Core Viewpoint - The sell-off in software stocks is considered overdone by Nvidia's CEO Jensen Huang, who argues that the market has overreacted to concerns about AI disrupting the software industry [1][5]. Software Industry Overview - The S&P North American Technology Software Index has declined 30% from its peak, entering bear market territory, driven by fears surrounding AI's impact on software companies [1]. - Huang believes that AI tools will complement existing software rather than replace it, suggesting that the current market sentiment is illogical [5]. Attractive Software Stocks - **Microsoft (MSFT)**: Stock down 27% from its high, currently trading at 26 times earnings, with adjusted earnings up 24% last quarter and a 160% increase in paid copilot seats [6]. - **Datadog (DDOG)**: Stock down 47% from its high, trading at 53 times adjusted earnings, with adjusted earnings increasing 20% last quarter despite high R&D spending [7]. - **AppLovin (APP)**: Stock down 52% from its high, trading at 45 times earnings, with earnings up 96% last quarter [8]. - **Atlassian (TEAM)**: Stock down 70% from its high, trading at 22 times earnings, with adjusted earnings increasing 27% last quarter [9]. - **HubSpot (HUBS)**: Stock down 73% from its high, trading at 25 times earnings, with adjusted earnings up 22% last quarter [9]. Market Outlook - While software stocks may continue to decline in the near term, long-term investors are likely to benefit from purchasing stocks at reasonable prices, anticipating significant earnings growth over the next five years [10].

Core Insights - Microsoft is experiencing significant growth and compounding, with a substantial contracted backlog indicating future revenue growth [1] - The integration of Azure, Foundry, and Copilot enhances customer retention by providing a comprehensive infrastructure to applications solution [1] - The company's deliberate increase in investments is aimed at sustaining this growth trajectory [1] Group 1 - Microsoft has a large contracted backlog that represents future revenue potential [1] - The combination of Azure, Foundry, and Copilot creates a synergistic effect that increases customer stickiness [1] - Higher investments are a strategic choice to support ongoing growth [1]

Core Insights - Microsoft is experiencing significant growth and compounding, with a substantial contracted backlog indicating future revenue growth [1] - The integration of Azure, Foundry, and Copilot enhances customer retention by providing a comprehensive infrastructure to applications solution [1] - The company's deliberate increase in investments is aimed at sustaining this growth trajectory [1] Group 1 - Microsoft has a large contracted backlog that represents future revenue potential [1] - The synergy between Azure, Foundry, and Copilot contributes to greater customer stickiness [1] - Higher investments are a strategic choice to support ongoing growth [1]

两个核心争议是：传统软件企业能否在技术重构和人机协同中保持竞争力，以及未来利润最终可能会流向具备高效AI编排能力的公司。高盛认为，投资者情绪需2- 3季度稳定基本面支撑，软件板块短期估值压力依旧，熊市风险可能被延后而非消除。 高盛技术研究团队指出，软件类股当前面临的核心挑战集中在应用软件层的新竞争格局，以及基础设施公司资本支出的回报率问题。 Anthropic的一次常规更新在本周重挫软件股，尽管周五反弹，但仍处低位震荡。 高盛强调新技术周期的开启、2020-2021年融资潮培育的大量竞争者，以及系统架构需要重新设计等因素，正推高应用软件层的竞争烈度。 Borges为投资者勾勒出一份观察清单，列出七项可能预示AI-SaaS行业走向稳定的关键指标。该框架旨在帮助市场判断，应用软件公司能否抵御新竞争 者冲击，以及基础设施提供商的巨额资本支出何时能转化为可观回报。 AI-SaaS领域的两大核心争议 高盛技术研究团队指出AI-SaaS领域存在两大主要争议。 第一个争议点在于软件企业会被替代吗。 高盛认为，新的技术周期总是带来混乱。眼下，传统的SaaS巨头、像Palantir（PLTR.US）这样的高端定制软件商，以及那 ...

