作者丨苏子华 编辑丨靖宇 用极客视角，追踪你最不可错过的科技圈。欢迎同步关注极客公园视频号 来源丨极客公园（ID：geekpark） 以下文章来源于极客公园 ，作者苏子华 极客公园 . 图源丨淘宝店铺商品图 可能你也在短视频平台刷到过一块可以语音对话的简陋电路板、或者方盒子。 过去两个月，在 AI 硬件领域内生长出一个现象级项目——「小智 AI」。 视频中的「小智 AI」语音助手用台湾腔讲话。相比市面上其他语音助手，它反应迅速、声音逼真拟人、 说话内容充满「人味儿」。这些短视频迅速引发病毒式传播，点赞量动辄数十万，甚至百万。 评论区的讨论热度持续攀升：有人惊叹它的回答所引起的情感共鸣，更多人则在追问——「这个东西在 哪买？」 在 2 月份之前，「小智 AI」是一个鲜为人知的开源 AI 硬件项目；在 2 月之后，大量电子爱好者、AI 从 业者、以及编程小白涌入，将小智 AI 接入不同的硬件。有人用「小智 AI」来聊天，有人用它来语音控制 各种电器。 不过，「小智 AI」团队并不生产硬件。 与「小智 AI」的聊天视频，引发网友的大量共鸣｜图片来源：抖音截图 极客公园获悉，过去两个月内，接入「小智AI」的硬件设备快 ...

Core Insights - IBM z17 is designed to redefine AI at scale, enabling enterprises to process 100% of their transactions in real-time and handle 50% more AI inference operations per day compared to its predecessor, z16 [1][12] - The system supports over 250 AI use cases across various industries, enhancing business value through applications like loan risk mitigation and medical image analysis [1][2] Product Development - The IBM z17 is the result of five years of design and development, with over 300 patent applications filed and input from more than 100 clients [2] - It introduces multi-model AI capabilities, enhanced security features, and tools for improved system usability and management [2][3] AI Integration - The z17 integrates AI into the core of enterprise operations, providing the necessary software, processing power, and storage to operationalize AI quickly [3] - It features a second-generation on-chip AI accelerator, capable of performing over 450 billion inferencing operations daily with a response time of one millisecond [4][12] Future Enhancements - The IBM Spyre™ Accelerator, expected in Q4 2025, will further enhance AI compute capabilities, particularly for generative AI applications [4][6] - z/OS 3.2, the next version of IBM's operating system, will support hardware-accelerated AI capabilities and modern data access methods, set to release in Q3 2025 [5] Operational Efficiency - IBM Z Operations Unite will streamline operations by consolidating performance metrics and logs, enhancing anomaly detection and incident resolution [5] - The integration of AI assistants and agents aims to improve developer and IT operations efficiency [4][6] Security Features - IBM z17 enhances security and resiliency, incorporating AI-driven processes for incident remediation and case resolution [7][11] - New capabilities for discovering and classifying sensitive data will utilize natural language processing to protect mission-critical data [11] Storage Solutions - The 10th Generation IBM Storage DS8000 is designed to work seamlessly with IBM z17, providing optimized data performance and modular architecture for business growth [8] Availability - IBM z17 is set to be generally available on June 18, 2025, with the IBM Spyre™ Accelerator expected in Q4 2025 [9]

