Core Viewpoint - Kunlun Wanwei has evolved from a domestic gaming company to a global leader in artificial intelligence, with significant overseas revenue and a strong user base, positioning itself as a benchmark for Chinese tech companies going global [1][4]. Group 1: Company Growth and Strategy - The company was founded with a global vision, starting from online game development and expanding into international markets early on [1][2]. - Kunlun Wanwei's flexible market strategy allows it to focus on rapidly growing markets without fixed revenue targets, adapting to industry changes effectively [2]. - The company has made strategic investments, such as acquiring Opera and launching successful products like StarMaker, which has over 310 million registered users [2][4]. Group 2: AI Development and Revenue - In 2025, Kunlun Wanwei achieved a total revenue of 5.8 billion yuan, a 52% year-on-year increase, with overseas revenue accounting for 93% [4]. - The company has established a comprehensive presence in the AI sector, with products like DramaWave generating significant revenue and Linky achieving over 20 million downloads [4][5]. - The AI music platform Mureka and the Opera browser also contribute to the company's strong market performance, with Opera being the fourth largest browser globally [4]. Group 3: Market Expansion and Compliance - Kunlun Wanwei emphasizes "technological innovation" and "proactive compliance" as key factors for success in international markets [5]. - The company invests heavily in technology and localizes its products to fit diverse cultural contexts in regions like India and Africa [5]. - A rigorous compliance approach ensures that the company secures necessary licenses before launching operations in new markets [5]. Group 4: Government Support - The rapid growth of Kunlun Wanwei is supported by various levels of government in Beijing, providing policy, talent, and funding advantages [6]. - The local government offers tailored services to address the company's needs and assists in obtaining operational licenses for AI products [6]. - Chinese embassies abroad also play a crucial role in facilitating business operations and ensuring the stability of overseas teams [6].

二、x402 协议：破解矛盾的技术密钥 x402 协议的出现，并非偶然的技术创新，而是互联网生态发展的必然产物。作为与 HTTP 兼容的支付标准， 它激活了数十年前预留的 402 状态码，构建起 "请求 - 验证 - 支付 - 解锁" 的完整闭环，为机器间的高频小额 当机器人流量占据全球网络近半份额，当 API 调用成为动态 HTTP 请求的主流，我们沿用了二十余年的互联 网定价模式正面临前所未有的挑战。订阅制的僵化、微支付的溃败、广告模式的泛滥，本质上都是为人类设 计的商业规则与机器主导的网络生态之间的严重脱节。而 x402 协议的崛起，以 HTTP 402 状态码为基础，结 合加密货币的可编程特性，正在为这场定价危机提供全新的解决方案，重塑互联网的价值分配格局。 一、流量变局下的定价困局 互联网的底层逻辑已发生根本性转变。2009 年，美国人平均每月访问超 100 个网站，如今虽每月打开应用不 足 30 个，日均使用时长却飙升至 5 小时。亚马逊、Meta 等巨头凭借订阅制将偶尔的用户行为转化为习惯性 消费，构建起千亿级商业帝国。但这一模式的根基正在动摇：Cloudflare 数据显示，60% 的动态 H ...

Key Points This business has always been a leader in the internet age, but it’s now a thriving AI enterprise. Stock returns will benefit from a reasonable starting valuation and double-digit earnings growth. 10 stocks we like better than Alphabet › It's been just over three years since OpenAI released ChatGPT. The rapid adoption of that chatbot kicked off a massive wave of artificial intelligence (AI) activity. Businesses are sparing no expense to innovative in the space and build out the necessary ...

Core Viewpoint - Pinterest Inc (NYSE:PINS) is increasingly perceived as an AI-driven enterprise, with AI integrated into its operations, yet the stock has faced significant declines, leading to investor skepticism [1][2] Stock Performance - Since the beginning of the year, PINS stock has decreased by approximately 11%, with a notable loss of over 27% in the last six months [2] - Despite some periods of optimism, the overall trend has been negative, impacting investor sentiment [2] Short-Term Trading Opportunities - Options traders may find potential for a short-term rebound in PINS stock, as market perceptions can shift, creating opportunities for profit [3] - The current trading price of PINS stock is seen as more attractive compared to six months ago, potentially enticing investors to reconsider their positions [4] Price Dynamics - The stock is currently viewed as a discounted opportunity, with a significant price difference from its previous highs [4][5] - Historical data suggests that PINS stock could range between $25 and $28 over the next 10 weeks, with a clustering around $26.60 [11][12] Risk Geometry Analysis - The concept of risk geometry indicates where bullish sentiment may emerge and where selling pressure could arise, providing insights into trading strategies [10] - Probability density analysis shows a significant decline in potential returns beyond certain price points, suggesting a more conservative approach to trading [13] Trading Strategies - A vertical spread strategy, such as the 26/27 bull call spread, is proposed to capitalize on realistic price movements while limiting exposure to unlikely scenarios [17][18] - An alternative, more aggressive strategy is the 26/28 bull spread, which offers a higher maximum payout but requires a more significant price increase to be profitable [19]

