【文/观察者网专栏作者 江宇舟】 特朗普此番来势汹汹的贸易战发动至今已有三月，"对等关税"推出也将近一月。在这个过程中，中国从 一开始就给予坚决反击，不退让一步，也彻底打乱了特朗普的节奏，让关税执行效果与发动时的声势完 全脱节： 说好要"不会豁免加征"，保质期不到72个小时；贝森特和卢特尼克说"70国排队签约"，到如今连G7都不 买账；至于"等中国打电话"，更引发了海内外舆论罕见的一致群嘲，超级大国每天都在用各种姿势表演 着尊严扫地，国内经济特别是金融市场也随之震荡杀跌。 通炒作后，全世界都知道他打不通中国电话。网络图片 但越是如此，一些足以颠覆规则的下三滥招术越被美国政客们不以为耻地津津乐道，包括但不限于试图 封堵中国航运、威逼有关国家中止对华合作、尤其是近期美国政客集中提议各国以限制对华贸易换取美 国豁免。商务部对此的评论是"绥靖换不来和平，妥协也得不到尊重。" 当此之时，面临股债汇三杀的特朗普政府总是含糊其辞，频频抛来橄榄枝，称将大幅降低对华关税，并 看好后续谈判。那么，如何看待特朗普政府的反复无常？本次贸易战又将走向何方？ 一、特朗普2.0时期贸易战的特点 首先，我们要明确一点，特朗普此番"求和"是缺 ...

Core Viewpoint - Despite exceeding market expectations in Q1, Snap has withdrawn its Q2 revenue guidance due to economic fluctuations caused by tariff policies impacting advertising demand [1][3]. Group 1: Q1 Performance - Snap reported Q1 revenue of $1.36 billion, slightly above the analyst average expectation of $1.35 billion [5]. - The total number of advertising clients increased by 60% year-over-year, with direct response ads accounting for 75% of Snap's advertising revenue, marking a historical high [5]. - The net loss for Q1 was $140 million, which is more than a 50% reduction compared to the same period last year [5]. - Snap's subscription product, Snapchat+, has reached 15 million paid users, a 59% year-over-year increase, while monthly active users have reached 900 million, moving closer to the target of 1 billion [5]. Group 2: Q2 Outlook and Economic Impact - Snap has declined to provide a revenue forecast for Q2, citing macroeconomic "headwinds" affecting its advertising business [1][3]. - The CFO, Derek Andersen, indicated that some advertisers are reducing spending due to changes in the tariff exemption rules for small packages under $800, which are impacting advertising demand [3]. - The modification of the tariff rules is expected to affect not only Snap but also other major companies like Google and Meta Platforms, which are likely to confirm similar impacts on their advertising businesses [4]. Group 3: Cost Management and Future Plans - In addition to withdrawing the Q2 revenue guidance, Snap has lowered its full-year adjusted operating expense target by $50 million, from a range of $2.65 billion to $2.7 billion [5]. - Andersen mentioned that this adjustment may influence the company's hiring plans for the remainder of the year, as approximately two-thirds of the annual adjusted operating expenses are related to personnel costs [5].

Core Viewpoint - Snap Inc reported a slight revenue increase in Q1, but faces significant challenges due to macroeconomic headwinds from tariffs, leading to a refusal to provide revenue guidance for the current quarter [1][2][5] Financial Performance - Snap's Q1 revenue reached approximately $1.36 billion, a 14% year-over-year increase, slightly above Wall Street's expectation of $1.35 billion [2][3] - The company reported a net loss of about $140 million, which is a 54% reduction compared to the previous year's loss [3] - Adjusted EBITDA increased by 137% year-over-year to $108 million [3] User Metrics - Snapchat+ subscription users grew by 59% year-over-year, reaching approximately 15 million [3] - Monthly active users reached 900 million, nearing the significant milestone of 1 billion [3] Advertising and Market Position - The number of advertising clients increased by 60% year-over-year, with direct response ads accounting for 75% of quarterly ad revenue, a record high [3] - Snap's advertising strategy focuses on high engagement from Gen Z and utilizes AR technology, differentiating itself from larger platforms like Meta and Pinterest [4] Economic and Regulatory Environment - The company is impacted by the Trump administration's tariff policies, which have led to a tightening of advertising budgets among some advertisers [1][2][5] - The effective tariff rate in the U.S. is currently close to 23%, the highest in over a century, affecting consumer and business confidence [2]