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: Apple, Inc. (AAPL) - **Industry**: IT Hardware, specifically focusing on the impact of tariffs and geopolitical factors on the hardware sector in North America Core Insights and Arguments 1. **Tariff Exemption Odds for Apple**: The likelihood of Apple receiving a targeted tariff exemption is estimated at 20%, due to changes in the exemption process under the current administration [1] 2. **Historical Spending Commitments**: Apple's recent announcement of $500 billion in US spending commitments is viewed as unlikely to significantly alter the administration's treatment of the company, given similar past commitments [2] 3. **Impact of Tariffs on EPS**: Apple could face $33 billion in annualized incremental tariff costs, translating to a potential 26% headwind on earnings per share (EPS) [3] 4. **Market Reaction**: Following the tariff announcements, 12 out of 19 companies in the IT Hardware sector experienced declines of over 10%, indicating market sensitivity to tariff news [8] 5. **Pre-buying Behavior**: Enterprises are exhibiting cautious spending and pre-buying of hardware in anticipation of tariff impacts, with a notable drop in expected hardware spending growth from 2.2% to 0.7% [11] Additional Important Insights 1. **Potential Retaliatory Actions**: The risk of retaliatory actions against US companies, particularly Apple, is a concern, especially given its significant revenue from China [13] 2. **Tariff Implications for AI Servers**: AI servers assembled in Asia may be subject to high tariffs, but the exact taxation details remain unclear [14] 3. **Beneficiaries of Tariffs**: Kornit Digital could benefit from potential onshoring in the textile industry due to tariff pressures, although no immediate beneficiaries were identified in the IT Hardware sector [15] 4. **Valuation Methodology**: The price target for Apple is set at $252, based on an 8.5x EV/Sales FY26 multiple, implying a P/E of approximately 30x on projected EPS [16] Risks Identified 1. **Upside Risks**: Factors such as strong iPhone performance and unexpected growth in services could positively impact Apple’s stock [19] 2. **Downside Risks**: Weak consumer spending and geopolitical tensions pose significant risks to Apple's performance [19] This summary encapsulates the critical points discussed in the conference call, highlighting the implications of tariffs, market reactions, and potential risks for Apple and the broader IT Hardware industry.

Investment Rating - The report maintains an Equal-weight (EW) stance on MSCI China within the global EM/APXJ framework [9]. Core Insights - The report anticipates higher near-term market volatility due to the US imposing additional tariffs on China, raising the total tariff rate to up to 65% [2][4]. - The A-share market is viewed as better positioned for hedging and diversification compared to the offshore market, as A-share investors are less sensitive to tariff changes [3]. - The direct impact on earnings from the tariffs is expected to be smaller than the overall drag on macroeconomic growth, with the MSCI China universe generating only 13% of its total revenue from markets outside China, and less than 3% from the US [7]. Summary by Sections Market Volatility - The report highlights that the recent tariff hikes could lead to elevated market volatility as the market adjusts to the potential economic impacts [2][4]. A-Share Market Positioning - The A-share market is recommended for investors seeking stability, as it has shown lower correlation with global markets and less volatility compared to offshore markets [3]. Earnings Impact - The report suggests that the overall drag on equity market earnings will be less severe than the impact on macro growth, primarily due to the limited revenue exposure of listed Chinese companies to the US market [7]. Companies with High US Revenue Exposure - A list of 30 companies with the highest revenue exposure to the US market is provided, indicating potential negative impacts on these companies in the near term [8]. Key Indicators to Monitor - The report advises monitoring the USDCNY exchange rate, signs of US-China negotiations, and any significant policy easing measures to stabilize domestic growth [9].

Core Viewpoint - Arista Networks' stock experienced a significant decline due to the Trump administration's announcement of new tariff policies, which raised concerns about potential impacts on global trade and the company's cost structure [1][2][3]. Company Performance - Arista Networks' share price fell by 11.1% in a trading session where the S&P 500 dropped by 4.9% and the Nasdaq Composite decreased by 6% [1]. - The company has been experiencing strong sales growth, particularly in relation to artificial intelligence trends, but there are concerns that business performance may fall below previous expectations due to rising costs from tariffs [3]. Financial Guidance - In its last earnings update, Arista Networks projected sales between $1.93 billion and $1.97 billion for the first quarter, with a targeted non-GAAP gross margin of approximately 63% [4]. - The implementation of new tariffs is set to occur after the close of Q1, suggesting that the company may still meet or exceed its sales targets for that period [4]. Outlook and Risks - The new tariff outlook indicates that Arista Networks' gross margin could decline significantly, and sales for the remainder of the year may fall short of analyst expectations [5].

Historical second-quarter data paints an even more disappointing picture. Over the last 10 years, INTC finished the quarter higher only three times, and averaged a 7.7% loss. From their current perch, this mean the shares could end April around $21, and the quarter just above $20. | | SA SESSION III PIEN WE INDE WA PERIAL | | | | | --- | --- | --- | --- | --- | | Ticker | Sector | Average | Median | Percent | | | | Return | Return | Positive | | LUV | Travel and Leisure | -6.45% | -7.59% | 20% | | STX | Tec ...