*风险提示：股市有风险，入市需谨慎 公司方面，据中证报表示，特发信息、浪潮信息等。 *免责声明：文章内容仅供参考，不构成投资建议 据智通财经报道，2025年算力互联网大会12月24—25日在四川成都召开。会议期间，正式发布国家算力 互联网服务平台跨域体系，标志着国家算力互联网"1+M+N"架构体系已初步完成验证，构建起覆盖全 域、跨层联动的算力互联一张网。2025年算力互联网试验体系累计调度2000万卡时。会议同期上线国家 算力互联网四川枢纽服务节点。 国家算力互联网服务平台跨域体系是落实国家"东数西算"战略、构建全国一体化算力体系的核心基础设 施，通过"1+M+N"架构实现算力资源的标准化互联、高效调度与普惠服务，标志着我国算力互联网建 设迈入"一池共享、一网互联"新阶段。国家算力互联网服务平台跨域体系的建成，不仅解决了算力资源 利用率不高、异地异构协同难、产业供需不匹配等问题，更使算力像水、电一样便捷使用，为"人工智 能+"行动提供强劲动力，推动我国数字经济与实体经济深度融合，助力新质生产力发展。 ...

Core Viewpoint - ByteDance's Volcano Engine has been named the exclusive AI cloud partner for the 2026 Spring Festival Gala, marking the first time an AI cloud service provider has been involved in this event [1][6]. Group 1: Partnership and Collaboration - This partnership represents ByteDance's third collaboration with the Spring Festival Gala, following its sponsorship of Douyin in 2019 and 2021 [1][6]. - The introduction of AI technology into the Gala indicates a shift in ByteDance's focus from traditional traffic competition to AI technology infrastructure output [4][10]. Group 2: Market Strategy and User Engagement - The Spring Festival Gala serves as a significant platform for internet companies to capture user engagement, with previous collaborations leading to substantial increases in active user numbers [2][9]. - QuestMobile data shows that the active user base for AI-native apps has shifted, with Doubao leading at 155 million weekly active users, indicating potential for further penetration compared to Douyin's 800 million daily active users [5][11]. - ByteDance aims to replicate Douyin's success by positioning Doubao as a national "scene-based AI smart entry," targeting older demographics to balance its younger user profile [5][11]. Group 3: Technological Development and Future Plans - The collaboration highlights ByteDance's "B+C linkage" strategy, where Volcano Engine provides AI computing power and real-time rendering services, showcasing its enterprise-level technical capabilities [5][11]. - The partnership is expected to validate AI technology's stability in high-concurrency scenarios, paving the way for future solutions across various industries [5][11]. - In December, ByteDance launched the "Doubao Mobile Assistant" in collaboration with ZTE, intensifying competition in the AI entry space and signaling further developments in this area [12].

Core Insights - Tencent is shifting its strategy in the AI market from a defensive to an offensive approach, particularly in the large model sector, following the hiring of former OpenAI scientist Yao Shunyu [1][2] - The company is restructuring its AI departments to enhance its capabilities and attract top talent, indicating a strong focus on improving its AI infrastructure and applications [1][2][11] Group 1: Talent Acquisition and Organizational Changes - Yao Shunyu's appointment as the head of AI Infra and chief AI scientist is notable for his youth and the high-level reporting structure, which is uncommon in Tencent's technical hierarchy [1] - Tencent has accelerated its talent acquisition efforts in AI, with notable hires such as Feng Jia, who previously led the visual team at ByteDance [2] - The restructuring includes the establishment of new departments like AI Infra and Data Computing Platform, aiming to consolidate AI efforts under a unified management [11] Group 2: Competitive Landscape and Market Position - Tencent's competitors, including ByteDance and Alibaba, are rapidly advancing in AI applications, while Tencent's progress appears slower, particularly in user-facing applications [2][3] - The company acknowledges that it does not currently have a leading model in the market, with various models excelling in different scenarios, indicating a competitive but fragmented landscape [8][9] - Despite a significant advertising push for its AI product "Yuanbao," Tencent has struggled to maintain a leading position in user engagement compared to competitors like ByteDance's "Doubao" [10][12] Group 3: Strategic Focus and Future Directions - Tencent's strategy appears to be one of cautious optimism, focusing on gradual improvements in model capabilities and user engagement rather than aggressive market capture [8][11] - The company is exploring partnerships to enhance its AI ecosystem, leveraging WeChat as a strategic entry point to integrate various services and applications [5][6] - There is a pressing need for Tencent to integrate its models, applications, and use cases effectively to remain competitive in the evolving AI landscape [7][16]

