Core Viewpoint - Electronic Arts (EA) expects net bookings for the fiscal year ending March 2026 to be approximately $7.85 billion, which is below the analysts' average expectation of $8.06 billion [1] - The company anticipates adjusted EBITDA for the full year to be $2.76 billion, also lower than the market consensus of $2.93 billion, impacted by weak consumer spending and high gaming console prices [1] Summary by Category Financial Performance - EA's projected net bookings for FY2026 are $7.85 billion, falling short of the $8.06 billion forecast by analysts [1] - The expected adjusted EBITDA for the year is $2.76 billion, compared to the market expectation of $2.93 billion [1] Market Conditions - The company is facing challenges due to weak consumer spending and elevated gaming console prices, which are suppressing market demand [1] Corporate Actions - EA is preparing for a $55 billion privatization, with a consortium led by the Saudi Arabian Public Investment Fund (PIF), Silver Lake Partners, and Affinity Partners as the buyers [1]

Core Viewpoint - The article discusses the performance of the Japanese stock market and its relationship with the country's economic growth, highlighting the disparity between stock market returns and GDP growth rates [2][3]. Group 1: Japanese Stock Market Performance - The annualized return of the Japanese stock market over the past 10 years is approximately 7.8% [2]. - Major companies mentioned include Toyota with a market cap of over 2 trillion RMB and a PE ratio of 8.67, Fast Retailing with a market cap of 800 billion RMB and a PE of 39, and others like SoftBank, Mitsubishi, Sony, Hitachi, and Nintendo [2]. - The article notes that the performance of the stock market may not directly correlate with domestic economic growth, as many large companies operate internationally [6][11]. Group 2: Economic Growth Data - Japan's GDP growth rates from 2020 to 2023 show fluctuations: -4.3% in 2020, +2.1% in 2021, +1.0% in 2022, and +1.9% in 2023 [2]. - IMF forecasts for 2024 and 2025 predict GDP growth rates of 0.7% and 0.5%, respectively, citing factors like insufficient domestic demand and an aging population [2][4]. Group 3: Global Economic Context - Japan's share of the global GDP has significantly decreased from 17.7% in 1995 to an estimated 3.6% in 2024, indicating a substantial decline in its economic influence [3][4]. - The article suggests that the stock market's performance may not be a reliable indicator of the overall economy, as evidenced by the contrasting trends in GDP and stock market returns [3][10]. Group 4: Investment Strategies - The article mentions that the Bank of Japan has been actively buying Japanese stocks for over 15 years, contributing to market liquidity [12]. - Notable investors like Warren Buffett have shown interest in Japanese companies, focusing on valuation, fundamentals, and shareholder return mechanisms [7].

文丨果脯 「为什么这游戏要排队啊？」 当主流玩家从开黑大学生成长为普通上班族，游戏自然也难以复刻曾经深夜排位的繁荣。在非高峰时段，现在《英雄联盟》排位赛的匹配时间经常长达三 四分钟，跟以往的「秒排」完全没法比。 而持续性的用户流失也并非来源某个单一问题。 近期我的不少朋友登上《英雄联盟》，都不禁会发出一句相同的感慨。 毕竟《英雄联盟》用户流失基本成了玩家们公认的事实，毕竟游戏除了赛事高峰期，很少会出现排队的情况，甚至很多时候，哪怕是白银、黄金等常见段 位，玩家开一把排位赛都得花几分钟时间来匹配对手。作为一款已经运营16年的游戏，《英雄联盟》正不可避免地慢慢变成玩家回忆中的过去时。 不可否认，它曾影响了一整代人的游戏体验，并在中文互联网构建出了数量庞大的游戏社区群体，其中还不时会诞生出类似「虚空索敌」「YYDS」等破 圈梗。哪怕时至今日，它也仍旧是大家耳熟能详的存在，但更多时候，《英雄联盟》已经缺少了让玩家打开游戏的动力——本来应该是这样的。 换谁恐怕都没办法想到，就是这样一款逐渐不温不火的产品，如今连工作日的晚上都开始排起了长达十多分钟的长队。随着玩家数量激增，互联网上的二 创内容也开始疯狂增加。 而这一切， ...

