Core Insights - Hummingbird Ventures, a London-based venture capital firm, focuses on supporting "outlier" founders, which has led to the recognition of its partners Barend Van den Brande and Firat Ileri in Forbes' Midas List Europe [2][3] - The firm successfully led a $15 million Series A funding round for BillionToOne, a medical diagnostics startup, which later went public with a market valuation reaching $4.4 billion [2][3] - Hummingbird's investment strategy emphasizes identifying founders with unique backgrounds and resilience, particularly those who have faced significant challenges in their lives [4][5] Investment Strategy - Hummingbird seeks "outlier" founders who possess a strong desire to succeed despite their unconventional backgrounds [4][5] - The firm has invested in various sectors, including biotechnology, cryptocurrency, artificial intelligence, and gaming, based on the shared traits of resilience among founders [3][4] - Hummingbird's approach diverges from traditional venture capital by focusing on fewer investments, often concentrating a significant portion of their funds into a single startup [9][12] Performance Metrics - Hummingbird's second fund, raised in 2012, has achieved a distribution to paid-in (DPI) ratio of 10x and an internal rate of return (IRR) of 46%, outperforming many peers [11][12] - The firm’s early funds rank among the top 10% of venture capital funds established since 2012, showcasing exceptional performance compared to industry averages [12] - Hummingbird's investment philosophy aligns with the pursuit of "cognitive arbitrage," similar to that of notable investors like Peter Thiel, but with a more aggressive and early-stage investment style [12][13] Team and Operations - Hummingbird's team consists of 14 members who actively search for promising founders globally, with a flexible approach to exploring opportunities in various regions [9][13] - The firm has established a talent team to assist founders in recruiting key management personnel, marking a rare alignment with traditional venture capital practices [11] - Hummingbird's headquarters in London is strategically located near other prominent venture capital firms, enhancing its networking and investment opportunities [13]

【文/观察者网 心智观察所】 2024年9月，一颗芯片的点亮，让中国汽车半导体产业迎来了一个历史性时刻。紫荆M100——国内首款 真正实现量产上车的RISC-V车规级MCU，从长城汽车的实验室走向了量产车型的控制器主板。这不仅 是一家初创企业的里程碑，更是中国汽车芯片国产化进程中一次意义深远的突破。 在全球芯片供应链波动加剧、汽车智能化加速演进的大背景下，紫荆半导体选择了一条与众不同的道 路：以RISC-V开源架构为技术底座，以整车厂深度绑定为商业模式，用两年时间走完了行业通常需要 四到五年才能完成的量产上车全流程。近日，在中国汽车芯片产业创新战略联盟2025全体成员大会上， 观察者网对紫荆半导体董事长曹常锋进行了深度对话，力图还原这家公司从长城内部孵化到独立运营的 创业历程，以及其背后的技术逻辑与商业思考。 从孵化到远航 紫荆半导体的故事，要从长城汽车的一次战略决策说起。 "我们是长城汽车孵化的，专注于RISC-V车规级芯片研发。"曹常锋开门见山地介绍道，"在长城内部孵 化了大约两年时间，2024年11月29日正式成立。"这家年轻的公司2025年获得了5亿元的战略投资，为后 续发展注入了充足的资金动力。 值 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 Maxim 的 MAX232 于 20 世纪 80 年代末推出，它具有双驱动器、双接收器以及 +/-10 V 电源轨， 使得 RS-232 接口变得非常简单——所有这些都来自单个 +5 V 电源。 20 世纪 80 年代末，Maxim Integrated 公司推出 MAX232 时，串行端口仍然是微型计算机和工业设 备 的 标 配 ， 但 支 持 它 们 却 十 分 棘 手 。 RS-232 需 要 正 负 电 压 ， 通 常 在 +/-12V 左 右 ， 而 像 MC1488/1489 这样的传统驱动器需要双极性电源，这在当时新兴的单轨 +5V 数字逻辑领域已经不再 适用。 MAX232 通过集成发送和接收通道，并仅使用四个外部电容即可生成自身的 +/-10V 电源轨，从而解 决了这个问题。这种组合将原本笨拙的模拟接口变成了一个即插即用的模块。它使得小型电路板、微 控制器系统和嵌入式产品无需专用电源轨即可使用全电压 RS-232 功能。而且，它定义的功能至今仍 被无数的克隆产品和衍生产品所沿用。 每个发射通道都使用这些电源轨来产生正确的双极性输出摆幅。负载运 ...

