以下文章来源于融中财经 ，作者王涛 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体资讯平台、品牌活动、研究服务、专家咨询、投资 顾问等业务，为政府、企业、投资机构提供一站式专业服务。 字节跳动估值再度暴涨。 文 ｜ 王涛 编辑 ｜ 吾人 来源｜ 融中财经 （ID：thecapital） 封面来源 ｜ 视频截图 11月20日晚，字节跳动的估值再度暴涨。 据彭博社数据显示，徐新创立的今日资本在近日进行的激烈竞购中购得字节跳动的大量股份后，字节跳动的估值达到了约 4800 亿美元（约合人民币 3.4 万亿）。 据悉，这部分股份的出售方为字节跳动早期投资人中国银行集团，最初价值接近 2 亿美元，反映了字节跳动 3600 亿美元的估值，但这个价格并没有在 竞购战中保持太久。 据 CB Insights 数据显示，若以当前市场估值计算，字节跳动已超越 SpaceX （估值约 4000 亿美元），成为全球估值排名第二的初创企业，仅次于估 值达 5000 亿美元的 OpenAI 。 一锤子， 把字节敲到 3.4 万亿 根据彭博社报道，这笔交易由徐新旗下的今日资本在多达 ...

Core Insights - The article highlights the significant gains in quantum computing stocks, with companies like IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. experiencing increases of up to 1,490% over the trailing year, yet billionaire investors are favoring Alphabet as a more stable investment in this sector [4][5][22]. Quantum Computing Industry - Quantum computing is described as a transformative technology capable of solving complex problems that classical computers cannot, with potential applications in drug development, weather forecasting, and cybersecurity [6]. - Boston Consulting Group estimates that quantum computing could generate between $450 billion to $850 billion in global economic value over the next 15 years [7]. Investment Trends - Despite the impressive performance of quantum computing stocks, billionaire investors have largely avoided these companies, preferring to invest in Alphabet, a member of the "Magnificent Seven" [5][14]. - Historical trends indicate that early-stage innovations often experience bubble bursts, as seen with the internet boom, leading to cautious investment strategies among billionaires [10][12]. Financial Metrics - The trailing-12-month price-to-sales (P/S) ratios for IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. range from 130 to 2,661, indicating potential overvaluation compared to historical standards [13]. - Alphabet, on the other hand, is seen as a safer investment due to its established and profitable operating segments, including Google and YouTube, which provide substantial cash flow [15][20]. Alphabet's Position - Alphabet has a market capitalization of approximately $3,903 billion and maintains a strong position in the internet search market with a share of 89% to 93% [16][18]. - The company also has a significant presence in cloud services, with Google Cloud generating over $60 billion in annual run rate sales [19]. - With $98.5 billion in cash and equivalents, Alphabet is well-positioned to invest in quantum computing without jeopardizing its existing operations [20].

Core Viewpoint - Alibaba's CEO Eddie Wu dismisses concerns about an AI bubble, emphasizing strong customer demand and the need for increased investment in AI infrastructure [1][2]. Financial Performance - Alibaba reported revenue of 247.8 billion yuan (approximately $34.8 billion) for the quarter ending September 30, marking a 5% increase year-over-year [3]. - Net income fell 53% from the previous year to 20.6 billion yuan, attributed to heavy spending on AI and commerce, with sales and marketing expenses more than doubling [3]. AI Investment and Growth - The cloud division, including the Qwen platform, experienced significant growth, with a 34% increase to 39.8 billion yuan, driven by public cloud revenue and AI-related product adoption [4]. - The company plans to invest aggressively in AI infrastructure, having previously announced a commitment of 380 billion yuan over the next three years, which Wu suggested may be an underestimated figure [4][5]. Market Context - The AI investment landscape is characterized by significant spending from major tech firms, with a collective expectation of $320 billion in capital expenditures this year [6]. - There is a divide among tech leaders regarding the AI boom, with some, like Nvidia's CEO, rejecting the notion of an overheating market, while others express caution about investor enthusiasm outpacing reality [7][8].

