尽管回购计划在财务上取得了显著成果，但市场对其前景的疑虑正在加深。批评者指出，单纯的回购已 不足以驱动苹果未来的增长。 在过去十年间，苹果公司通过一项规模惊人的股票回购计划，向股东返还了巨额资本。 据媒体9日报道，其累计回购金额高达7040亿美元，这一数字不仅超过了标普500指数中绝大多数公司的 市值，甚至足以买下全球市值排行榜第13名以外的任何一家上市公司。 这一庞大的回购规模凸显了苹果无与伦比的盈利能力和现金储备。然而，批评者认为，苹果应将战略重 心从金融工程转向技术并购。"大嘴巴"Jim Cramer和Wedbush Securities的Daniel Ives等知名分析师公开 呼吁，苹果应利用其充裕的现金流，在AI领域进行一次大胆的收购，并将AI搜索公司Perplexity AI列为 潜在目标。 这场争论将苹果推向了一个关键的十字路口。投资者正在密切关注，由Tim Cook领导的管理层是会继 续沿用过去十年的"跑步机模式"，还是会效仿竞争对手，通过一次变革性的收购来巩固其在AI领域的未 来。苹果的下一步，将深刻影响其长期增长叙事和市场估值。 回购规模超越绝大多数巨头 根据Creative Planni ...

Key Takeaways BUD's Q2 EPS rose 8.7% to $0.98, topping estimates on EBIT growth and lower net finance costs.Revenues slipped 2.1% to $15B as total volume declined 1.9%, led by softness in China and Brazil.Megabrands like Corona drove 5.6% revenue growth; BEES platform made up 71% of Q2 revenues.Anheuser-Busch InBev SA/NV (BUD) , aka AB InBev, reported second-quarter 2025 results. The company’s earnings per share (EPS) beat the Zacks Consensus Estimate and improved year over year. However, the top line decli ...

Vector Database Benchmarking Challenges - The vector database market is filled with misleading benchmarks, where every database claims to be both faster and slower than its competitors [1] - Meaningful vector search benchmarks are uniquely tricky to build [1] - It is crucial to tailor benchmarks to specific use cases to get useful results [1] - Benchmarks should be tweaked and verified independently to avoid blindly trusting marketing claims [1] Recommendations for Benchmarking - Avoid trusting glossy charts and marketing materials when evaluating vector databases [1] - Build meaningful benchmarks tailored to specific use cases to get accurate performance assessments [1] - Independently verify and tweak benchmarks to ensure they reflect real-world performance [1] About the Speaker - Philipp Krenn leads Developer Relations at Elastic, the company behind Elasticsearch, Kibana, Beats, and Logstash [1]

Core Insights - AB InBev is focused on investments to drive growth and diversify its portfolio of global, international, and craft specialty premium brands [1] - The company plans to invest $300 million in its U.S. manufacturing operations in 2025 to enhance training, recruitment, and local production [2] - This investment follows a nearly $2 billion investment in U.S. facilities over the past five years, aimed at boosting the economy and sustaining jobs [3] Investment and Operations - The investments are intended to improve internal systems at U.S. manufacturing facilities, enhancing brewery efficiency and economic prosperity [4] - AB InBev reported mixed first-quarter 2025 results, with strong earnings performance but soft sales, driven by diversified operations and demand for megabrands [5] - Revenues from megabrands increased by 4.4%, particularly benefiting from the strong performance of the Corona brand [5] Digital Transformation - The company has been rapidly growing its digital platforms, with B2B digital platforms contributing approximately 72% to revenues in Q1 2025 [6] - The omnichannel ecosystem generated $275 million in revenues during the same period [6] Beyond Beer Portfolio - AB InBev's Beyond Beer portfolio saw a revenue increase of 16.6%, driven by double-digit growth in brands like Cutwater and Nütrl in the U.S. and Beats in Brazil [7] Stock Performance - Over the past three months, AB InBev's shares have increased by 25.5%, outperforming the industry growth of 18.9% [8]

Core Viewpoint - AB InBev reported first-quarter 2025 results with earnings per share (EPS) exceeding estimates, while revenue declined and missed expectations, indicating mixed performance driven by strong consumer demand for megabrands and a diversified market presence [1][2]. Financial Performance - Underlying EPS was 81 cents, reflecting a 7.1% year-over-year increase, driven by 10.3% EBIT growth and optimized net finance costs, surpassing the Zacks Consensus Estimate of 77 cents [2]. - Revenues totaled $13.63 billion, falling short of the Zacks Consensus Estimate of $13.85 billion and declining 6.3% year over year, although organic revenue grew by 1.5% in half of its markets [3][4]. - Revenue per hectoliter improved by 3.7% year over year, supported by revenue-management initiatives, despite a total organic volume decline of 2.2% [4]. Brand Performance - Premium and super premium beer brands showed strong performance, with the above-core beer portfolio growing by 1.8% year over year, led by Corona's 11.2% revenue increase outside Mexico [5]. - Megabrands revenues increased by 4.4%, primarily driven by the strong performance of the Corona brand [5]. Digital Transformation - AB InBev has focused on digital investments, with B2B digital platforms contributing approximately 72% to revenues in Q1 2025, and the omnichannel ecosystem generating $275 million in revenues [6][8]. Cost and Margin Analysis - Cost of sales decreased by 9.2% to $6.04 billion, while SG&A expenses rose by 5.6% year over year to $4.2 billion [9]. - Normalized EBITDA was $4.9 billion, down 2.6% year over year, but improved 7.9% on an organic basis, with the EBITDA margin expanding to 35.6% [10]. Future Outlook - For 2025, AB InBev anticipates EBITDA growth of 4-8%, with net capital expenditure projected at $3.5-$4 billion [12].