Core Insights - The article discusses the impact of AI on the workplace by 2025, highlighting both opportunities and challenges for job seekers and employers [5][6]. Group 1: AI and Job Market Dynamics - AI is expected to revolutionize job roles, but it also poses risks of job displacement, particularly for those in roles that can be automated [5]. - The emergence of "super individuals" in the workforce may lead to reduced job opportunities for others, as increased productivity from these individuals can displace multiple workers [5]. Group 2: Employer Branding and Recruitment Trends - There is a lack of investment in employer branding among companies, as many prioritize product performance over employee satisfaction [6]. - Companies are increasingly seeking "versatile talents" by expanding job descriptions, which may undermine the value of teamwork and specialized roles [6]. Group 3: Industry-Specific Insights - The advanced manufacturing sector is experiencing a surge in investment, particularly in robotics and 3D printing, with significant growth in talent demand [9]. - The chip manufacturing industry is accelerating its domestic production capabilities, with a reported 90% yield rate for new processes, indicating a strong push towards self-sufficiency [9]. Group 4: Employment Trends and Challenges - The article notes a structural talent shortage in various sectors, including robotics and chip manufacturing, with a reported talent gap exceeding 300,000 in the semiconductor industry [9]. - The article emphasizes the need for companies to adapt to changing market demands and invest in employee development to remain competitive [6][9].

近期，印度股市上演了一场离奇的"造富神话"。一家原名G.D. Trading and Agencies的房地产公司，在更 名为RRP Semiconductor（半导体） Ltd.后，其股价在约20个月内飙涨超过73866%（即约740倍），期间 甚至连续拉出149个涨停板。然而，与股价神话形成荒诞对比的是，这家公司仅有2名全职员工，最新季 度营收为负，且公开承认"尚未开始任何形式的半导体制造活动"。这场极端炒作已引起印度监管机构介 入调查，该股目前被限制为每周仅能交易一天。 最后，印度也是消息市场，投资者将上市公司与实控人名下另一家声称要建半导体工厂的私营公 司"RRP Electronics"混淆。尽管上市公司澄清并无直接持股，但高调的宣传活动仍成功误导了市场，形 成了"叙事泡沫"。 这场闹剧并非偶然，而是多种因素共同催生的结果： 首先在全球AI与半导体投资热潮下，印度本土缺乏上市的芯片制造企业。RRP公司名称的变更，精准地 迎合了散户投资者对"国产替代"和AI概念股的极度渴望，从而引爆了非理性追涨。 其次，约98%的股份由实际控制人及其关联方持有，导致市面上可交易的股票极少。这种高度集中的股 权结构使得 ...

Group 1: Market Overview - The US stock market closed higher on Friday, driven primarily by a rebound in technology stocks, overshadowing significant declines in consumer stocks like Nike [1] - The Dow Jones Industrial Average rose by 0.38% to 48,134.89 points, the S&P 500 increased by 0.88% to 6,834.50 points, and the Nasdaq Composite climbed by 1.31% to 23,307.62 points [1] - The S&P 500 index saw a slight increase of 0.11% for the week, while the Nasdaq index rose by 0.48%, and the Dow Jones fell by 0.67% [2] Group 2: Technology Sector Performance - Micron Technology surged by 7% after releasing strong financial guidance, reaching a record closing high [3] - Major tech stocks showed mixed performance: Nvidia rose by 3.93%, Google A shares increased by 1.55%, Apple by 0.54%, Microsoft by 0.40%, and Amazon by 0.26%, while Tesla fell by 0.45% and Meta by 0.85% [3] - Oracle's stock increased by 6.63% following news of a partnership with TikTok to establish a new joint venture in the US [3] Group 3: Consumer Sector Performance - The utilities and consumer staples sectors in the S&P 500 declined by 1.34% and 0.49%, respectively, with Nike's stock plummeting by 10.5% due to sales issues in the Chinese market and a decline in gross profit margins for the second consecutive quarter [3] Group 4: Chinese Stocks Performance - Chinese stocks showed overall strength on Friday, with Pinduoduo rising by 3.52%, Baidu by 2.76%, Alibaba by 1.68%, and Tencent Holdings ADR by 1.56%, while Tencent Music saw a slight decline of 0.45% [4] - Additionally, Zhongchi Chefu surged by 64.47%, and XPeng Motors increased by 6.77% [4] Group 5: Economic Indicators - Market sentiment regarding inflation remains optimistic, with the US November consumer price increase being lower than expected, alleviating some concerns about rising inflation [5] - Traders are betting on at least two rate cuts by the Federal Reserve next year, with a 20% probability of a cut as early as January [5] - US Treasury yields rose on Friday, with the two-year yield increasing by 2.6 basis points to 3.486% and the ten-year yield rising by 3.5 basis points to 4.151% [5]