Core Viewpoint - Alibaba announced the deep integration of its Qianwen AI with the new Quark AI browser, allowing users to interact seamlessly without switching tabs [1] Group 1 - Users can directly invoke Qianwen from the homepage search bar and sidebar, enabling features like "browsing while chatting, watching while summarizing, and asking and answering in real-time" [1] - Qianwen can be set to "stay on the desktop," allowing users to access six capabilities of the "Qianwen Smart Suite" without opening the Quark AI browser [1] Group 2 - The six capabilities include screen reading, quick box, sidebar, floating ball, word selection, and screenshot [1]

Core Insights - Alibaba's Qianwen project is accelerating its comprehensive coverage of C-end scenarios through deep integration with the new Quark AI browser, positioning the browser as a core carrier for Qianwen's capabilities [1][3] - The Quark AI browser has reached an installation volume of 110 million on computers, indicating a significant user base for potential AI integration [1] - The global AI browser market is competitive but lacks a clear leader, with Google's Chrome holding about 70% market share but adopting a conservative approach to AI [3] Summary by Sections - **Integration and Functionality** - Qianwen has evolved from a web browsing assistant to a system-level task assistant through its deep integration with the Quark AI browser, enhancing user experience beyond the traditional AI plugin model [3] - Users can access Qianwen's capabilities directly from the Quark interface without switching tabs, allowing for seamless interactions such as browsing while conversing and summarizing [3] - **User Engagement and Adoption** - The Qianwen app has surpassed 10 million downloads within a week of public testing, indicating strong initial user engagement [3] - Users have the option to keep Qianwen "always on" on their desktops, enabling direct access to six key AI capabilities across various high-frequency tasks [3] - **Strategic Importance** - Alibaba views the Qianwen project as a critical component in the "future battle of the AI era," aiming to reshape the underlying capabilities of its products systematically [3]

Core Insights - Alibaba's Qianwen project has announced a deep integration with the new Quark AI browser, positioning it as a desktop-level intelligent assistant [1] - The goal is to establish the browser as the core platform for the next phase of Qianwen's capabilities [1] Integration Details - The Quark AI browser has reached an installation volume of 110 million on computers [1] - This integration is not merely an "AI plugin" but positions Qianwen as the "system foundation" of the Quark AI browser [1] - Users will have the ability to keep Qianwen "resident on the desktop" for easy access [1] Strategic Implications - This marks a significant shift for Qianwen, moving beyond a single app dimension to become the core AI engine for Alibaba's consumer-facing services [1]

Group 1 - The core theme of the live broadcast is the practical challenges and advancements of search, recommendation, and advertising systems in the era of large models [2][4][7] - Experts from companies like Honor, Huawei, and JD.com will discuss the evolution and difficulties faced by search and advertising systems with the integration of large models [2][4][7] - Key challenges include scaling generative recommendations, the effectiveness of scaling laws in search and advertising, balancing online inference latency and costs, and integrating multimodal and behavioral large models throughout the entire process [2][4][7] Group 2 - The live broadcast is scheduled for November 26, from 20:00 to 21:30, hosted by Yan Lin, the content recommendation architecture leader at JD.com [3] - The event will feature experts such as Feng Xiaodong from Honor, Wang Hao from the University of Science and Technology of China, and Zhang Zehua from JD.com, focusing on the full-chain upgrade in recommendation and advertising [3][4] - The broadcast will cover practical insights into technical architecture, application cases, and engineering deployment related to large models, providing valuable information for various industries [5][7]