1.26-2.1 TOP10 | | Best of the week of January 26, 2026 | Daily | Weekly | Monthly | Yearly | Featured | AII | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 12月 29-1月 4 1月 5-11 1月 12-18 | | | 1月 19-25 | | 1月 26-2月 1 | 1 | | | Kilo Code Reviewer | | | | | O | 0 | | | Automatic Al-powered code reviews the moment you open a PR | | | | | 145 | 812 | | | Open Source · Software Engineering · Developer Tools | | | | | | | | | DataFast | | | | | D | 0 | | | Revenue-first analytics | | | | | 45 | 722 | | | ...

BiPS团队 投稿 量子位 | 公众号 QbitAI 随着视觉-语言模型 （VLM） 推理能力不断增强，一个隐蔽的问题逐渐浮现： 很多错误不是推理没做好，而是"看错了"。 在复杂视觉任务中，模型往往能正确识别对象、理解问题，甚至给出完整的推理链，却因捕捉了错误的视觉证据，得出自信却错误的答案。 现有方法通常在推理阶段"指路"——例如生成视觉提示或调用外部工具，以临时对齐证据。这类策略虽有效，却面临明显局限：视觉线索形式 受限、高度依赖具体任务，且推理开销大。更重要的是，它引出一个根本性问题： 如果模型始终需要外部提醒才知道"看哪儿"，它是否真的理解了视觉世界？ 为此，微软亚洲研究院与清华大学提出 BiPS （Bi-directional Perceptual Shaping） ，从源头重塑模型的"看图方式"。 BiPS不在推理时临时提示关注区域，而是在训练阶段就教会模型： 面对特定问题，哪些视觉细节必须关注，哪些可以忽略 。通过系统性地对 齐问题与视觉证据，BiPS促使模型内化一种核心能力—— 带着问题去看图 。因此，在推理时无需任何额外提示，模型也能自动聚焦于真正决 定答案的关键区域与细节。 实验表明，这种 ...

Core Viewpoint - The U.S. stock market experienced significant volatility this week, with a market value loss exceeding $1.5 trillion, raising concerns about the sustainability of economic growth and the impact of AI on existing companies [1] Group 1: Market Volatility - The market saw a sharp decline affecting various sectors, including small-cap stocks, precious metals, and digital asset-related companies, with software stocks experiencing the most severe fluctuations since the pandemic [1] - Investors are increasingly cautious, as highlighted by Mike Dickson from Horizon Investments, who noted that market corrections often occur in areas with the highest valuations and positions [1] - Thomas Thornton from Hedge Fund Telemetry LLC warned that the market is filled with traps, indicating a precarious investment environment [1] Group 2: Small-Cap Stocks - Small-cap stocks faced a double blow as investors shifted from overvalued tech stocks to those benefiting from economic recovery, but recent labor market data indicated concerning weakness, particularly affecting domestic-focused small-cap companies [2] - The Russell 2000 index's year-to-date gain of 7.6% now appears overly optimistic, as consumer pressure mounts due to deteriorating labor market conditions [2] - A surprising strong consumer confidence report temporarily halted sell-offs, but the Russell 2000 index had already dropped over 5% from recent highs [2] Group 3: Precious Metals - Gold and silver prices have become highly volatile, with major mining companies like Newmont Corp. seeing significant price fluctuations, while smaller firms like Discovery Silver Corp. experienced dramatic increases [3] - The transition of precious metals from stable investment vehicles to speculative trading tools has raised concerns for investors seeking safe havens during turbulent times [3] - Daily and weekly volatility levels are inconsistent with risk-averse investment strategies, as noted by Sameer Samana from Wells Fargo [3] Group 4: Impact of AI on Equity Capital Markets - Concerns over AI potentially disrupting various sectors have led to significant declines in software companies like Docusign Inc. and Salesforce Inc., prompting investors to explore other areas at risk of automation [4] - A report indicated that 72% of S&P 500 companies have acknowledged AI as a "significant risk," affecting banks, travel stocks, and the entire small-cap sector [5] - The potential for destructive disruption from AI could slow down equity capital market activities, including mergers and acquisitions, IPOs, and stock and bond sales [5] Group 5: Historical Context and Caution - The recent downturn in the tech sector has evoked memories of the internet bubble, with value stocks outperforming growth stocks, reminiscent of past market corrections [6] - Historical patterns suggest that investors must exercise discipline and diversify their portfolios, especially when dealing with high-flying stocks [6] - Brian Reynolds from Reynolds Strategy LLC emphasized the importance of caution for investors enamored with AI concept stocks that have seen substantial price increases [6]

