Let's bring in Mark Mahaney, head of internet research at Evercore ISI. Mark, what does this Manis acquisition tell you about Meta's AI strategy. >> Well, I think McKenzie uh uh nailed it.Uh you know, this company is sort of pivoting or extending to get even more aggressive in AI and this has been pretty um part of the course for Zuckerberg. He's uh he's highlighted AI. He's deployed AI aggressively.He's already used it to of the last two to three years to materially improve his ad platform and his user pla ...

We're back on Morning Trade Live. Meta is continuing its year of AI spending as the company says it will acquire Singapore-based AI agent and developer Manis. Meta said in a statement that the acquisition was aimed at accelerating AI innovation for businesses and integrating advanced automation into its consumer and enterprise products, including its Meta AI assistant.Terms of the deal were not disclosed, but the Wall Street Journal reporting that the deal closed for just over $2 billion. So joining us now ...

Group 1 - Baidu's stock rose by 5% to $133.15 following the announcement of a deep collaboration with autonomous vehicle company New Stone, integrating high-precision map services into its logistics platform [1] - New Stone's autonomous vehicles utilize self-developed BEV algorithms and 4D One Model architecture, achieving L4 level autonomous driving in complex road environments, with applications in logistics, retail, and medical delivery [1] - Morgan Stanley noted a fundamental shift in Baidu's investment narrative, transitioning from traditional search advertising to becoming an AI infrastructure provider, driven by advancements in AI and the commercialization of Kunlun chips [1] Group 2 - Morgan Stanley predicts a significant growth in Baidu's Kunlun chip revenue, estimating an increase from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, reflecting a sixfold growth due to strong demand for AI hardware [2] - Analysts forecast that Baidu's cloud business revenue will grow by 61% year-on-year in 2026, positioning it as a key pillar for new growth [2]

圆桌讨论环节，抖音相关负责人用三个"新"总结2025年抖音知识生态：涌现出新的创作趋势，打开了新 的创作场景，拓展了新的成长路径。展望2026年，抖音知识将在前沿科技、深度内容、全球一线实拍、 长图文等方向上多重发力，为创作者提供更多创作服务、创作资源和成长助力。 12月27日，"2025抖音知识创作者年度之约"在上海举办。活动中，抖音发布了"2025年度抖音100条必看 知识作品"，作品内容覆盖科技、科普、人文社科、教育校园、财经、社会时政、法律、医疗健康等重 点知识方向。打开抖音，搜索"我的年度精选"即可观看包括100条知识作品在内的"年度精选内容"。 "2025年度抖音100条必看知识作品"发布 边画边讲、科技"手搓"、第一视角直击……2025年，各种各样的知识类内容在抖音频频出圈。抖音知识 梳理了其中的100条精华视频，为他们颁发"年度硬核知识作品""年度启发思考作品""年度实用干货作 品""年度创意突破作品""年度广泛传播作品""年度新知探索作品"6大类奖项。 超长知识视频趋势自2024年在抖音兴起，2025年这一势头依然不减。作品《一口气（9小时）看完战国 时代》，用18.8万字文稿回顾战国七国争 ...

Core Insights - The annual "Zhengdanghong" Partner Gala showcased over 300 AIGC creators, highlighting the collaboration between Baidu APP and creators in enhancing tools, content creation, and commercialization [1] - The event celebrated outstanding works from the Baidu AIGC Future Creation League, with the top award going to "Perfect Bias," which received a cash prize of 100,000 yuan [1] - The AIGC sector is experiencing explosive growth, with Baidu APP reporting over 1 million AIGC content pieces and a distribution volume exceeding 3.5 billion [3] Group 1: Event Highlights - The gala featured notable attendees, including voice actors and top creators, emphasizing the strength and talent within the AIGC community [1] - A drone performance elevated the event atmosphere, showcasing the integration of technology and creativity [1] - The event also revealed the 2025 Baidu Comic Agency Awards, recognizing the hard work of creators and their collaborative efforts [1] Group 2: AIGC Future Creation League - Launched in late October, the league attracted participation from over 110 top global universities, with more than 10,000 entries and a total view count exceeding 1.3 billion [2] - The competition featured multiple categories, including sci-fi and national style, and provided access to top-tier intellectual property resources [2] - Ultimately, 15 outstanding works emerged from thousands of submissions, showcasing diverse breakthroughs in AIGC technology [2] Group 3: IP-AIGC Creative Plan - The "IP-AIGC Creative Plan" was introduced to foster a new ecosystem for creators, copyright holders, and platforms [4] - Baidu APP aims to enhance content development by connecting IP with quality creators and leveraging its distribution capabilities [4] - The plan encourages mass participation in secondary creation of anime IPs, utilizing AIGC technology to improve creative efficiency [4] Group 4: Launch of "Youmanju" APP - The "Youmanju" APP was launched to cater to young audiences, providing a free platform for manga and drama viewing [5] - The integration of manga and AI has led to significant growth, with daily active users increasing tenfold within six months [5] - The app aims to create an immersive content ecosystem, allowing cross-genre consumption of the same IP [5] Group 5: Industry Trends and Future Outlook - The gala served as a reflection of the year's achievements in AIGC and a forecast of industry trends [8] - The upcoming S3 season of the Baidu AIGC Future Creation League will see increased participation from various industry stakeholders [8] - The AIGC industry is transitioning from "tool awakening" to "ecological explosion," with Baidu APP committed to redefining creative boundaries and enhancing user content experiences [8]

