科技圈大和解，年末再迎一对新人。苹果和腾讯就微信小程序收费达成一致，小程序开发者正式纳入苹果支付体系，成为苹果税光荣纳税人。 此后，iPhone用户在微信小程序氪金，就能在熟悉的iOS收费界面完成支付了。 这是双方各退一步的结果，腾讯同意苹果对微信小程序征收苹果税，苹果则将对常规App抽取的30%佣金降至15%，腾讯从此不用再听苹果嚷嚷"下架微 信"，苹果账本上又添一笔巨额税款。 这也意味着在硬件利润增长乏力的当下，苹果还能依靠服务这个现金牛，再挤几年牙膏。 具体的佣金收入苹果没有单独披露，不过按第三方机构SensorTower的口径，2023年全球范围内，苹果税创收223.4亿美元，差不多是1588亿人民币。 而去年底，苹果"支持"了一份名叫《Apple生态系统在中国》的报告，按照报告口径，2023年，苹果AppStore生态在中国创造了37630亿销售额[5]，涉及 苹果税的"数字商品与服务"占比不到4%[5]。 漏网之鱼 微信小程序自诞生起，就是苹果税的漏网之鱼。 "苹果税"指的是苹果对iOS应用开发商收取的佣金，用户通过App内购买应用内服务（如订阅服务、游戏氪金）时收取。但凡经过iOS体系内的交易， ...

Core Viewpoint - The article discusses the recent agreement between Apple and Tencent regarding the WeChat Mini Programs, marking a significant development in the ongoing debate over the "Apple Tax" and its implications for both companies and the broader app ecosystem [5][12]. Group 1: Agreement Details - Apple and Tencent have reached an agreement where WeChat Mini Program developers will now be included in Apple's payment system, allowing iPhone users to make purchases within WeChat using Apple's payment interface [5]. - As part of the agreement, Apple will reduce its commission on regular apps from 30% to 15%, while Tencent has agreed to pay the "Apple Tax" on WeChat Mini Programs [5][12]. Group 2: Financial Implications - According to Sensor Tower, Apple's "Apple Tax" generated $22.34 billion (approximately 158.8 billion RMB) in revenue globally in 2023 [11]. - The report titled "Apple Ecosystem in China" indicated that Apple's App Store ecosystem generated sales of 3.763 trillion RMB in China in 2023, with digital goods and services accounting for less than 4% of that total [11]. - The estimated commission Apple collected in China exceeded 40 billion RMB, comparable to BYD's total profit for the previous year [11]. Group 3: Historical Context - The WeChat Mini Program was launched in January 2017, and Apple began targeting its payment features shortly after, leading to a public debate over user choice between WeChat and iPhone [11]. - The ongoing conflict over the "Apple Tax" has seen significant pushback from developers, with Epic Games notably challenging Apple's payment policies, resulting in a high-profile legal battle [12][14]. Group 4: Strategic Shift - Apple's hardware revenue has stagnated since Q1 2022, prompting a shift in focus towards software services as a key profit driver [15][19]. - The gross margin for software services has increased from 55% to 75% since 2016, highlighting the growing importance of this segment for Apple's profitability [23]. - The service business accounted for 42% of Apple's net profit in the most recent fiscal year, surpassing the iPhone's contribution of 41% [27]. Group 5: Regulatory Environment - Apple faces increasing regulatory scrutiny regarding its App Store practices, particularly from the European Union, which has mandated changes to its payment systems and reduced commission rates [12][14]. - The EU's Digital Markets Act has initiated investigations into Apple's App Store fees, with potential fines for non-compliance [12][14].

