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答案就藏在Transformer的核心机制里—— Attention 。 金磊 发自 凹非寺 量子位 | 公众号 QbitAI 是时候给 Transformer 的大动脉 动刀子 了。 因为即便它享有当下AI世界基石的地位，但自身问题也是非常明显： 一旦遇到复杂的数学题或者需要多步逻辑推理的时候，就开始一本正经地胡说八道了…… 问题究竟出在了哪里？ 传统Attention机制本质上像是一种配对比较：每个词只和另一个词直接发生关系，生成一个注意力权重。 它可以说是直接狙击了Attention机制的核心痛点， 使用更高阶注意力 ，就能有效地建模多跳、多点之间的复杂关联。 并且从实验结果来看，效果也是有点惊艳在身上的。 只要换上Nexus这个新架构，模型在数学和科学等复杂推理任务上的能力，都能立马实现大幅飙升，而且还是 参数零增 的那种。 妙哉，着实妙哉。 这种架构虽然擅长捕捉长距离依赖，但在建模复杂、多跳、多点之间的逻辑关系时却显得力不从心了。 例如它能轻松理解"A认识B"，但如果要它理解"张三通过李四认识了王五"，即多跳、多点之间的复杂、间接关系，它的脑回路就显得不够深， 推理能力的天花板瞬间触顶。 现在，这个 ...

Core Insights - April's market volatility tested quantitative investment strategies, with US equities dropping 12% over four days before rebounding nearly 10% the next day, revealing weaknesses in some defensive strategies [1] - JP Morgan's equity dispersion strategies performed exceptionally well, with a gamma-weighted S&P 500 strategy gaining almost 15% by the end of April, while the vega-weighted version increased by 2% [2][10] - The bank's approach of hourly intraday delta hedging contributed significantly to performance, adding nearly five percentage points in April [3][7] Performance and Strategy - JP Morgan's equity dispersion strategy has been a top performer, especially when implied correlation fell to historic lows at the beginning of the year [5] - The bank's strategic index business surpassed $100 billion in notional, with a 35% year-on-year revenue increase, driven by a 70% growth in equity volatility strategies [11] - The vega-weighted index was up over 6% by November, even without the hedging contribution, indicating strong underlying performance [10] Client Engagement and Product Development - JP Morgan has seen inflows into its dispersion strategies and broader defensive portfolios following strong April performance [12] - The bank's Nexus platform, with $48 billion in notional and close to 40% year-on-year revenue growth, allows institutional clients to gain synthetic exposure to their strategies [34] - The introduction of intraday tickers on the Vida analytics platform has enhanced clients' ability to monitor dealer gamma build-up and identify intraday opportunities [22][23] Market Trends and Innovations - JP Morgan's alternative trend strategies, which utilize non-standard signals, delivered 20% returns by early November [28] - The bank's emerging markets foreign exchange platform is recognized as best-in-class, covering over 50 currency pairs and doubling notionals compared to 2024 [29] - The launch of an autocallable exchange-traded fund, tracking a new index developed in partnership with MerQube, attracted over $400 million in assets within five months [43]

Core Insights - Metavesco, Inc. announced significant updates regarding its corporate strategy, capital structure, and the development of the OTCfi ecosystem during a livestream hosted by CEO Ryan Schadel [1][2] Group 1: OTCfi ACCESS Platform - OTCfi ACCESS is set to be the first commercial platform within the OTCfi ecosystem, addressing critical structural issues in the OTC markets where over 17,000 companies lack standardized investor relations tools [2][3] - The platform will operate under a dual-revenue model consisting of SaaS subscriptions and token utility requirements, with a potential annual recurring revenue (ARR) of $43.2 million at a 10% market penetration [3][6] - Monthly subscription fees for issuers will range from $2,500 to $15,000, with an expected average of approximately $3,000 per month, targeting gross margins of around 90% [6] Group 2: Ecosystem Expansion - The broader OTCfi ecosystem includes additional platforms such as Nexus (a lending and credit platform), OTC Squawk (a live news broadcast for OTC investors), and Pulse (a vision for a licensed derivatives exchange for OTC equities) [4][6] - The initiatives announced represent less than one-third of the development pipeline for the OTCfi ecosystem, indicating further updates are forthcoming [7] Group 3: Capital Structure and Growth - Metavesco maintains a clean capital structure with no toxic convertible debt since 2021, and the majority of its debt consists of related-party, low-interest obligations [10][11] - The company operates nearly $1 million in Bitcoin mining assets, generating daily revenue and positioning itself within the crypto infrastructure space [9] - Schadel emphasized that the company's growth initiatives are beneficial not only for Metavesco but also for the entire OTC market [8]