周五，专注于电子游戏与娱乐内容发行/分发/运营的GCL Global(GCL.US)股价走高，截至发稿，该股涨 超2.8%，报1.245美元。消息面上，该公司今日宣布其出版子公司4Divinity Pte.Ltd.已获得来自威刚科技 (ADATA)的300万美元战略投资。根据公告，威刚将取得4Divinity约1.2%的股权。本次投资被视为双方 在游戏与科技生态圈深化合作的重要一步，为4Divinity的游戏发行与内容布局提供额外支持，也进一步 巩固GCL Global在全球娱乐产业中的扩张战略。 ...

Core Viewpoint - The Nikkei 225 index opened lower on December 5, with notable declines in major companies such as Nintendo, Honda, and Toyota, while SoftBank Group experienced an increase [1] Company Summaries - Nintendo's stock decreased by 2.49% [1] - Honda's stock fell by 1.71% [1] - Toyota's stock declined by 1.64% [1] - SoftBank Group's stock rose by 2.03% [1]

Group 1 - The core point of the articles highlights that U.S. consumers achieved a record online spending of $11.8 billion on Black Friday, marking a 9.1% year-over-year increase, surpassing most industry expectations [1][2] - Strong sales were reported in the gaming console category, with top-selling products including Nintendo Switch 2, Microsoft Xbox Series X, Sony PlayStation 5, PlayStation Portal, and Meta Quest 3 [1] - Significant sales growth was observed in electronics, toys, and home appliances, driven by increased discounting, with online sales for popular gaming consoles surging by 1900% [1] Group 2 - The peak consumption period on Black Friday saw online spending reach $12.5 million per minute between 10 AM and 2 PM [2] - Mobile devices remained the primary channel for purchases, accounting for 55.2% of online sales [2] - There was a notable increase in AI-related traffic on retail websites, which surged by 805% year-over-year, as consumers utilized generative AI chat services and browsers to find deals and product information [2] - Looking ahead, Cyber Monday is expected to become the largest online shopping day of the season, with a projected 6.3% year-over-year increase in online sales, reaching $14.2 billion [2]

Core Viewpoint - The article emphasizes the need for adaptability and continuous learning in the investment landscape, particularly in the context of emerging technologies like AI and biotechnology, highlighting the importance of maintaining a growth mindset amidst uncertainty [6][7][11]. Group 1: Investment Landscape - The current investment environment is characterized by collective anxiety within the Chinese venture capital community, questioning how to navigate a landscape devoid of simple innovation models [7]. - The transition from traditional investment strategies to hard technology sectors, such as biotechnology, poses significant challenges for seasoned investors who must adapt to new paradigms [9][10]. - The concept of "infinite games" is introduced, suggesting that successful companies focus on continuous evolution rather than short-term victories, which is crucial for long-term sustainability [24][25]. Group 2: Cultural Confidence - There is a deep-rooted cultural confidence in Chinese entrepreneurship, reflecting a historical resilience and a spirit of innovation that persists despite challenges [12][13]. - The belief in a new cycle of innovation, termed "Innovation 2.0," is gaining traction among investors and entrepreneurs, indicating a shift towards optimism in the market [12][16]. Group 3: AI and Future Trends - The emergence of AI is seen as a transformative force that will redefine productivity, enabling individuals and small teams to achieve significant market valuations [17]. - The article discusses the potential for AI to integrate into various industries, suggesting that its true impact will be realized when it becomes ubiquitous in decision-making processes [17][19]. Group 4: Narrative and Collaboration - The ability to create compelling narratives is highlighted as a unique human trait that drives collaboration and innovation, essential for achieving extraordinary outcomes [19][20]. - Successful companies are described as those that not only provide solutions but also construct an attractive vision for the future, fostering a shared sense of purpose among stakeholders [21][22]. Group 5: Learning and Growth - Continuous learning and iteration are emphasized as critical components of success in an ever-evolving business landscape, with failures viewed as valuable learning experiences [28][30]. - The article concludes with a call for entrepreneurs to embrace challenges and maintain a commitment to growth, underscoring that great companies thrive by remaining engaged in the market and evolving over time [30].

