一亿美元能买一栋别墅，但买不了梦想？ 最近，Meta 内部发生了一些有意思的事情 —— 一边是扎克伯格动辄上亿美金薪资招兵买马，高调组建超级智能团队；另一边是一些老员工宣布开启新的 「冒险之旅」，转投其他 AI 公司。 今天，有两位资深研究者宣布离开 Meta，一位是专注于强化学习的 Rishabh Agarwal（去向未定）；另一位是已经在 Meta 工作了 12 年、参与了 PyTorch 构建的 Bert Maher（确定加入 Anthropic）。 看来，除了小扎挖不到的人，还有一些他留不住的人。甚至有人嘲讽「钱买不到顶级研究员」。 不过，还有很多选择离开的人，可能是因为钱没给够。在超级智能实验室成立之后，Meta 内部的待遇差距多次引发争议。 前 Meta 研究员 Rohan Anil（现 Anthropic）曾发帖称「非超级智能研究者待遇次等，像巨型社会实验」。 有人认为 Meta 内部薪资差距（同事赚 1-2 亿美元）会杀死工作动力，导致更多离职。 当外部挖不来真正的梦想家，内部又因分配不均而人心浮动，这背后折射出的，可能是比薪酬更深层的结构性问题。 这让一些人联想到了「90 年代的微软」，即由 ...

机器之心报道 编辑：张倩、+0 十亿美元能买一栋别墅，但买不了梦想？ 最近，Meta 内部发生了一些有意思的事情 —— 一边是扎克伯格动辄上亿美金薪资招兵买马，高调组建超级智能团队；另一边是一些老员工宣布开启新的「冒险之 旅」，转投其他 AI 公司。 不过，还有很多选择离开的人，可能是因为钱没给够。在超级智能实验室成立之后，Meta 内部的待遇差距多次引发争议。 前 Meta 研究员 Rohan Anil（现 Anthropic）曾发帖称「非超级智能研究者待遇次等，像巨型社会实验」。 今天，有两位资深研究者宣布离开 Meta，一位是专注于强化学习的 Rishabh Agarwal（去向未定）；另一位是已经在 Meta 工作了 12 年、参与了 PyTorch 构建的 Bert Maher（确定加入 Anthropic）。 看来，除了小扎挖不到的人，还有一些他留不住的人。甚至有人嘲讽「钱买不到顶级研究员」。 有人认为 Meta 内部薪资差距（同事赚 1-2 亿美元）会杀死工作动力，导致更多离职。 当外部挖不来真正的梦想家，内部又因分配不均而人心浮动，这背后折射出的，可能是比薪酬更深层的结构性问题。 这让一些人联 ...

Virtu Financial (VIRT) Q2 2025 Earnings Call July 30, 2025 08:00 AM ET Company ParticipantsDouglas Cifu - CEO & DirectorMichael Cyprys - Managing DirectorAndrew Smith - SVP - Global Business Development & Corporate StrategyJoseph Molluso - Co-President & Co-COOCindy Lee - CFOCraig Siegenthaler - Managing DirectorAlex Blostein - Managing DirectorPatrick Moley - Director & Senior Research AanalystChristopher Allen - MD - Exchanges, Brokers, & Asset ManagersConference Call ParticipantsKenneth Worthington - Fin ...