Core Insights - The article highlights Kuaishou's strategic marketing initiatives for the upcoming 2026 Spring Festival, focusing on creating an interactive and festive atmosphere for users and brands alike [1][2][4] Group 1: Marketing Strategy - Kuaishou's 2026 Spring Festival marketing plan emphasizes "play, shop, watch, gather, and buy," aiming to create a vibrant and engaging experience for users [1][5] - The platform aims to connect over 700 million users efficiently, leveraging its extensive user base to enhance brand visibility and engagement during the festive season [2][4] Group 2: User Engagement and Interaction - During the 2025 Spring Festival, Kuaishou recorded over 2 trillion video views and 57 billion interactions with the "Shake the Fortune Tree" activity, indicating high user engagement [2][4] - The platform will introduce various interactive games and activities, such as "Shake the Fortune Tree" and "New Year Cash Tasks," to enhance user experience and brand exposure [7][27] Group 3: Content and Cultural Integration - Kuaishou plans to launch a "Cloud Temple Fair" featuring diverse cultural content, including traditional performances and local customs, to foster a deeper connection with users [10][16] - The platform will also feature a new season of its classic IP "500 Hometowns," focusing on storytelling and cultural narratives to engage users emotionally [10][16] Group 4: Brand Collaboration and Advertising - Over 150 brands collaborated with Kuaishou for the 2025 Spring Festival, achieving significant marketing success and brand exposure [4][27] - Kuaishou offers various advertising products and resources to brands, including targeted marketing strategies and influencer collaborations, to maximize their reach during the festive period [27][30]

作为百度AI商业化落地的重要业务板块，慧播星数字人直播是近年来的明星产品，其背后正是吴甜团 队提供的核心技术支持。 【百度新设两个大模型研发部 直接向CEO李彦宏汇报】11月25日，百度发布公告，将新设立两个大模 型研发部门，其中包括新设基础模型研发部，负责研发高智能可扩展的通用人工智能大模型，由吴甜负 责；新设立应用模型研发部，负责业务应用场景需要的专精模型调优和探索，由贾磊负责。王海峰继续 担任百度CTO、TSC主席、百度研究院院长。以上几个技术部门均向百度CEO李彦宏汇报。 百度百科显示，吴甜于2006年加入百度，在百度先后担任过搜索RANK及其他部门负责人、百度AI技术 平台体系执行总监、深度学习技术及应用国家工程实验室副主任等职位，现任百度集团副总裁。 在百度的近20年时间，吴甜先后带领团队在机器学习、深度学习、数据挖掘、自然语言处理、计算机视 觉、增强现实等人工智能重要方向上取得了大量业界领先的成果。 在业务数据层面，百度透露今年"双11"期间，已有83%的开播主播使用过慧播星数字人，开播直播间数 同比增长119%，数字人带货GMV同比提升91%。目前，慧播星数字人正积极推进出海布局，已率先落 地 ...

【#曝百度开启裁员#：#传百度裁员赔偿N加3以上#，应届生也被裁】近日有消息称，百度开启裁员， 要求12月底前全搞定。网传是优先瞄准两类人：入职不到1年的新人，以及年纪偏大的老员工。 社交平台上，有自称25届应届生，入职3个月，属于MEG的大搜部门，被裁员谈赔偿，赔偿是N+1.5。 还有网友称，其所在的MEG组里，7个人走4个。 百度同事圈也有消息称："听相关人士说，基本都能到N+3，公司是留够了预算，一是上个季度财报不 错，老板心情好，二是老李年纪大了，心态上也平和善良了许多(这一点我还是挺感动的)，不到+3的， 一定要争取，但不要闹掰，否则影响你的背调，好聚好散很重要，不要给bp添堵，大家都不容易，百度 的bp在互联网圈子里算通人性的"。同事圈也有人称拿到了N+3.5，即N+1+2个月年终+0.5签字费。 还有人在百度同事圈问今天是否还继续聊（裁员）和在担心明年6月份归属的20万股票。 一位入职不久的百度员工告诉超角度，他的赔偿是N+1.5。另一位百度员工对超角度称，不同的业务裁 员比例差别挺大，每年都有人员调整，但不知道为何今年赔偿（N+3.5）这么高。还有一位百度员工向 超角度透露，除了三期员工（孕期 ...