Financial Data and Key Metrics Changes - Second quarter revenue was $327 million, reflecting a 5% reported revenue decline, while year-to-date revenue was $649 million, also down 5% [4] - Adjusted EPS increased 13% in the quarter to $1.27 and 11% year-to-date to $2.36 [16] - Adjusted gross margin reached 60.5% in the second quarter, up 380 basis points year-over-year [12] - Adjusted operating income increased 5% in the second quarter to $87 million, with adjusted operating margin expanding 250 basis points to 26.7% [15] Business Line Data and Key Metrics Changes - Hospital revenue was $146 million in the second quarter, up 5% on a reported basis and 4% organic [5] - Blood management technologies grew 12% in the quarter and 13% year-to-date, driven by hemostasis management [5] - Plasma revenue was $125 million in the quarter, down 10% on a reported basis, but organic revenue grew 19% [8] - Blood center reported revenue declined 18% in the quarter, but organic revenue grew 4% [10] Market Data and Key Metrics Changes - U.S. plasma collections grew in the high single digits, while European collections continued to grow in double digits [9] - The company raised its full-year plasma revenue guidance to a decline of 4%-7% or 14%-17% organic growth excluding CSL [9] - Hospital revenue growth guidance was updated to 4%-7%, reflecting sustained growth in blood management technologies [8] Company Strategy and Development Direction - The company is focused on advancing its portfolio and transformation to sustain momentum beyond its long-range plan [4] - Strategic priorities include meeting debt obligations, returning excess cash to shareholders, and advancing targeted investments in growth products [20] - The company aims to strengthen execution in interventional technologies to accelerate growth and margin expansion beyond FY 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustained robust growth of the plasma therapeutics market, particularly immunoglobulins [9] - The company anticipates continued margin expansion in the second half of the fiscal year [16] - Management highlighted the importance of disciplined execution and a high-performance culture in driving long-term value creation [20] Other Important Information - The company raised its full-year revenue guidance from a reported decline of 3%-6% to a decline of 1%-4% [11] - Free cash flow guidance was raised to $170-$210 million, with a commitment to maintain a free cash flow to adjusted net income ratio in excess of 70% [18] - The company ended the quarter with $296 million in cash and total debt of $1.2 billion [18] Q&A Session Summary Question: What are the assumptions for collections growth in the second half? - Management indicated that the second quarter was driven by share gains, innovation pricing, and collections volume growth, with high single-digit growth in the U.S. and double-digit growth in Europe expected to continue [23][24] Question: Can you provide an update on IVT commercial efforts? - Management noted that hospital business was the largest contributor to margin expansion, with a focus on blood management technologies and actions to regain growth momentum in IVT [26][27] Question: How is the launch of the HN cartridge going in EMEA and Japan? - Management expects the launch to be a significant source of sustainable double-digit growth, although market dynamics differ from the U.S. [54][56] Question: What is the outlook for the Vascade business? - Management expressed confidence in regaining share in the competitive market, with ongoing initiatives to strengthen the sales force and improve market acceptance [40][45] Question: How will share repurchases impact EPS? - Management indicated that share repurchases contributed a few cents to EPS, and they aim to keep dilution in check while being opportunistic with capital deployment [39][71]