Core Viewpoint - A class action lawsuit has been filed against Oracle Corporation regarding the issuance of senior notes, alleging that the Offering Documents contained misleading statements about the company's financial needs for AI infrastructure development [1][4]. Group 1: Lawsuit Details - The lawsuit claims that Oracle failed to disclose the need for significant additional debt to build its AI infrastructure, which raised concerns about the creditworthiness of the bonds [4]. - Investors are encouraged to join the class action without incurring out-of-pocket fees through a contingency fee arrangement [2]. Group 2: Legal Representation - The Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting their own achievements in recovering substantial amounts for investors [3]. - The firm has been recognized for its performance in securities class action settlements, including a notable settlement against a Chinese company and ranking highly in the number of settlements achieved [3]. Group 3: Next Steps for Investors - Interested investors can join the class action by visiting the provided link or contacting the firm directly for more information [2][5].

Core Insights - HitPaw announced the integration of its image and video enhancement API with Comfy, a global content creation platform, enabling creators to achieve professional-level visual enhancements within the platform [1][2]. Company Overview - HitPaw is recognized as a leader in AI-powered multimedia solutions, providing innovative tools for video, image, and audio editing, aimed at enhancing simplicity, efficiency, and creativity for content creators [9]. Integration Details - The integration allows for AI-powered photo enhancement, super-resolution, denoising, and generative restoration, transforming low-quality images into publish-ready visuals while maintaining natural facial identity and textures [2][5]. - HitPaw's video enhancement features include frame-aware restoration and ultra HD upscaling, supporting both single and multi-frame processing to improve facial clarity and reduce artifacts [5][8]. Key Features of HitPaw Enhancers - The image enhancement capabilities include one-click portrait and scene enhancement, dual-model face and background pipelines, and options for 2x and 4x super-resolution [7]. - Video enhancement features include multi-frame face restoration for temporal consistency, GAN and diffusion models for defect repair, and ultra HD upscaling [8].

Core Viewpoint - The recent $1 trillion decline in U.S. software giants like Microsoft and Salesforce has raised concerns, but many industry leaders believe the narrative of a software "Armageddon" is exaggerated, despite acknowledging that AI valuations appear inflated [1][5]. Group 1: AI Valuations and Market Sentiment - Arvind Jain, founder of Glean, a $7 billion AI unicorn, believes AI will not render software-as-a-service obsolete, emphasizing the importance of integration for future success [2][5]. - Andrey Khusid, founder of Miro, a $17 billion decacorn, acknowledges that AI valuations are excessive but predicts normalization within the next two years [5]. - Larry Li, founder of Amino Capital, suggests that the AI bubble is deflating, particularly for larger companies, indicating a potential market correction [5]. Group 2: IPO Market and Company Strategies - Discussions at the Web Summit highlighted that AI giants like OpenAI and Anthropic are competing to go public, aiming to attract investor interest in the rapidly growing sector [7]. - Khusid prefers to remain private, citing profitability and operational efficiency without the pressures of public markets [7][9]. - Many AI startups, including OpenAI, are not yet profitable, with OpenAI projected to lose $14 billion this year, yet investment in the sector remains robust, with over $340 billion directed towards global startups in 2025, 65% of which is in AI [9][10]. Group 3: Funding Landscape and Competitive Dynamics - Non-AI startups are facing a tougher funding environment, as they are often compared to AI companies that are experiencing extreme growth rates [10][11]. - The U.S.-China AI race is a significant topic, with the U.S. leading in innovation while China excels in scaling due to its supply chain advantages and a larger pool of AI engineers [13]. - Despite recent stock market volatility, the Dow Jones has surpassed the 50,000 mark, reflecting ongoing optimism in the AI sector, although a valuation reset is anticipated [14].