马斯克旗下xAI与X合并后，又有新动向。4月26日消息，知情人士透露，马斯克旗下xAI控股公司正在 与投资者洽谈，计划为其整合后的AI初创公司（xAI）及社交媒体业务（X平台）筹集约200亿美元资 金。数据提供商PitchBook指出，若交易达成，该公司估值将突破1200亿美元，成为继OpenAI今年初400 亿美元融资后，全球初创企业史上第二大单轮融资。 xAI控股是2025年3月由社交平台X（原推特）与马斯克的人工智能公司xAI合并成立。xAI以全股票交易 的方式收购了X，此次交易中xAI的估值为800亿美元，对X的估值为330亿美元。去年12月，据报道，根 据一份监管文件显示，马斯克旗下的人工智能初创公司xAI已经成功筹集了60亿美元资本，完成了这轮 持续数月的融资后，xAI的估值超过了400亿美元。 按照马斯克的说法，xAI成立两年多以来，以前所未有的速度和规模构建模型和数据中心，迅速成为全 球领先的AI实验室之一。X则是一个数字城镇广场，超过6亿活跃用户。两者合二为一后，数据、模 型、算力和分销、人才都将整合。 产品层面，xAI的Grok大模型已经深入整合到X平台中，可以帮助用户基于推文"一键吃瓜" ...

Core Insights - The article discusses Mark Zuckerberg's strategic decision to acquire Instagram for $1 billion, highlighting the urgency and foresight behind this move as a response to the shifting social media landscape [2][3][4]. Group 1: Acquisition Strategy - Zuckerberg's acquisition of Instagram was driven by the need to address Facebook's limitations in mobile and visual storytelling, recognizing Instagram's potential for explosive growth and user engagement [2][3]. - The decision to allow Instagram to operate independently, preserving its culture and team, was a departure from traditional acquisition practices, fostering innovation and collaboration [3][4]. - Instagram's monetization strategy focused on building a user base and content ecosystem before implementing revenue generation, leveraging user-generated content for advertising [3][4]. Group 2: Impact on Social Media Landscape - Instagram transformed social networking from a relationship-based model to an influence-based infrastructure, enabling individuals to become media creators and brands [5][6]. - The platform's decentralized distribution mechanism allowed for a shift in trust from institutions to individuals, compelling brands to engage authentically with users [5][6]. - Instagram's influence extends beyond social media, impacting talent acquisition, investment decisions, and cultural identity among younger generations [6][7]. Group 3: Lessons for Future Entrepreneurs - The success of Instagram underscores the importance of personal branding as a competitive advantage, influencing investor decisions and user engagement [8][9]. - The concept of "controlled chaos" in management allows for innovation and adaptability, as seen in various tech companies' strategies [8][9]. - The ongoing battle for user attention emphasizes the need for brands to create emotional connections rather than just functional value [8][9].

金铭、蒋方舟、杨紫、张一山……每个时代都有自己的童星。 "网红儿童"可以称为互联网时代的"童星"。在互联网时代，孩子更容易实现明星梦，从而引发全社会对 未成年人权益保护的担忧。 近日，新京报贝壳财经举办了"网红儿童"现象下的未成年人保护难题研讨会。多位新闻与传播、青少年 研究、法学领域专家、媒体人与平台代表出席研讨会，并共同探讨：过度商业化"网红儿童"的行为可能 侵害未成年人的哪些权益？如何发挥全社会力量，共同构建儿童权益保护同心圆？ 与会专家及媒体人普遍认为，"网红儿童"与商业过度结合可能带来亲子关系变质、影响儿童身心健康、 信息泄露等风险。也有专家强调不能只看到"网红儿童"的负面影响，数字平台也给"网红儿童"带来了价 值实现和家庭财富增长机会。 "网红儿童"本是中性词，为避免他们染上负面色彩，与会专家提出，社会应构建儿童权益保护同心圆。 而其中，家庭是第一道防线，学校、平台、社会等"一个都不能少"。 "网红儿童"账号认定难，专家建议"口子不能放开" 互联网时代，人人都有麦克风，内容生产、变现更便利，孩子的明星梦也更容易实现。 政邦智库理事长、凤凰网"政能亮"总编辑高明勇表示，"网红儿童"现象之所以出现且富 ...

据彭博社此前报道，这笔债务一直令X 公司承压。仅三月份，X 就支付了约 2 亿美元与其收购案相关的 债务偿付成本。截至 2024 年底，该公司年利息支出已超过 13 亿美元。 自合并以来，马斯克及其合作伙伴一直在试探投资者是否有兴趣向合并后的实体投入更多资金，部分知 情人士透露。这轮潜在融资的讨论尚处于早期阶段，公司计划在未来几个月内筹集资金。 图片来源：Unsplash 根据知情人士透露，埃隆·马斯克旗下的 XAI 控股公司正与投资者洽谈，为其新合并的人工智能初创企 业和社交媒体业务筹集约 200 亿美元资金。 数据提供商PitchBook 指出，若交易完成，这将是史上第二大初创企业融资轮，仅次于今年早些时候 OpenAI 的 400 亿美元融资。 消息知情人士称，该交易将使公司估值超过 1200 亿美元。三月宣布成立的XAI 控股公司由 X（前身为 推特）与马斯克的人工智能企业 xAI 合并而成。新融资或可用于偿还部分马斯克将推特私有化（后更 名为 X）时承担的债务。 编译：ChatGPT 知情人士透露，本轮融资规模可能超过200 亿美元。具体总额尚未确定，条款也可能变动。 新一轮融资的规模既凸显了投资者 ...

