applications on the Windows platform, such as Discord, have significant memory usage issues, with some instances reaching up to 4 GB [15][17]. - Microsoft Teams, built on WebView2, also exhibits high memory consumption, prompting the company to separate its calling features into independent processes to reduce crashes [17][19]. - The introduction of WebView2 for certain Windows 11 features has raised concerns about memory efficiency, as seen with the new "schedule view" function [19][20].

When the year began, a billionaire with close ties to the White House was a lock for the most newsworthy tech titan of 2025. But 12 chaotic months later, Larry Ellison, not Elon Musk, can justifiably lay claim to the title.The 81-year-old Oracle Corp. co-founder and chairman has been omnipresent — playing a role in just about every major business story of the year, from the frenzied artificial intelligence boom to the megadeals that are roiling Hollywood. Oracle even plans to take a stake in TikTok as part ...

近年来，基于大语言模型（LLMs）的软件工程智能体发展迅速，但其训练数据和训练环境仍高度依赖人类知识和人工策划，本质上是在复现人类开发轨 迹，难以自主发现新的问题结构与解决策略，这从根本上制约了智能体迈向超级智能的能力。 基于此，来自Meta、伊利诺伊大学厄巴纳-香槟分校的研究团队提出 Self-play SWE-RL（SSR），作为软件工程智能体训练范式的第一步。该方法对数据 假设的要求极低，仅需访问包含源代码和已安装依赖项的沙盒化代码仓库，无需任何人工标注的问题或测试用例。 研究表明，智能体可以从真实世界的软件仓库中自主获取学习经验，有望催生在系统理解、解决全新问题以及从零开始自主创建软件等方面超越人类能力 的超级智能系统。 智能体 Bug 注入通过让模型扮演"破坏者"构建起自驱动的进化闭环。 在这一过程中，首先生成包含 Bug 补丁和弱化测试的 Bug 构件，将抽象错误转化为标准化的练习题；随后，运用"删除关键代码"或"回滚历史修复"等复 杂生成策略，从真实工程逻辑中制造出极具挑战的高质量难题；为了确保逻辑严密，系统利用"逆向变异测试"进行严格的一致性验证，剔除无关干扰并确 保错误可复现；最后，通过动态 ...