Core Viewpoint - OSI Systems experienced a positive stock performance following its inclusion in Bank of America's Endeavor List, despite facing critical allegations from a short seller regarding its revenue growth and contract fulfillment [1][2][3]. Group 1: Stock Performance - OSI Systems' share price improved by more than 5% after being added to a top picks list by Bank of America [1]. - The inclusion in the Endeavor List, which consists of 15 to 30 small-cap stocks, is seen as a significant achievement for OSI Systems [2]. Group 2: Allegations and Challenges - A report from short seller Culper Research criticized OSI Systems, claiming that most of its recent revenue growth is tied to a single contract with Mexico's Ministry of Defense, which involves supplying vehicle and cargo-screening systems [3]. - The report alleges that OSI Systems has fallen behind on its obligations related to shipping, installation, and product-level issues [3]. - OSI Systems has not yet formally responded to the allegations made by Culper Research [4]. Group 3: Market Reaction - Following the publication of the critical report, OSI Systems' stock declined significantly, indicating investor concern [5]. - Bank of America's decision to include OSI Systems in its list appears to be an effort to restore confidence in the stock amidst troubling allegations [5].

One Stop Systems, Inc. (NASDAQ:OSS) Q4 2024 Earnings Conference Call March 19, 2025 10:00 AM ET Company Participants Michael Knowles - President, Director & CEO Daniel Gabel - CFO Conference Call Participants Brian Kinstlinger - Alliance Global Partners Maxwell Michaelis - Lake Street Capital Markets Operator Good day, and welcome to the One Stop Systems Fourth Quarter 2024 Conference Call and Webcast. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask ques ...

以下文章来源于智能涌现 ，作者张进 智能涌现 . 直击AI新时代下涌现的产业革命。36氪旗下账号。 在启动AIOS之前， 老罗最急迫的事情是融到下一笔钱。 文 ｜ 张进 编辑 ｜ 苏建勋 来源｜ 智能涌现（ID：AIEmergence） 封面来源 ｜ 视觉中国 智能涌现独家获悉，在直播电商、AR、AI助手等领域依次试水后，「老罗」罗永浩最新的创业构思，是围绕AIOS领域（AI系 统）。为此，老罗还挖来了小米前50号员工、操作系统领域的老兵汪文俊。 此次进军AIOS，罗永浩并没有为此重新创立一家公司，而是依托此前从事AR产品的公司The Red Line，继续开拓业务。 罗永浩对AIOS的兴趣其实有迹可循。1月中旬，罗永浩在微博透露了他对AIOS 的看法，他引用了计算机先驱阿伦凯的话「真正 在意软件的人，会自己做硬件」，言语间透露出做AIOS的真实目的，是继续回归硬件赛道。 一位业内人士对智能涌现分析，如果罗永浩要做AIOS，势必会与AI硬件结合，因为只做软件不做硬件，则很难打开市场。而一位 接近罗永浩的人士告诉我们，在老罗的规划中，先做AIOS，接着做AI手机，是一条较为合理的链路。 凭借自身影响力，老罗创业 ...

" 戴尔的非 GAAP 预期市盈率低于行业中值。 " 作者 | Noah's Arc Capital Management 编译 | 华尔街大事件 自11月份以来，戴尔( NYSE: DELL )的股价一直落后于市场。股价落后的主要原因是市场担 心人工智能数据中心建设放缓，上周末传闻微软将改变资本支出战略就是明证。 虽然这在市场 某些领域可能确实如此，但关键是推理计算仍将表现良好。当数据中心为此而建时，戴尔可以 成为推理计算的主要赢家。鉴于此，分析师认为股价还有上涨空间。 此前，许多 AI 芯片的效率都太高了，以至于这些基础模型公司不需要那么多芯片就能完成必 要的任务。这导致整体 GPU 需求增长放缓，这显然会损害销售增长预期。 AI 领域的大多数 公司（无论其估值倍数如何）都根据对 AI 设备销售的预期进行交易。戴尔就是其中之一。 现在， 市场担心 Blackwell 支持的预训练集群已经变得高效，而 AI 模型在过去三个月中并没 有呈指数级增长。 每个代币的成本继续下降，这对开发者来说是好事。一些关键因素已经朝着 有利于公司的方向转变。 Atreides Management 的执行合伙人兼首席信息官 G ...