Group 1 - xAI Holdings, founded in March 2025 from the merger of social media platform X and Elon Musk's AI company xAI, is in talks to raise approximately $20 billion from investors, which could lead to a valuation exceeding $120 billion if successful [2] - The merger valued xAI at $80 billion and X at $33 billion, with xAI having previously raised $6 billion, bringing its valuation to over $40 billion [2] - xAI's core product, the chatbot Grok, is trained on vast data from the X platform and aims to integrate AI technology into X's advertising system and user interaction scenarios, creating a "social + AI" ecosystem [3] Group 2 - Part of the funds from the current financing round will be used to repay debts incurred when Musk privatized Twitter in 2022, with X platform needing to pay over $1.3 billion in interest annually [3] - Despite optimism around xAI's financing, the company faces competitive pressure from rivals like OpenAI and Anthropic, along with challenges such as declining ad revenue and slowing user growth on the X platform [3] - Neuralink, another Musk-owned company, is also seeking to raise approximately $500 million with a pre-money valuation of $8.5 billion, indicating ongoing investment activity within Musk's ventures [4]

社交媒体已经变成了「媒体」，而不是「社交」。 我们不再是一个传统意义上的社交网络了，所以我们也不是在垄断社交网络。 扎克伯格在出席 Meta 反垄断案庭审作证时， 试图通过这种说法来削弱 Meta 在社交网络领域的垄断指控。这是一种策略性地重新定义， 目的是让 Meta 看起来不像是控制了一个特定市场，而是参与了一个更广泛、竞争更激烈的 媒体平台市场。 上周一，美国联邦贸易委员会（FTC）指控 Meta 收购 Instagram 和 WhatsApp 以此非法垄断社交媒体市场的案件在华盛顿开庭。该反垄断案在 2021 年 曾因对于 「个人社交网络服务」 的市场定义过于宽泛而被驳回。 据纽约客报道，Meta 创始人马克· 扎克伯格 在反垄断诉讼庭审期间表示，如今的社交媒体平台已今非昔比，Meta 近年来关注的重点是 「娱乐、了解世 界及发现新鲜事物的整体概念」。社交媒体已经逐渐从「连接人与人」演变成更类似传统媒体的形态，充斥着名人制作的推广视频、评论员对新闻事件的 评论内容、流行文化的聚合片段等。换句话说， 社交媒体已经变成了「媒体」，而不是「社交」。 以下为纽约客的评论文章《Mark Zuckerberg S ...

Core Viewpoint - Xiaohongshu's decision to cancel the "big and small week" work schedule reflects a broader industry trend towards improving employee work-life balance and addressing the pressures of "involution" in the tech sector [3][4][11]. Group 1: Company Actions - Xiaohongshu will eliminate the "big and small week" work schedule starting May 1, 2023, and will no longer implement cash or stock options for non-compete agreements, aiming to enhance employee satisfaction [3][4]. - The company reported a significant revenue increase, with 2023 revenue reaching $3.7 billion, up 85% from $2 billion in 2022, and a net profit of $500 million, reversing a loss of $200 million the previous year [6][10]. Group 2: Industry Context - The cancellation of the "big and small week" aligns with a trend where major tech companies like Tencent and ByteDance have previously abandoned this model, indicating a shift in corporate culture driven by employee well-being and regulatory pressures [4][5]. - The competitive landscape in the tech industry has led to a high turnover rate, with Xiaohongshu becoming a notable destination for talent from larger firms, reflecting a shift in employee preferences [5][6]. Group 3: Employee Dynamics - The cancellation of the "big and small week" may reduce employee income by 15% to 20%, as the previous model allowed for additional pay during "small weeks" [12]. - The expansion of non-compete agreements in the tech industry has been criticized for limiting employee mobility, with many employees feeling trapped by these agreements [7][10]. Group 4: Cultural Implications - The shift away from the "big and small week" is seen as a response to the "involution" phenomenon, where excessive competition and work hours have led to employee burnout and dissatisfaction [4][11]. - The tech industry's historical reliance on a culture of overwork, exemplified by companies like Huawei, has created a challenging environment for employees, leading to a reevaluation of work practices [18][19].