Financial Data and Key Metrics Changes - Company reported net sales of $1,179,400,000, unchanged from last year, with an organic sales decline of $8,600,000 offset by favorable foreign currency translation [39][40] - Operating income for the quarter was $259,100,000, down 7.6% from last year, with an operating margin of 22%, a decrease of 180 basis points compared to last year [8][39] - Earnings per share (EPS) for the quarter was $4.72, down $0.35 from last year, impacted by higher pension amortization costs and a legal payment benefit included in last year's figures [9][43][44] Business Line Data and Key Metrics Changes - The Commercial and Industrial (C and I) group reported sales of $347,800,000, reflecting a 7.6% organic sales decline, with operating income of $46,900,000 and an operating margin of 13.5%, down from 16.7% last year [45][46] - The Tools group saw organic sales increase of 1.6% to $491,000,000, with operating income of $116,700,000 and an operating margin of 23.8%, unchanged from last year [21][48] - The Repair Systems and Information (RS and I) group reported sales of $468,600,000, a 2.3% organic increase, with operating income of $119,800,000 and an operating margin of 25.6%, up 60 basis points from last year [33][49] Market Data and Key Metrics Changes - The automotive repair environment remains favorable, with increased miles driven, average vehicle age, and household spending on repairs [9][10] - The C and I segment faced challenges early in the quarter but showed signs of recovery as the quarter progressed, particularly in aviation and military sectors [12][76] - The RS and I group experienced strong growth in diagnostics and information, with double-digit improvements in OEM businesses [33][49] Company Strategy and Development Direction - Company emphasizes resilience and balance in navigating a turbulent environment, focusing on maintaining product and brand advantages [7][39] - The strategy includes investing in product innovation and adapting to market needs, particularly in response to technician preferences for quicker payback items [22][30] - The company aims to leverage its strengths in manufacturing locally and maintaining a broad facility structure to mitigate tariff impacts [61] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate challenges and capitalize on opportunities, highlighting the importance of product innovation and customer connection [62] - The outlook for the remainder of 2025 includes expectations for stable operating costs and continued investment in brand and product development [56] - Management noted that while the current environment is challenging, there are signs of stabilization and potential for growth as customer confidence returns [72][74] Other Important Information - The company reported a consolidated gross margin of 50.5%, slightly down from 50.6% last year, impacted by unfavorable foreign currency effects [40] - Operating expenses as a percentage of net sales rose to 28.5%, primarily due to increased personnel costs and ongoing brand investments [40] - The company plans to continue its share repurchase program, with $357,900,000 remaining under authorization [54] Q&A Session Summary Question: What were the key shifts in the Tools Group from Q1 to Q2? - Management noted that technicians experienced increased uncertainty in Q1, which stabilized in Q2, allowing for a successful pivot towards lower-end big ticket items [64][66][68] Question: What is the outlook for credit origination demand? - Management indicated that while originations were down 4.9%, there is potential for improvement as customer confidence stabilizes [70][72] Question: Can you elaborate on the RS and I group's growth and the new Triton platform? - Management highlighted strong growth in RS and I, with the new Triton platform offering wireless capabilities and improved diagnostic features, priced around $4,500 [85][88]

Financial Data and Key Metrics Changes - The company's net sales for the second quarter were $1,179,400,000, unchanged from the previous year, with an organic sales decline of $8,600,000 offset by favorable foreign currency translation [40][41] - Operating income for the quarter was $259,100,000, down 7.6% from last year, with an operating margin of 22%, which is 80 basis points lower than the previous year [7][43] - Earnings per share (EPS) for the quarter was $4.72, a decrease of $0.35 compared to last year, primarily due to headwinds from increased pension costs and the absence of legal benefits from the previous year [8][44] Business Line Data and Key Metrics Changes - The Commercial and Industrial (C and I) group reported sales of $347,800,000, reflecting a 7.6% organic sales decline, with operating income of $46,900,000 and an operating margin of 13.5%, down from 16.7% last year [45][46] - The Tools Group saw organic sales increase by 1.6% to $491,000,000, with operating income of $116,700,000 and an operating margin of 23.8%, unchanged from the previous year [22][48] - The Repair Systems and Information (RS and I) group reported sales of $468,600,000, a 2.3% organic increase, with operating income of $119,800,000 and an operating margin of 25.6%, up 60 basis points from last year [33][49] Market Data and Key Metrics Changes - The automotive repair environment remains favorable, with metrics such as miles driven, average vehicle age, and household spending on repairs all increasing [11][12] - The C and I segment faced challenges early in the quarter but showed signs of recovery as project flow improved towards the end of the quarter [15][16] - The RS and I group experienced strong growth in diagnostics and information, particularly in OEM businesses, contributing to overall sales growth [33][48] Company Strategy and Development Direction - The company is focused on maintaining and strengthening its product, brand, and people advantages, believing that emerging from disruptions at full strength is crucial [8][40] - There is a commitment to innovation, with new product launches aimed at addressing the increasing complexity of vehicle repairs and enhancing technician efficiency [19][30] - The company aims to leverage its strengths in manufacturing locally to mitigate the impacts of trade policies and currency fluctuations [41][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to navigate a turbulent macro environment, highlighting the importance of adapting to changing market conditions [6][59] - The management noted that while challenges exist, there are also significant opportunities for growth, particularly in critical industries and automotive repair [15][16] - The outlook for the remainder of 2025 includes expectations for continued investment in product development and brand strength, despite anticipated increases in pension costs [57][58] Other Important Information - The company reported a consolidated gross margin of 50.5%, slightly down from 50.6% last year, impacted by unfavorable foreign currency effects [41][39] - Cash provided by operating activities was $237,200,000, down from $301,100,000 last year, primarily due to increased working investments and lower net earnings [53] - The company has approximately $2.5 billion in gross financing receivables and $2.2 billion from US operations, with a relatively balanced portfolio performance [52] Q&A Session Summary Question: What were the key shifts in the Tools Group from Q1 to Q2? - Management noted that technicians experienced increased uncertainty in Q1, which stabilized in Q2, allowing for a successful pivot towards lower-end big ticket items [66][69] Question: What is the outlook for credit origination demand? - Management indicated that while originations were down 4.9%, there is potential for improvement as technicians begin to stabilize and accommodate to the current environment [73][75] Question: Can you elaborate on the RSNI growth and the new Triton platform? - The new Triton platform is wireless, offers a zoom feature for diagnostics, and has a longer battery life, enhancing technician efficiency and flexibility [88][90]