Core Insights - Keysight Design Forum 2025 is a significant annual event in the EDA industry, scheduled for November 18 in Shanghai, focusing on various advanced technologies including AI innovation, RF design, and multi-physics simulation [2][3]. Agenda Highlights - The morning session will emphasize strategic insights and cutting-edge innovations, featuring keynote speeches and the launch of new products centered around AI and next-generation simulation technologies [3][5]. - The afternoon will consist of four technical sub-sessions that delve into core application areas, showcasing the latest technological achievements and engineering practices from Keysight and its partners [8][9]. Product Launch - Keysight will unveil two flagship products, Nexus and Photonic Designer, which promise to redefine RF and photonic design with groundbreaking simulation performance and design accuracy [5]. Technical Focus Areas - The event will cover advanced topics such as signal integrity, power integrity, and the challenges of high-speed interface design, including Chiplet, PCIe, and Ethernet technologies [11][13]. - AI and machine learning will be highlighted as key enablers for design innovation, particularly in RF and communication systems [14][16]. Interactive Experience - Attendees will have opportunities to engage in interactive sessions, accumulate points for prizes, and participate in various activities, enhancing the overall experience at the forum [21][24][25].

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Summary of Artivion (NYSE:AORT) FY Conference Call - September 10, 2025 Company Overview - Artivion is focused on aorta-related medical devices, particularly heart valves for patients under 65 years old, and products for treating aortic aneurysms and dissections [4][5] - The company has a revenue guidance midpoint of $440 million for the year, with a 20% EBITDA margin [4] - Artivion aims for double-digit growth in sales and to grow EBITDA at twice the rate of sales [4][6] Financial Performance and Guidance - The company expects an acceleration in growth in the second half of 2025, driven by the launch of AMDS and easier comparisons due to a cyber attack in the previous year [6][7] - Historical EBITDA margin expansion of 200 to 300 basis points annually, with expectations for continued leverage in sales and marketing [7][8] - Current gross margin is approximately 65%, with AMDS expected to contribute significantly higher margins [8] Product Portfolio and Growth Drivers - The On-X mechanical valve business has seen durable growth, with a 22% increase worldwide, driven by positive clinical data and cross-selling opportunities [9][12] - AMDS is a new device for treating acute type A aortic dissection, showing promising clinical trial results with a mortality rate of 9.7% compared to a historical rate of 35% [16][14] - The Arsivo product, a third-generation frozen elephant trunk device, is set to begin trials, with expectations for FDA approval and expansion into the U.S. and Japan [23][24] Market Position and Competitive Advantage - Artivion emphasizes its focus on the aorta, with a pipeline of PMA-protected products and a strong market position [38][39] - The company has a competitive advantage in its technologies, with few competitors in each segment and high barriers to entry due to PMA requirements [41][42] - The company is confident in its ability to maintain and grow its market share, particularly with differentiated products [39][40] International Strategy and Market Expansion - Currently, Artivion's revenue is split 50-50 between international and U.S. markets, with plans to maximize U.S. growth while continuing to expand internationally [50][53] - The company has invested significantly in Asia and Latin America, with expectations for continued double-digit growth in international markets [51][54] Capital Allocation and Future Outlook - Artivion plans to allocate capital towards acquiring Endospan and paying down debt, with no immediate plans for share repurchases [35][36] - The company has a robust R&D pipeline with five PMAs in development, indicating a long-term growth trajectory [56][57] Key Takeaways - Artivion is positioned as a unique player in the aorta-focused medical device market, with strong financial health and growth potential [56][57] - The company’s focus on innovation and differentiation in its product offerings is expected to sustain its competitive edge and drive future growth [38][39]

