Z Highlights 图片来源： a16z 巨大的TAM扩张 上个月，我们解释了为何某些公司会成为"模型破坏者"（modelbusters）——或者说公司的增长速度和持续时间比任何人都要快很多。 当创始人构建了两样东西时，模型破坏者就会出现：一是突破性产品，释放出远超任何人预测的市场规模；二是抓住这一风口的商业模式。尽管模型破坏 者可能偶然出现，但最大、最优秀的那些往往在平台转换期蓬勃发展，此时新的技术基础让创始人能够重新定义产品和商业模式。 这正是AI目前所处的位置，但这一机会的规模可能远超我们迄今为止所见的一切。尽管我们仍处于早期阶段，但AI已经在以十分之一的成本提供十倍的产 品体验，并且我们开始看到新的商业模式出现以捕获这一价值。如果您使用SaaS或移动时代的可比数据来预测AI的规模，比如在ChatGPT出现时，您的模 型早已严重低估了AI的增长。 AI已在以十分之一的成本提供十倍的产品体验，同时新商业模式开始涌现以捕获这一价值。 AI公司有能力进攻6万亿美元的白领服务市场，规模是美国企业软件支出的20倍。 过去三年，智能成本每年下降超10倍，而模型能力约每7个月翻一番。 在我们看来，很难高估AI会 ...

Core Viewpoint - Amazon's first-quarter performance exceeded Wall Street expectations, driven primarily by growth in cloud computing and artificial intelligence through AWS, with a revenue run rate surpassing $100 billion [1][4]. Group 1: Financial Performance - First-quarter sales increased by 9%, or 10% at constant currency, reaching $155.7 billion, with 60% from North America, 21% from international markets, and 20% from AWS [3]. - Operating income grew by 20% to $18.4 billion, with North American sales at $92.9 billion and an operating income of $5.8 billion, reflecting a profit margin of 6.3% [3]. - Advertising revenue rose by 19%, while AWS revenue increased by 17% to $29.3 billion, with an operating profit of $11.5 billion, indicating a stable profit growth source [4]. Group 2: Strategic Initiatives - The Kuiper project aims to provide low-latency broadband solutions via a satellite constellation, with plans to launch over 3,000 satellites to compete with Starlink [6]. - Amazon's AWS business has a significant growth potential, especially with its focus on developing cost-effective chips to lower inference costs, despite facing strong competition from Azure [7]. Group 3: Investment Outlook - Analysts recommend a strong buy rating for Amazon, with a target price of $227.77 for this year and $275.76 for next year, supported by an EBITDA growth rate of 15.5% and a free cash flow growth rate of 33.6% [8]. - The stock is considered attractive due to the growth potential of AWS and satellite internet, which are expected to accelerate in the coming years, providing greater margin growth opportunities compared to physical store operations [9].

Core Points - The U.S. President Trump announced a 100% tariff on all foreign-made films, raising concerns among European filmmakers about the potential impact on their industry [1][3][4] - The move is seen as part of a broader trade war strategy, with fears that it could lead to cultural isolationism and retaliatory actions from other regions [1][3][7] Industry Impact - The film industry in the U.S. is reportedly facing a decline, with filming days in Los Angeles dropping from 3,901 in 2017 to 2,403 in 2024, a decrease of 38% [6] - Trump's administration has not provided clear legal grounds or implementation details for the proposed tariffs, leading to uncertainty within the industry [4][6] - The potential for retaliatory measures from other countries could further harm the U.S. film industry, which is still recovering from the impacts of the pandemic and other challenges [7] Reactions from Stakeholders - European filmmakers express confusion and concern, with some viewing the tariffs as a political maneuver that could harm both U.S. and European industries [1][3][7] - Members of the European Parliament are planning to meet with U.S. filmmakers to discuss the implications of the tariffs [3][4] - The announcement coincides with the upcoming Cannes Film Festival, where the topic is expected to be a significant point of discussion among filmmakers [6][7]