Core Viewpoint - Meta has made significant advancements by leveraging OpenAI's technology and recruiting a large number of OpenAI employees, resulting in the development of a new architecture called 2-Simplicial Transformer, which enhances the efficiency of data utilization in training large models [1][2][26]. Group 1: New Architecture and Methodology - The 2-Simplicial Transformer modifies standard attention mechanisms to improve the efficiency of data usage, addressing the data bottleneck in current large model development [2][4]. - The core method involves extending the standard dot-product attention to a trilinear function, allowing for better expression of complex tasks [3][6]. - A new key vector, K', is introduced to enhance the model's ability to capture richer relationships during attention calculations [9][10]. Group 2: Performance and Scalability - Experimental results indicate that the 2-Simplicial Transformer outperforms traditional Transformers in mathematical, programming, and reasoning tasks, especially as model parameters increase [4][19]. - The scaling index of the new architecture is superior to that of traditional Transformers, suggesting that performance improves more rapidly with increased parameters and data, making it advantageous in data-limited scenarios [20][22]. - In various tasks, the 2-Simplicial Transformer shows improved performance metrics compared to traditional Transformers, particularly in larger models [18][21]. Group 3: Implementation and Challenges - The implementation of the 2-Simplicial Transformer utilizes Triton, a GPU programming framework that allows for efficient computation without requiring extensive CUDA experience [11][12]. - Despite its advantages, the computational complexity and latency of the 2-Simplicial Transformer remain high, indicating a need for further optimization for production environments [22].

Core Viewpoint - The article discusses the launch of Stanford University's CS336 course "Language Models from Scratch," which aims to provide a comprehensive understanding of language models through practical development and implementation [5][7]. Course Overview - The course focuses on the foundational aspects of language models, which are essential for modern natural language processing (NLP) applications. It emphasizes the importance of understanding language models for scientists and engineers in the fields of AI and ML [5][7]. - The course is structured into five major modules: Foundations, Systems, Extensions, Data, and Alignment & Reinforcement Learning [7]. Course Requirements - Students are expected to have proficiency in Python, as most assignments will require extensive coding. The course will provide minimal scaffolding, resulting in a higher volume of code written by students compared to other AI courses [7]. - A background in deep learning and system optimization is necessary, particularly familiarity with PyTorch and basic system concepts like memory hierarchy [7]. - Foundational knowledge in calculus, linear algebra, probability, and statistics is required, along with a basic understanding of machine learning principles [7]. Assignments - The course includes several assignments that cover various aspects of language model development, such as implementing a BPE tokenizer, training models on specific datasets, and optimizing performance on GPUs [8]. - Assignments are designed to simulate real-world challenges, including data processing and model alignment, with a focus on practical application and hands-on experience [8]. Course Schedule - The course is structured with a detailed schedule that outlines topics, materials, and deadlines for assignments, ensuring a systematic approach to learning [9].