Market Overview - The stock market is experiencing significant selling pressure, with the Dow down nearly 700 points, approximately 1.5% [2][3] - The NASDAQ composite is down less than the Dow, while the S&P 500 is down about 1.3% [3] - Small-cap stocks are particularly affected, with the Russell 2000 down 1.85% and the S&P 600 down 2.3% [3] Volatility and Bond Market - The VIX index has been increasing, indicating rising volatility, with intraday highs surpassing 22 [4] - Bond yields are slightly down, with the 10-year Treasury yield at 4.13% and the 30-year at 4.73% [5] Sector Performance - Only the utilities sector is showing positive performance, up 0.5%, while technology stocks are the biggest losers, down 2.25% [6][7] - Notable losses in the semiconductor and software sectors, with companies like Oracle and Salesforce down 3% [7] Bitcoin and Crypto Market - Bitcoin has dropped to approximately $91,500, down over 25% from its record high of over $126,000 [29][30] - The recent weakness in Bitcoin is viewed as a potential warning sign for equities, with liquidity concerns impacting demand [11][12] Apple Inc. Developments - Apple shares are lower following Berkshire Hathaway's disclosure of selling $10.6 billion worth of Apple stock in Q3 [53] - The company faces pressure regarding its slower move into artificial intelligence and the search for new product innovations [57][58] Quantum Computing Company Performance - Quantum Computing reported a significant improvement in revenue, with a net income of $2.4 million compared to a loss of $5.7 million a year ago [56] Palantir Technologies Insights - Palantir shares have declined around 12% in the last week due to concerns over high valuations in the AI sector [75] - CEO Alex Karp expressed confidence in the company's value proposition and its appeal to average investors [76][78] SoFi Financial Performance - SoFi has seen a year-to-date increase of over 70%, attributed to its diversified business model and benefits from a lower interest rate environment [97][99] - The company is expected to maintain strong revenue growth, with a 25% EBITDA margin [102] Fiserv Challenges - Fiserv's stock has dropped approximately 70% this year, with a significant earnings miss and lowered guidance impacting investor confidence [105][107] - The company faces competition from newer fintech solutions, leading to potential loss of client interest [110]

We start off with the tough NASDAQ selloff, right. And that quickly bled over to the larger averages almost instantly. I'm not kidding.Within 15 minutes of the opening, we heard that the bull last legs. That's right. And here comes the big unwind as large cap tech starts rolling over.We are then told, of course, that the multi-month rally was bogus all along. Just a short squeeze because the Fed's going to crush us again the next time it tightens. We were told the market was about to get its comeuppins.Yet ...

Market Overview - Tech stocks are experiencing a rally driven by optimism surrounding AI, contributing to gains in major indices such as the Dow, S&P 500, and NASDAQ [1][2][3] - The Dow increased by 280 points, while the S&P 500 rose by approximately 0.5% and the NASDAQ by about 1% [1][2][3] - The Russell 2000 index showed mixed performance, primarily remaining in the red for the day [4][5] Sector Performance - The technology sector is the standout performer, with the XLK ETF up 1.3%, significantly outperforming the S&P 500 [6] - Consumer discretionary and materials sectors also showed positive movement, while real estate and utilities sectors lagged behind [6][7] - Notable tech stocks hitting record highs include Nvidia (up 5.5%), Broadcom (up 3%), and Tesla (up 2%) [7] Nvidia's Developments - Nvidia's CEO announced new partnerships at the GTC conference, including collaborations with Uber and the Department of Energy to build seven AI supercomputers [9][10] - Jensen Huang projected potential revenues of $500 billion through 2026, indicating strong demand for AI and GPU technologies [13] - Nvidia's investment in Nokia aims to enhance 5G and 6G network capabilities, showcasing its strategic focus on key technological trends [15][17] Earnings and Market Sentiment - Upcoming earnings reports from major tech companies like Microsoft, Amazon, and Alphabet are highly anticipated, with expectations for continued growth in AI-related spending [19][20] - Analysts express concerns about the sustainability of revenue growth in the face of high capital expenditures and potential overbuilding in AI infrastructure [66][70] Gold Market Dynamics - Gold prices have declined over 1.5%, reflecting typical market behavior following the Fed's interest rate cuts, with a year-to-date increase of 49% [36][37] - Major banks predict that gold prices will rise again in the future, despite current declines [38] Bitwise's New ETF Launch - Bitwise launched the first spot Solana exchange-traded product (ETP) in the US, providing investors with direct access to the Solana blockchain and staking rewards [39][40] - Solana is recognized for its high transaction speed and low costs, positioning it as a significant player in the future of digital assets [44] Amazon's Performance and Job Cuts - Amazon is expected to report a 19% growth in AWS, driven by increased AI-related demand and capacity [86][87] - The company announced 14,000 job cuts, which analysts view as part of routine adjustments rather than a sign of broader industry issues [96][98]

Group 1 - Apple Inc. is recommended for ownership rather than trading due to its consistent delivery of high-quality products that maintain consumer loyalty, which ultimately drives stock performance [1] - The company designs and sells a range of products including iPhones, Macs, iPads, wearables, and accessories, alongside subscription services like Apple Music, Apple TV+, and Apple Arcade, as well as digital payment solutions through Apple Pay and Apple Card [2] Group 2 - There is a belief that certain AI stocks may present greater upside potential and lower downside risk compared to Apple, indicating a competitive landscape in the investment space [3]