Top tech talent in China can expect lavish bonuses for 2025 as big tech firms from ByteDance to Tencent Holdings double down on efforts to retain and lure people with specialised skills in fields such as artificial intelligence. TikTok owner ByteDance expanded its bonus pool by 35 per cent from a year earlier, as well as increased the budget for pay rises by 150 per cent, according to Chinese media outlet The Paper. The company also lifted pay floors and ceilings across all job levels. The increases were ...

文 | 大力财经 快手的技术核心圈，年末传来重磅人事变动！ 据多位知情人士爆料，快手科技副总裁、基础大模型及推荐模型负责人周国睿已进入休假状态，内部系统签名已改为"Log Out"，这意味着这位执掌快手核 心推荐算法的技术大牛，即将正式告别快手。消息一出，立刻引发行业震动——毕竟周国睿不是普通高管，他亲手主导了快手推荐大模型的革新，是程一笑 力推AI战略的关键执行者。 要搞懂这场人事变动的分量，得先看清周国睿在快手的"含金量"——他手里攥着的，是快手的"生命线"。 而这波离职潮的背后，是快手进入"程一笑时代"后的组织架构大调整。2023年底，快手宣布了上市以来最大规模的组织架构和管理层调整，涉及主站、电商 与商业化三个事业部的15条业务线，25名中层管理人员受到影响。架构调整必然伴随业务合并和权责变动，不少高管因此被架空，这也被认为是近期高管密 集离职的核心原因。 除此之外，快手内部治理的漏洞也被暴露过。今年9月初，曾有举报邮件流出，称快手某员工泄露公司核心数据和规划打法获利，给公司造成重大损失。这 一事件也让外界对快手的内部管控产生质疑，或许也加剧了核心人才的流失。 2021年加入快手后，周国睿很快坐上核心 ...

Core Viewpoint - Baidu Group's stock has risen significantly by 6.3% to HKD 126.6, with a total market capitalization of HKD 347.5 billion following an upgrade to "Buy" by Shenwan Hongyuan in their recent report [1] Financial Performance - The report forecasts Baidu Group's revenue to reach RMB 128.5 billion, RMB 133.1 billion, and RMB 141.0 billion for the years 2025 to 2027 respectively [1] - Using the SOTP valuation method, the overall target valuation for the group is set at RMB 430.2 billion, corresponding to a target price of HKD 172.54 per share [1] Business Developments - In the AI sector, Baidu is making significant advancements, with plans for full-stack AI development showing promising results by 2025 [1] - Baidu has launched the Kunlun M series chips, the multimodal Wenxin model 5.0, and several enterprise-level intelligent applications at a global conference [1] - The intelligent cloud business is experiencing accelerated growth, with Q3 2025 AI cloud revenue reaching RMB 6.2 billion, and total revenue for the first three quarters of 2025 at RMB 19.33 billion, marking a year-on-year increase of 31% [1] - The self-developed AI chip Kunlun is expected to enter a mass production phase, with successful commercialization across multiple fields and integration into leading customer systems [1] - In the smart driving sector, the order volume for "Luo Bo Kua Pao" has seen significant growth, leading to substantial improvements in profitability [1]