Core Viewpoint - OpenAI has reduced the frequency of publishing research papers, focusing instead on practical implementations and optimizations in their models, as evidenced by their recent paper on Linear Layouts for efficient tensor computation [2][4]. Group 1: Research Publication Trends - OpenAI's research output on arXiv has been limited, reflecting a cautious approach to publicizing research findings, likely due to commercial confidentiality and security concerns [2][4]. - The recent paper titled "Linear Layouts: Robust Code Generation of Efficient Tensor Computation Using ₂" introduces a new algebraic framework for tensor mapping, addressing long-standing challenges in deep learning compilers [2][4]. Group 2: Tensor Layouts and Their Importance - Tensor layouts define the mapping between logical tensors and hardware resources, which is crucial for optimizing performance in modern deep learning workloads [5][7]. - The complexity of tensor layouts has increased due to the rapid evolution of deep learning hardware, necessitating new modeling methods to accommodate diverse architectures [7][9]. Group 3: Challenges in Current Layout Systems - Existing tensor layout systems struggle to meet performance requirements, leading to inefficiencies and bugs, particularly in low-level backends like Triton [8][40]. - Key challenges include the need for efficiency, flexibility, composability, and the ability to scale without hardcoding rules [8][9]. Group 4: Introduction of Linear Layouts - Linear layouts provide a unified and composable representation for tensor mapping, facilitating layout transformations and integration with low-level hardware optimizations [22][28]. - The paper outlines the definitions and constructions of linear layouts, emphasizing their potential to streamline tensor operations and reduce bugs in layout conversions [28][35]. Group 5: Performance Evaluation of Triton-Linear - OpenAI compared the performance of Triton with and without the linear layout optimizations across various hardware platforms, demonstrating significant performance improvements [36][41]. - On the GH200 platform, Triton-Linear achieved speedups ranging from 0.92x to 1.57x, with an average speedup exceeding 1.0x across all benchmarks [41][42]. - The performance gains were particularly notable in specific benchmarks like int4_gemm and layer_norm, showcasing the effectiveness of the new layout system [42][43].

Financial Data and Key Metrics Changes - First quarter sales were $9.5 billion, down 7% compared to the prior year, impacted by two fewer working days and contracting delays [20][21] - The company updated its 2025 financial guidance, reaffirming its outlook for sales and free cash flow [6][28] - Earnings per share were lower primarily due to the B-21 adjustment, totaling $2.74 per share on an after-tax basis [26] Business Line Data and Key Metrics Changes - Aeronautics sales decreased by 8% year-over-year due to lower B-21 sales and timing of production on mature programs [21] - Defense Systems sales increased by $68 million or 4%, driven by the ramp on the Sentinel program and higher volume on military ammunition [21] - Mission Systems sales grew by $148 million, up 6%, driven by various programs including SABER and international ground-based radar [22] Market Data and Key Metrics Changes - International sales represented approximately 14% of total sales, with international bookings up 11% in the quarter [15][16] - The first quarter international book-to-bill ratio was 1.45 times, indicating strong demand [16] - The company received over $1 billion in international awards, contributing to growth potential in the Defense Systems business [17] Company Strategy and Development Direction - The company aims to compete and win in global markets through technology differentiation and innovation [17] - Significant investments of $13.5 billion in R&D and infrastructure over the last five years have enhanced the company's ability to scale and produce [17] - The strategy includes expanding market presence and optimizing performance to deliver profitable, sustainable growth [19] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand signals from global customers, resulting in a record backlog of $92.8 billion [5] - The U.S. defense budget environment is evolving, with expectations of increased defense spending driven by ongoing developments [13][14] - Management expressed confidence in achieving the full-year sales guidance despite current challenges [28] Other Important Information - The company recognized a pretax loss of $477 million related to the B-21 program due to higher manufacturing costs and material price increases [7][8] - The U.S. Army awarded a nearly $500 million contract for IBCS, expanding software development capabilities [10] - The company opened a new production facility in Alabama to support accelerated modernization plans for air and missile defense systems [10] Q&A Session Summary Question: What milestones should be watched for the B-21 program? - Management discussed the completion of the EMD phase and ongoing tests to meet performance objectives, indicating a focus on risk reduction as production scales [35] Question: How does Northrop Grumman's AI capabilities compare to commercial players? - Management highlighted decades of investment in AI, emphasizing the integration of AI in various applications to enhance user capabilities [38] Question: What is the outlook for U.S. defense spending? - Management noted uncertainty but expressed optimism about award decisions moving forward and alignment with national security priorities [45] Question: What is the anticipated cash impact from the B-21 EAC adjustment? - The cash impact will be spread primarily through 2026, 2027, and 2028, with no material impact expected in 2025 [47] Question: How confident is the company about the profitability of the Sentinel program? - Management expressed confidence in the design and restructuring efforts to reduce costs and improve profitability [53] Question: What is the impact of tariffs on the company's portfolio? - Management indicated that tariffs have a minimal impact, as only about 5% of total spend is sourced from outside the U.S. [56] Question: What is the outlook for international sales growth? - Management expects continued growth in international sales, driven by a significant pipeline of demand and recent bookings [106]

