Last time I covered this volatile stock Super Micro Computer, Inc. (NASDAQ: SMCI ) ("Supermicro"), I told you all to load up while you could under $35; that's exactly what I ended up doing. My averageI’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my servic ...

加大力度支持符合条件的科技型企业上市融资 （上接1版） 发挥货币信贷支持科技创新的重要作用方面，《政策举措》提出，用好用足结构性货币政策工具。优化 支持科技创新的结构性货币政策工具。发挥科技创新和技术改造再贷款等引导作用，扩大再贷款额度规 模，优化支持范围和流程机制，激励金融机构加大力度支持国家重大科技任务和科技型中小企业以及重 点领域技术改造和设备更新项目。 发挥科技保险支持创新的减震器和稳定器作用方面，《政策举措》提出，推动科技保险产品和服务创 新。制定推动科技保险高质量发展的意见，建立科技保险发展协调机制，优化支持政策，加快形成重点 领域、关键环节、重点地区的政策支持方式。健全覆盖科技型企业全生命周期的保险产品和服务体系， 完善产品、服务创新机制和监管激励保障政策。 加强财政政策对科技金融的引导和支持方面，《政策举措》提到，创新财政科技投入方式，用好用足现 有的贷款贴息、保险补贴、风险补偿等政策，支持企业科技创新。充分发挥政府投资基金绩效评价作 用，引导基金投早、投小、投长期、投硬科技。实施科技创新专项担保计划，有效发挥政府性融资担保 体系作用。 发挥资本市场支持科技创新的关键枢纽作用方面，《政策举措》 ...

马克相信这是下一个大事件，它一定会发生，但不会免费发生。我们可以成为促成它发生的人。 你知道，我们的首席科学家迈克尔·亚伯拉什（Michael Abrash），他是我有机会合作过的我最喜欢的人之一，他 谈到了科技（必然性）。科技界有很多人认为'AR最终会实现'。但不是说就这样发生。你必须投入金钱和时间。 总得有人去做这件事。这就是区别。 （映维网Nweon 2025年05月14日）Meta首席技术官安德鲁·博斯沃思日前接受了著名硅谷风投Andreessen Horowitz (a16z)的采 访对话，而他表示自己和扎克伯格对AR眼镜是"真正的信徒"，拥有"坚定的信念"。 在采访中，Meta首席技术官安德鲁·博斯沃思和主持人主要探讨了后手机时代。在对话一开始，主持人大卫·乔治（David George）直接询问未来的内容消费方式是什么，而博斯沃思回答道"我认为增强现实眼镜很有可能成为现实"。人工智能、可 穿戴设备和硬件的进步可能会带来一个全新的堆栈，并为世界各地的用户创造一个更逼真、更自适应、更身临其境的计算体 验。 在主持人提到后手机时代愿景的发明风险（Invention Risk）时，博斯沃思特地进行了展开 ...

Investment Rating - The report maintains a "Buy" rating for selected stocks within the industry, indicating a positive outlook for potential price appreciation over the next 12 months [39]. Core Insights - The report emphasizes that higher volatility in the market is likely to persist, primarily driven by tariff news and external shocks, with MSCI China experiencing an increase in daily share price volatility from 1.8% to 2.4% [2][4]. - Historical data suggests that during periods of rising volatility, the MSCI China index typically sees negative returns, averaging a decline of 6%, but often rebounds with an average return of 5% as volatility decreases [4]. - The report identifies that sectors such as banks and utilities perform well during rising volatility, while growth stocks like internet and tech tend to underperform [5]. - A "Low volatility" investment strategy has consistently yielded positive results during both rising and declining volatility environments [5]. Sector Performance Analysis - During rising volatility, defensive sectors such as utilities and banks have shown resilience, while property stocks have also outperformed as investors seek domestic policy support [5]. - Growth sectors, including internet and technology, generally underperform in high volatility scenarios due to increased discounting of future earnings [5]. - The report highlights that value factors like Price-to-Book (P/B) and Free Cash Flow Yield (FCFY) perform well in rising volatility, whereas Return on Equity (ROE) and Earnings Per Share (EPS) growth are more favorable in declining volatility [5]. Volatility Indicators - The HSI Volatility index has recently decreased from a peak of over 45 to around 25, indicating mixed return profiles for investors entering the market at this level [6]. - The report suggests that a spike in volatility could present a more favorable entry point for investors, while current levels warrant a cautious approach due to fundamental concerns such as potential tariff impacts and EPS forecast revisions [6]. Quantitative Factor Analysis - The report includes a quantitative analysis showing that stocks with low volatility have consistently outperformed during periods of rising volatility [12][14]. - It also identifies large-cap stocks that score highly on various factors, including low volatility and high quality, which are recommended for investment [18][21]. Top Stock Picks - The report lists several "Buy" rated stocks that have historically performed well during periods of rising volatility, including Qinghai Salt Lake Industry Co., Bank of Chengdu, and China Railway Group [15]. - Additionally, it highlights stocks that are expected to perform well after volatility peaks, suggesting a strategic focus on these selections for potential gains [16].