Core Insights - AI has become the central theme in China's technology industry throughout 2025, viewed as a key driver for the next productivity revolution and business model iteration [2] - Major internet companies like Tencent, Alibaba, and ByteDance are intensifying their focus on AI, with significant investments and strategic moves to secure their positions in the market [2][4] Investment Trends - Alibaba announced a three-year investment plan of 380 billion yuan for cloud and AI hardware infrastructure, which is more than its total investment over the past decade [4] - ByteDance plans to increase its capital expenditure to 150 billion yuan in 2025, marking an 88% year-on-year increase, with expectations to further raise it to 160 billion yuan in 2026 [4] - Tencent's capital expenditure is projected to reach around 100 billion yuan in 2025, with a 386% year-on-year increase in Q4 2024 [5] Financial Performance - Alibaba's cloud revenue grew by 34% year-on-year in Q3 2025, with AI-related product revenue maintaining triple-digit growth for nine consecutive quarters [5] - Tencent's marketing services revenue increased by 21% year-on-year, driven by improvements from AI-driven advertising platforms [5][10] - Baidu's AI business revenue grew over 50% year-on-year, becoming a core growth engine despite a decline in total revenue [5] AI Integration in Business - Major companies are integrating AI into their core business lines to enhance operational efficiency and create new growth engines [8][9] - Alibaba's AI tools improved operational efficiency for 500,000 merchants during the "Double 11" shopping festival, with an average efficiency increase of 1.5 times [9] - AI is transforming advertising from traditional methods to intelligent advertising, enhancing user engagement and return on investment [10] New Market Opportunities - The competition for AI-native applications is emerging as a new growth area, with companies vying to establish the next "super entrance" in the AI era [12] - The market is witnessing the rise of AI hardware, such as smart glasses, with significant growth in shipments and market share in China [14] - The introduction of AI-integrated smartphones represents a new direction in user interaction and data aggregation [14] Future Outlook - The competition among major players in AI applications, hardware, and native applications is still in its early stages, with the potential for significant developments in user engagement and commercial viability [15]

Core Insights - The article highlights the journey of Zhang Chaoyang, the founder of Sohu, emphasizing his transformation from a rebellious student to a prominent figure in the internet industry, and his recent efforts to revitalize the company through personal engagement and innovative strategies [2][3][12]. Group 1: Early Life and Education - Zhang Chaoyang grew up in a factory area in Xi'an and was initially a reluctant student, later excelling at Tsinghua University and pursuing a PhD at MIT, where he developed an interest in the internet [3][4]. - His exposure to the internet at MIT, particularly through a physics lab, sparked his passion for technology and set the stage for his future entrepreneurial endeavors [3][5]. Group 2: Entrepreneurial Journey - In the mid-1990s, Zhang recognized the potential of the internet in China and returned to start Sohu, facing significant challenges in securing funding as the concept of venture capital was not well established in China at the time [5][6]. - After overcoming initial funding difficulties, Sohu became the first Chinese startup to attract venture capital, with investments from notable figures like Nicholas Negroponte [6][7]. Group 3: Business Development and Challenges - Sohu launched its strategic product "Sohu" and positioned itself as a navigation tool for the Chinese internet, successfully going public on NASDAQ in 2000 [8][9]. - Despite initial success, Sohu faced challenges in monetizing its services due to inadequate payment infrastructure, leading to a focus on SMS services and online gaming for revenue generation [9][10]. Group 4: Crisis and Reflection - Zhang experienced a personal and professional crisis during the rapid growth of Sohu, leading to a period of self-reflection and a reevaluation of his values and business practices [10][12]. - He acknowledged that his detachment from product details and overemphasis on personal fame contributed to missed opportunities, particularly in the social media space [10][11]. Group 5: Return and Transformation - After a hiatus from the public eye, Zhang returned to Sohu with a renewed focus on product engagement, conducting live English classes and emphasizing the importance of direct user feedback [12][13]. - He has shifted Sohu's strategy towards video content and social media, aiming to leverage his personal brand to drive the company's transformation [13][14]. Group 6: Future Outlook - Zhang remains cautious about the AI trend, opting for a measured approach rather than following industry fads, while focusing on enhancing Sohu's video social platform [14][15]. - His commitment to ethical business practices and self-improvement reflects a significant shift in his leadership style, prioritizing employee motivation and sustainable growth over aggressive expansion [15].