Core Insights - The article discusses Tencent's algorithm competition, highlighting its significance in attracting talent and providing practical experience in cutting-edge AI technologies [1][28][43] Group 1: Competition Overview - The competition offered substantial rewards, including a total prize pool of 3.8 million yuan, with the champion receiving 2 million yuan and all participants gaining access to valuable resources like computing power [32][34] - The competition attracted over 8,400 students and 2,800 teams from nearly 30 countries, showcasing its global reach and influence [34] Group 2: Technical Focus - The competition's theme, "full-modal generative recommendation," addresses advanced challenges in advertising and recommendation systems, emphasizing the integration of various data types such as text, images, and videos [5][11] - Participants faced real-world challenges, including data noise, alignment issues, and the need for efficient modeling of user behavior over long sequences [13][41] Group 3: Talent Acquisition Strategy - Tencent's approach to the competition serves as a recruitment strategy, allowing the company to identify and engage with top talent in a practical setting rather than traditional recruitment methods [39][42] - The competition's structure inherently filters candidates, ensuring that only those capable of handling complex data and modeling challenges progress to the final stages [40][41] Group 4: Industry Context - The competition reflects Tencent's established AI technology framework, which has been validated through real business applications, indicating the company's commitment to innovation and talent development [29][30] - The article notes the competitive landscape for talent in the AI sector, with companies like Tencent offering attractive employment packages and support programs to attract young professionals [44][46]

| M December 23, 2025 07:39 PM GMT Where Are We Trading Now: | Brian.Nowak@morganstanley.com | Update +1 212 761-3365 | | --- | --- | --- | | Internet North America | Morgan Stanley & Co. LLC | | | | Brian Nowak, CFA | | | | Equity Analyst | | | | Matthew Cost | | | | Equity Analyst Matthew.Cost@morganstanley.com | +1 212 761-7252 | | Wrapping up '25 | Nathan Feather | | | | Equity Analyst | | | | Nathan.Feather@morganstanley.com | +1 212 761-9812 | | Internet names were flat last week (SPX/NDX flat/+1%) wi ...

Core Viewpoint - Kuaishou experienced a significant network security incident involving the infiltration of explicit content into multiple live streaming rooms, raising concerns about the company's governance and cybersecurity measures [1][8]. Group 1: Incident Overview - On December 22, Kuaishou's platform was attacked by black and gray market operations, leading to a rapid spread of explicit content [1]. - The company's stock price fell by over 3% following the incident [1]. - Kuaishou's response included immediate remediation efforts and reporting the situation to relevant authorities [1]. Group 2: Nature of Black and Gray Market Attacks - Black and gray market operations refer to illicit and borderline illegal activities in the internet sector, often involving automated tools to manipulate user accounts and data [2]. - The attack on Kuaishou was characterized by the use of automated tools for mass account registration and content disruption, overwhelming the platform's manual review processes [3][5]. Group 3: Vulnerabilities in Live Streaming Platforms - Live streaming platforms like Kuaishou are attractive targets for black and gray market attacks due to their high traffic, interactivity, and low entry barriers [4]. - The incident involved the creation of approximately 17,000 fake accounts, which were easily registered without identity verification [4]. - Real-time interactions in live streaming complicate content moderation, making it difficult for traditional manual reviews to keep up with the volume of user-generated content [4][5]. Group 4: Recommendations for Risk Management - Companies should enhance their risk management capabilities by identifying patterns in bulk registrations and linking user behavior to registration processes [6]. - Implementing automated systems for detecting unusual activities and establishing robust emergency response mechanisms are crucial for mitigating risks [6][7]. - A comprehensive approach to cybersecurity should address both external threats and internal vulnerabilities [7]. Group 5: Legal Implications - Kuaishou may face legal responsibilities related to network security, particularly if it is found that the platform's defenses were inadequate against the attack [8]. - The incident highlights the need for thorough investigations into the platform's security measures and response protocols following such breaches [8].