Core Insights - Goldman Sachs has introduced "One Goldman Sachs 3.0," a centralized operating model focused on artificial intelligence (AI) to enhance efficiency and growth potential [1][3][4] Group 1: Strategic Initiatives - The initiative aims to reengineer processes from sales enablement to regulatory reporting, emphasizing measurable efficiency, scale, and risk control [3][5] - CEO David Solomon highlighted that this is not a turnaround plan but a technology-driven redesign leveraging recent advancements in AI [4][5] Group 2: Financial Performance - Goldman Sachs reported earnings per share (EPS) of $12.25 on net revenue of $15.18 billion, achieving a return on equity (ROE) of 14.2% [8] - The firm returned $3.25 billion to shareholders, including $2 billion in buybacks, and declared a $4 dividend [8] Group 3: Consumer Insights - The provision for credit losses was $339 million, primarily due to net charge-offs in the credit card portfolio, indicating ongoing challenges in this area [6][7] - Platform Solutions revenue increased to $670 million, with $599 million from consumer platforms, although this growth was influenced by exiting the GM card program [6][7] Group 4: Future Outlook - Management anticipates raising approximately $100 billion in alternatives this year, aiming to shift revenue towards more stable, fee-based sources [8]

Core Insights - Goldman Sachs is exploring a more retail-focused approach by launching marketing campaigns for its asset management business, which is a significant shift for the firm [2][3] - The firm aims to enhance its reputation as an asset manager and tap into the growing retail market, which is expanding faster than the institutional space [2][3] - Despite having over $3 trillion in assets under management, Goldman Sachs has faced challenges in the retail banking sector, particularly with its Marcus offerings [4] Marketing Strategy - Goldman Sachs has taken out full-page ads in the Financial Times and aired spots on CNBC to promote its mutual funds and ETFs [2] - The firm is focusing on how to effectively approach the retail market, which has been elusive for years [2] Retail Market Dynamics - The retail market is growing faster than the institutional market, prompting Goldman Sachs to invest time in understanding this segment [2] - Other major firms like UBS and JPMorgan have retreated from mass affluent efforts, indicating the challenges in this space [4] Historical Context - Goldman Sachs has had a troubled history with its consumer-focused Marcus offerings, which faced strategic missteps and high costs [4] - The company began divesting parts of the Marcus business in 2022 and is ending its partnership with Apple on the Apple Card and Apple Savings account [6]

Core Points - The Consumer Financial Protection Bureau (CFPB) has terminated consent orders against Washington Federal, indicating compliance with previous obligations [1][4] - The terminations relate to violations of the Home Mortgage Disclosure Act, with one order dating back to October 2013 and the other from 2020 [2][4] - Washington Federal paid a civil penalty of $200,000 in the 2020 case and $34,000 in the 2013 case, fulfilling several obligations under the orders [3][4] Summary by Category Compliance and Regulatory Actions - The CFPB ended compliance requirements for Washington Federal five years early in the 2020 case, which involved erroneous mortgage data [4] - The 2013 order required Washington Federal to pay a penalty for inaccurate mortgage transaction data reported for 2011 [4] Related Actions by CFPB - The CFPB also terminated consent orders against U.S. Bank and Apple, indicating a trend of early terminations of compliance requirements [5][7] - U.S. Bank was ordered to pay $20.7 million for freezing unemployment benefits during the COVID-19 pandemic, and the CFPB waived over three years of compliance requirements [5][6] - Apple faced a $25 million penalty for failing to send consumer disputes to Goldman Sachs, with the CFPB terminating the order more than four years early [7]

Group 1: U.S. Bank - The Consumer Financial Protection Bureau (CFPB) has terminated consent orders against U.S. Bank, ending enhanced compliance periods years ahead of schedule [1][4] - In December 2023, U.S. Bank was ordered to pay $20.7 million for freezing unemployment benefits of ReliaCard holders during the COVID-19 pandemic, which was defended as an anti-fraud measure due to a 40-fold increase in unemployment benefits [2][3] - U.S. Bank prevented fraud of over $375 million and returned hundreds of millions to states, emphasizing its commitment to state agency clients [3] - The CFPB acknowledged that U.S. Bank fulfilled obligations under the order, including paying a $15 million civil penalty and implementing measures to prevent future violations [4][5] Group 2: Apple - The CFPB terminated a consent order against Apple, which was issued in October 2024, alleging that Apple failed to send thousands of Apple Card consumer disputes to Goldman Sachs [6] - Apple received a lighter penalty compared to U.S. Bank, while the CFPB noted that Goldman Sachs failed to properly investigate the disputes it received [6]