这不仅是刘芹个人有过的困惑，也是整个中国创投圈的集体焦虑。人们在问：在这个不再有简单模式创新红利的时代，该如何自 处？是固守旧日的荣光，还是在完全陌生的领域里从零开始？ 刘芹选择了后者，但他并没有用激昂的口号来掩饰转型的痛苦，而是选择剖析自己作为一名"过时投资人"的心路历程。从他的文字 里，能看到一种与时代和自我的和解：接受焦虑是一种常态。而在所有变量都在剧烈波动的当下，唯一不变的最优策略，或许就是 保持在这个游戏里，不要离场，持续成长。 「2025尾声」仍在征集之中，欢迎商业世界和资本市场的思考者们通过后台或chenzhiyan@36kr.com与我们联系。相信，时代变幻， 唯真正的思考不灭。 「 Test early, fail fast, learn faster. 」 文 ｜ 五源资本 刘芹 又到年末，在各种年度盘点、未来预测出街之前，「暗涌Waves」邀请了一级市场里以思考性著称的投资人们，分享一年尾声时自 己最想说的话。这是第一篇，来自五源资本创始合伙人刘芹。 这篇文章来自五源资本近期的创始人年会上刘芹的开场演讲。今年大会的主题是"Prompt()·涌现"，它指向当下这个没有标准答案的 时代，AI ...

Core Points - The videogame maker has postponed its results and requested Euronext to halt trading of its shares and bonds as it finalizes its accounts [1] Company Summary - The company is currently in the process of finalizing its financial accounts, which has led to the postponement of its results [1] - The request to halt trading indicates potential issues or significant changes in the company's financial situation [1] Industry Summary - The postponement of results and trading halt may reflect broader challenges within the videogame industry, potentially impacting investor confidence [1]

Core Insights - Mohammed bin Salman is leading a restructuring of Saudi Arabia's Public Investment Fund (PIF) after nearly a decade of high-cost investments with mixed results [1][3] - During a recent visit to Washington, the Crown Prince announced a $1 trillion investment in the U.S., but details on specific investments were not disclosed [1] - The PIF is facing challenges with new investment funding due to previous allocations to poorly performing projects, leading to a significant operational overhaul [1][3] Investment Challenges - The PIF's ambitious projects, such as Neom, have faced delays and difficulties, with many initiatives not meeting their targets [1][3] - The fund's assets are largely tied up in illiquid projects, and there are concerns about the lack of new investment capital [1][3] - The PIF's annual financial reports are limited, raising questions about transparency and the actual liquidity of its assets [1] Strategic Shifts - Under close supervision from the Crown Prince, the PIF is adjusting its investment strategy to focus more on traditional sectors like publicly traded stocks and bonds [3] - The fund aims to double its size to $2 trillion within five years, although the sources of this growth remain uncertain [3] - Recent investments have shifted towards private equity, particularly in artificial intelligence and gaming sectors, indicating a strategic pivot [3][5] Organizational Changes - The PIF has undergone significant staffing growth, now employing over 3,000 individuals, and has reported a 25% increase in revenue last year [5] - The leadership of Yasir Al-Rumayyan is seen as pivotal in this expansion, with a focus on evaluating effective measures and improving upon past mistakes [5] - The PIF is now requiring that new investments only occur when earlier projects yield returns, indicating a more cautious approach to future funding [5] Broader Economic Context - The restructuring of the PIF reflects the broader economic transformation efforts in Saudi Arabia, balancing ambition with the realities of global economic conditions [7] - The government is under pressure to find a sustainable path in the global economic landscape while managing its oil wealth and budget deficits [7]