Core Insights - The FPGA market is projected to grow from $11.14 billion in 2025 to $18.76 billion by 2030, with a CAGR of 10.98% during this period [2] - AMD and Lattice Semiconductor (LSCC) are key players in this market, with AMD benefiting from its acquisition of Xilinx and LSCC focusing on low-power FPGA solutions [1][7] AMD Insights - AMD's acquisition of Xilinx has allowed it to expand into various embedded markets, including CPUs, GPUs, and FPGAs [3] - The latest VP1902 adaptive SoC from AMD features 18.5 million logic cells, doubling the programmable logic density compared to the previous generation [4] - In Q1 2025, AMD launched a high-performance 5G core powered by the Virtex UltraScale+ XCVU5P FPGA and completed initial shipments of cost-optimized Spartan UltraScale Plus FPGAs [5] - AMD is enhancing partnerships with major cloud providers like AWS, which launched FPGA-accelerated instances powered by AMD's EPYC processors and Xilinx Virtex FPGAs [6] LSCC Insights - LSCC is experiencing strong demand for its small and mid-range FPGA solutions, particularly with its Nexus and Avant product families [7] - The company is targeting high-growth applications such as AI, data centers, and advanced driver-assistance systems in automotive [8] - In February 2025, LSCC validated Everspin Technologies' MRAM for use across its FPGAs, enhancing suitability for mission-critical applications [9] Performance and Valuation - Year-to-date, AMD shares have decreased by 6.9%, while LSCC shares have fallen by 1.4% due to a challenging macroeconomic environment [10] - Both AMD and LSCC shares are currently considered overvalued, with AMD trading at a forward Price/Sales ratio of 5.41X and LSCC at 13.91X [13] - The Zacks Consensus Estimate for AMD's 2025 earnings is $4.09 per share, reflecting a 23.56% year-over-year increase, while LSCC's estimate is $1.05 per share, indicating a 16.67% increase [16] - AMD has consistently beaten earnings estimates, while LSCC has missed estimates in two of the last four quarters [17] Conclusion - AMD's portfolio expansion and partnerships position it for significant growth in the FPGA market, while LSCC's focus on low-power solutions captures emerging opportunities [18] - AMD is rated higher than LSCC, with a Zacks Rank of 3 (Hold) compared to LSCC's 4 (Sell) [18]

Summary of Lattice Semiconductor Conference Call Company Overview - **Company**: Lattice Semiconductor - **Industry**: FPGA (Field-Programmable Gate Array) market Key Points and Arguments 1. **FPGA Market Positioning**: Lattice operates in the FPGA market, positioned between ASICs (Application-Specific Integrated Circuits) and microcontrollers, offering higher performance than microcontrollers while being more flexible than ASICs [3][4][5] 2. **Market Size and Share**: The current FPGA market is approximately $7.5 billion, with Lattice holding a market share of about $500 million. Major competitors include Xilinx ($4.5 billion), Altera ($1.5 billion), and Microchip ($0.5 billion) [9][10] 3. **Growth Projections**: Lattice anticipates significant growth in the small and mid-range FPGA markets, with inflection points expected in 2026 for small FPGAs and 2027 for mid-range FPGAs [10][11] 4. **Revenue Breakdown**: Revenue is derived from four major markets: industrial and automotive (45%), communications and compute (45%), and consumer (9%) [11][12] 5. **Product Lines**: Key product lines include Nexus (small FPGA) and Avant (mid-range FPGA), with a focus on enhancing customer programming ease through silicon, tools, IP, and solutions [11][27] 6. **Software Strategy**: Lattice is investing in software solutions to enhance ease of use for customers, with six unique solutions aimed at various applications, including security and industrial automation [27][30] 7. **AI and Compute Market**: Lattice sees significant opportunities in AI servers, with an estimated content opportunity of $300 to $500 per rack, and has established partnerships with major players like NVIDIA [13][14] 8. **Supply Chain Management**: The company is diversifying its supply chain to mitigate risks associated with tariffs and geopolitical tensions, maintaining a non-China, non-Taiwan supply chain [39][42] 9. **Gross Margin Trends**: Lattice has maintained resilient gross margins, with a focus on balancing growth and margin improvement through disciplined investment in R&D and sales support [50][51] 10. **Market Recovery**: The company is experiencing a U-shaped recovery, with expectations for continued growth in the communications and compute sectors, while industrial and automotive markets are expected to regain strength [59][60] Additional Important Insights - **Motion Control Opportunities**: Lattice has identified motion control as a key area for growth, leveraging its FPGA technology for parallel processing advantages, which enhances performance and reduces latency [63][64] - **Management Team Alignment**: The CEO and CFO emphasize a shared vision for driving shareholder value and disciplined growth strategies, focusing on customer needs rather than competition [18][21][32] - **Inorganic Growth Opportunities**: Lattice is open to exploring inorganic growth opportunities in areas such as security, vision, and edge AI, while maintaining a disciplined approach to acquisitions [46][47] This summary encapsulates the essential insights from the conference call, highlighting Lattice Semiconductor's strategic positioning, market dynamics, and growth prospects within the FPGA industry.