*耐克暴跌拖累消费板块 *美光科技创收盘新高 *"三巫聚首日"放大波动 美国股市周五收高，科技股反弹成为推动大盘走强的主要力量，盖过了耐克等消费类个股大幅下跌的影 响。当天正值"三巫聚首日"，股票期权、股指期货和股指期权集中到期，加大了盘中波动。 截至收盘，道琼斯工业指数上涨0.38%至48134.89点；标普500指数上涨0.88%至6834.50点；纳斯达克综 合指数上涨1.31%至23307.62点。 【热门股表现】 科技股延续前一交易日的反弹势头。芯片制造商美光科技在发布强劲财测后继续走高，周五大涨7%， 创下收盘纪录新高。 大型科技股表现分化。英伟达上涨3.93%，谷歌A股上涨1.55%，苹果上涨0.54%，微软上涨0.40%，亚 马逊上涨0.26%；特斯拉下跌0.45%，Meta下跌0.85%。 甲骨文上涨6.63%。第一财经此前报道，当地时间12月18日，TikTok CEO周受资发出内部信，更新 TikTok美国业务进展。内部信称字节跳动、TikTok已与三家投资者签署协议，并将成立新的TikTok美国 合资公司。这三家企业包括，甲骨文公司、银湖及MGX。 博通上涨3.18%，AMD大涨6.1 ...

12月大部分时间一直在琢磨年末"圣诞老人行情"是否启动的交易员，可能终于等来了他们期待的走势。 标普500指数周四上涨0.8%，终结了此前连续四天下跌的走势。历史经验显示，股市可能会继续走高。 城堡证券汇编的数据显示，自1928年以来，标普500指数在12月最后两周有75%的时间上涨，平均涨幅 为1.3%。 尽管围绕人工智能交易的中长期担忧仍在、估值依然偏高，但对强劲经济和企业盈利的乐观情绪支撑投 资者信心。据海纳国际集团称，交易员正在大量买入芯片制造商和大型科技股的看涨期权，而散户仍然 热衷于买入美国股票。 高盛集团交易台团队在致客户的一份报告中写道，"我们现在进入的季节性偏利多期，仓位结构更加健 康，只要不遭到重大冲击，市场走势并不容易被逆转。虽然我们不一定预期会出现剧烈反弹，但在年底 前仍有进一步上行空间。" 作为今年股市最热情的支持者，散户投资者对股票依然兴致高昂。城堡证券的数据显示，过去33周中， 个人交易者有32周都是美国股票看涨期权的净买家，创下该数据最长时长纪录。 城堡证券股票及股票衍生品策略主管Scott Rubner周四在致客户的报告中写道："在经历了一年强劲的投 资组合回报和创纪录的家庭 ...

英伟达股价近几个月表现不及大盘，但据Bernstein称，这家处于人工智能交易核心的芯片制造商相对于 费城证券交易所半导体指数的折价达到罕见水平。 该股近期的交易价格约为预期每股收益的25倍，分析师斯Stacy Rasgon在报告中写道，对这家公司而 言，25倍的动态市盈率意味着该股的估值处于过去10年估值分布的第11百分位，从绝对值来看相当便 宜。 相对于费城证券交易所半导体指数，英伟达目前的交易价格约折价13%，处于第一百分位"，并且事实 上，在过去10年里，英伟达股价相对于指数的估值比当前更便宜的交易日只有13天。 他补充称，历史经验表明，这种估值水平代表着一个强劲的买入机会，在过去10年中，以低于25倍估值 买入英伟达股票的投资者回报丰厚，持有一年的平均回报率超过150%，且在该持有期内从未出现过回 撤。 过去六个月，英伟达累计上涨21%，落后于费城证券交易所半导体指数接近32%的涨幅。 责任编辑：李桐 英伟达股价近几个月表现不及大盘，但据Bernstein称，这家处于人工智能交易核心的芯片制造商相对于 费城证券交易所半导体指数的折价达到罕见水平。 该股近期的交易价格约为预期每股收益的25倍，分析师斯 ...

Group 1 - The core viewpoint of the article is that Saiwei Electronics (300456) is adopting a "Pure-Foundry" business model, positioning itself as a specialized MEMS chip manufacturer [1] - The company's subsidiary, Silex Beijing, has commenced trial production of MEMS-OCS, which is expected to enter the trial production phase in August 2025 [1]