Group 1: Apple - Apple announced a dividend increase of $0.01 per share, or 4%, raising the quarterly disbursement to $0.26 [2] - The company authorized a new share repurchase program of up to $100 billion, which is less than the previous quarter's $110 billion [3] - Total revenue for Apple reached nearly $95.4 billion, surpassing the average analyst projection of $94.2 billion, with net income at $24.8 billion, almost 5% higher than the previous year [6] - Product revenue increased less than 3% year over year to $68.7 billion, while the services segment rose 11% to $26.6 billion [5] - The newly raised dividend will be distributed on May 15 to investors of record as of May 12, resulting in a yield of 0.5% at the most recent closing stock price [7] Group 2: IBM - IBM declared a quarterly dividend of $1.68 per share, marking the 30th consecutive year of dividend increases, with a $0.01 hike [9] - The company reported first-quarter revenues of $14.5 billion and non-GAAP net income of almost $1.6 billion, beating average analyst projections [10] - IBM's consulting business experienced a 2% year-over-year revenue decline to $5.1 billion, while infrastructure revenue fell 6% to $2.9 billion [11] - The software segment, which is the largest revenue generator, rose 7% to $6.3 billion, indicating a strong performance in a high-margin area [12] - The new dividend will be paid on June 10 to stockholders of record as of May 9, offering a dividend yield of 2.7% based on the current share price [14]

Core Viewpoint - The Consumer Financial Protection Bureau (CFPB) has reversed its decision to supervise Google Payment, alleviating compliance burdens for Alphabet and indicating a shift in regulatory focus under the new acting director Russell Vought [1][4]. Group 1: CFPB's Decision and Implications - Acting CFPB Director Russell Vought stated that monitoring Google's payments arm would be an "unwarranted use of the Bureau's powers and resources," rescinding a previous order that subjected Google Payment to bank-like examinations [2][4]. - The CFPB's initial stance was to ensure compliance with federal consumer financial protection laws across a range of financial firms, including nonbank entities like Google Payment [2][3]. - The reversal of the CFPB's decision may encourage other technology firms to contest oversight efforts initiated during the previous administration, although the CFPB still retains authority over unfair or deceptive practices [5]. Group 2: Google's Response and Industry Context - Google had previously filed a lawsuit against the CFPB, arguing that the agency lacked the authority to regulate it as a bank, but will withdraw the lawsuit following the CFPB's recent memo [3][4]. - The CFPB's shift in priorities is evident, as the agency under previous leadership aggressively targeted nonbank payment platforms, while the current focus appears to be on traditional banks [4]. - The decision to drop oversight of Google Payment aligns with the company's assertion that the product never posed risks and is no longer available in the U.S. market [4].

Group 1 - The Technology Select Sector SPDR Fund (XLK) has increased by more than 3% in the past month, outperforming the other 11 S&P 500 sector ETFs [1] - The article highlights that technology is leading the market's recovery [1] Group 2 - The performance of the "Mag 7" tech stocks is a significant factor in the overall market recovery [1] - The article emphasizes the importance of thematic investing and market events in understanding current market conditions [1]

I’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is momentum.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within th ...

今天，小米开源首个为推理(Reasoning)而生的大模型"Xiaomi MiMo"，联动预训练到后训练，全面提升 推理能力。在数学推理(AIME24-25)和代码竞赛(LiveCodeBench v5)公开测评集上，MiMo仅用7B的参数 规模，超越了OpenAI的闭源推理模型o1-mini和阿里Qwen更大规模的开源推理模型QwQ-32B-Preview。 (小米大模型) ...

Core Insights - The financial indicators in Hunan Province showed strong growth in Q1 2025, outperforming national averages and the economic growth rate, with a deposit balance increase of 7.4% and a loan balance increase of 7.3% [1][3] Financial Performance - As of the end of March 2025, the total deposit balance in Hunan reached 8.7 trillion yuan, with a year-on-year growth of 7.4%, exceeding the national average by 0.5 percentage points [3] - The loan balance in Hunan stood at 7.8 trillion yuan, reflecting a year-on-year growth of 7.3%, with new loans to enterprises totaling 3.234 billion yuan, an increase of 570 million yuan compared to the previous year [3] - The social financing scale in Hunan saw a new increment of 3.904 billion yuan in Q1, with indirect financing contributing 3.812 billion yuan [3] Support for Real Economy - Hunan's financial institutions are increasingly supporting the real economy, with the establishment of the Hunan Financial Big Data Center, which integrates data from over 29 commercial banks [3] - Innovative financial products like "流水贷" are being introduced to facilitate easier financing for businesses [3][4] Sector-Specific Support - Financial institutions in Hunan are focusing on supporting manufacturing and technology innovation sectors, with manufacturing loans growing by 10.6% year-on-year and technology loans increasing by 14.4% [6] - Major projects in Hunan, such as the bio-based solid-state battery project and Mini-LED project, received significant capital support, totaling 43.54 billion yuan [6] Financial Innovation - The "快乐e贷-企业快贷" product launched by Changsha Bank allows for online credit loan approvals, benefiting over 16,000 small and micro enterprises with a total of 82.4 billion yuan disbursed [4][5] - Cross-border integrated funding pool services are being developed for multinational companies, enhancing global operational capabilities [7] Policy Implementation and Service Enhancement - The People's Bank of China Hunan Branch initiated the "行长走市县·金融送解优" campaign to ensure the implementation of financial support policies for key industries and projects [8] - Equipment upgrade project loans reached 12.4 billion yuan by the end of March, with a significant acceleration in loan issuance during Q1 [8] - Personal consumption loans (excluding housing loans) grew faster than overall loans, indicating a positive impact on consumer demand [8] Local Financial Initiatives - Changsha Bank's "千企万户大走访" initiative aims to enhance financial services for small and micro enterprises, addressing their specific needs and promoting local economic development [9]