Financial Data and Key Metrics Changes - First quarter sales were $9.5 billion, down 7% compared to the prior year, impacted by fewer working days and contracting delays [27][28] - The company updated its 2025 financial guidance, reaffirming its outlook for sales and free cash flow [8][40] - Earnings per share were lower primarily due to the B21 adjustment, totaling $2.74 per share on an after-tax basis [36] Business Line Data and Key Metrics Changes - Aeronautics sales decreased by 8% year-over-year due to lower B-21 sales and timing issues with mature programs like F-35 [29] - Defense Systems (DS) first quarter sales increased by 4%, driven by the Sentinel program and military ammunition [30] - Mission Systems sales grew by 6%, attributed to various programs including SABR and international ground-based radar [30] - Space sales were lower due to the wind down of two programs, totaling approximately $230 million in year-over-year headwinds [31] Market Data and Key Metrics Changes - International sales represented approximately 14% of total sales, with international sales up 11% in the quarter [20][40] - The first quarter international book-to-bill ratio was 1.45 times, indicating strong demand for international bookings [20] - Poland signed a $745 million letter of acceptance for 200 ARGM-ER missiles, contributing to growth potential [21] Company Strategy and Development Direction - The company aims to compete in global markets through technology differentiation and innovation [22] - A total of $13.5 billion has been invested in R&D and infrastructure over the last five years to enhance capabilities [22] - The strategy includes expanding market presence and optimizing performance for sustainable growth [25] Management's Comments on Operating Environment and Future Outlook - The management noted strong demand signals from global customers, resulting in a record backlog of $92.8 billion [7] - The U.S. defense budget environment is evolving, with expectations of increased defense spending due to a continuing resolution [16][17] - The administration's commitment to national security funding is expected to remain strong, with potential additional funding of up to $150 billion [17][18] Other Important Information - The company experienced a pre-tax loss of $477 million related to the B21 program due to higher manufacturing costs [9] - The divestiture of the training service business is on track to close mid-year [41] Q&A Session Summary Question: What milestones should be watched for the B21 program? - Management discussed the completion of the EMD phase and ongoing tests to prove aircraft performance, with low-rate initial production underway [48][49] Question: How confident is the company about the profitability of the Sentinel program? - Management expressed confidence in the design and restructuring of the program, working with the Air Force to reduce costs and schedule [76] Question: What is the anticipated cash impact from the B21 EAC adjustment? - The cash impact will be spread primarily through 2026, 2027, and 2028, with no material impact expected for 2025 [66] Question: How does the company view the impact of tariffs on its portfolio? - The company sources a small part of its supply chain from outside the U.S., and most costs due to trade policy are covered under contracts with the U.S. government [82][83] Question: What is the outlook for international sales growth? - The company expects continued growth in international sales, driven by a significant pipeline of demand and various programs [144]