Key Takeaways QCOM posted $6.96B handset revenues last quarter, up 14% year over year, accounting for 63% of sales.QCOM faces pressure from MediaTek, weaker smartphone demand, trade tensions, and rivals' in-house chips.Qualcomm is betting on premium Snapdragon 8 Gen 5 chips to drive flagship smartphone growth.Qualcomm Incorporated ((QCOM) generated about $6.96 billion in handset revenues in the latest quarter, with a year-over-year increase of 14% and an estimated $27.8 billion in fiscal 2025, contributing ...

外电指出，原苹果AI负责人John Giannandrea交棒后，有部份业界人士认为，这是苹果推进AI战略遇到 阻碍。不过，最新报导指出，苹果并未因高层变动而改变其核心方向。尽管过去一年有关于AI团队成 员离职的报导，但这些变动更多反映了内部架构的优化而非战略失误。 苹果目前依然坚定执行既定的"端侧AI"路线，并未出现任何向纯云端转移的迹象。相反地，所有迹象都 表明，苹果正集中精力兑现先前的承诺，重点打磨安全、隐私且高效的AI生态系统。 Appleinsider报导，针对外界关于苹果AI人才"大量流失"的唱衰论调，实际数据给出了有力反击。虽然 苹果素以保密著称，但在AI领域仍保持着稳定的论文产出。据统计，仅在苹果近期发布的96页研究文 档的前四页中，就列出了近200名内部贡献者。 存储器价格飙涨，苹果明年可能调涨iPhone 18系列新机售价之际，公司仍持续冲刺AI布局，传出深度 重组AI团队，规划在大语言模型的基础上，重构全新的Siri，扩大iPhone的AI应用与体验。 业界认为，苹果相关策略有助抵抗存储器涨价冲击，借由"以软带硬"，刺激2026年iPhone买气，对台积 电、鸿海与大立光等供应链有利。 ...

Group 1 - Apple has paused its Vision Pro upgrade plan to focus on developing AI smart glasses, with an entry-level model expected to debut in 2026 [2] - Google has officially announced its return to the smart glasses market, intensifying competition in the sector [2] - In the domestic market, companies like Li Auto, Alibaba, Baidu, Huawei, and Xiaomi are actively launching their own smart glasses, indicating a fierce competition among tech giants [2] Group 2 - The competition for smart glasses is driven by the desire to establish the next generation of human-computer interaction, with smart glasses seen as a key hardware component in the AI multimodal era [3] - Major companies view smart glasses as an extension of their ecosystems and a means to leverage AI capabilities, transforming brand power into market momentum [3] - Li Auto's AI glasses, Livis, have generated significant interest, with reports of high foot traffic and product shortages in stores [3] Group 3 - Consumers are attracted to smart glasses not only for compatibility with their vehicles but also for their aesthetics and quality, indicating that these products can enhance brand ecosystems and fan engagement [4] - Alibaba's Quark AI glasses have quickly gained orders due to their smooth integration with the Quark browser and AR functionalities, addressing previous limitations of traditional smart glasses [4] - The industry is in need of a new core hardware solution as smartphones reach physical innovation limits, with smart glasses positioned as a crucial interface for connecting the physical and digital worlds [4] Group 4 - The smart glasses market is expanding beyond major players, with smaller companies also seeking growth opportunities, particularly in industrial and health monitoring applications [5] - Companies like Huashengchang are focusing on developing AI glasses for industrial applications, enhancing efficiency and precision in operations [5] - Industry experts suggest that smaller firms should concentrate on core components, professional manufacturing, or niche markets to establish competitive advantages [6] Group 5 - The relationship between smart glasses and smartphones is expected to be complementary rather than one replacing the other, as both technologies will evolve together [7] - Current technological challenges such as weight, battery life, and display quality are still present, indicating that the industry is on the brink of significant growth [7] - Consumer expectations for smart glasses vary, with a significant portion believing they will be widely used, while others see limited applications [7] Group 6 - The smart glasses market is projected to grow significantly, with sales expected to reach 1.265 million units in 2024, a year-on-year increase of approximately 90.8%, and a market size of around 4.69 billion yuan [8] - By 2029, sales could reach 41.53 million units, with the market potentially exceeding 100 billion yuan, highlighting the substantial market potential driving competition [8] - The integration of AI models and user experience is seen as a critical factor in determining the future direction of the industry [8] Group 7 - As of December 19, key players in the smart glasses supply chain have shown active stock performance, with companies like Lens Technology and Doctor Glasses experiencing notable stock price increases [9]

Group 1 - Major tech companies like Apple and Google are intensifying their focus on the smart glasses market, with Apple pausing its Vision Pro upgrade plans to accelerate AI smart glasses development, expected to launch in 2026 [1] - The competition in the smart glasses sector is heating up in China, with companies like Li Auto, Alibaba, Baidu, Huawei, and Xiaomi launching their own AI glasses, indicating a cross-industry battle involving tech, internet, and new energy sectors [1][2] - The entry of established tech giants and new players into the smart glasses market signifies a strategic move to capture the next generation of human-computer interaction, positioning smart glasses as a key hardware in the AI multimodal era [2][4] Group 2 - The smart glasses are seen as an extension of existing ecosystems and a means to leverage AI capabilities, with Li Auto's Livis glasses gaining significant consumer interest and sales [4] - Alibaba's Quark AI glasses have also seen strong sales due to their practical features, indicating that major internet companies are finding viable paths in this new market [4] - The industry is at a critical juncture, with startups needing to focus on niche markets or technological breakthroughs to survive amidst competition from larger firms [5][6] Group 3 - The relationship between smart glasses and smartphones is expected to be complementary rather than one replacing the other, as both technologies evolve together [7] - Current technological limitations in smart glasses, such as weight and battery life, indicate that the industry is still in its early stages, with significant growth potential ahead [7][8] - The global market for smart glasses is projected to grow significantly, with sales expected to reach 41.53 million units by 2029, potentially exceeding 100 billion yuan in market size [8] Group 4 - The influx of major players into the smart glasses market is expected to accelerate technological advancements and reshape industry standards, while also creating challenges for smaller brands [9] - The competitive landscape is shifting from price wars to technology-driven competition, emphasizing the importance of AI integration and user experience [9][11] - Key supply chain companies in the smart glasses sector have shown active stock performance, reflecting investor interest and market optimism [11]

"唯一能阻止我们的，只有我们自己"——这是KK对未来25年 中国的寄语。因为在他看来，中国正处于1980年代日本所处 的位置，超越美国势不可挡。尽管我们今天面临的外部环境远 比过去复杂，但历史教训仍然适用：真正的风险，并非来自外 部遏制，而是内部可能犯下的错误。 作者： 吴晨 封图： Christopher Michel 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图 谱。 二十一世纪的第一个25年即将结束之际，我问凯文·凯利（KK），有哪些发展超乎他的想象？又有哪些低于他的预期？他简单地将答案归结为"意外之 快""意外之慢"，以及"意外之路"。 （ 凯文·凯利 ） 意外之快：智能手机的"非线性爆发" "我没想到智能手机会吃掉一切"——智能手机普及的速度与广度——是KK最直观的意外。2007年iPhone问世时，多数人将其视为更精致的功能机；但 短短十年间，它不仅完成了全球数十亿级的渗透，更以吞噬一切的姿态重构了产业格局：相机、MP3、导航仪、钱包乃至电脑的功能，被压缩进方寸 屏幕；社交媒体、移动支付、网约车等新生态，借由 ...

（原标题：凯文?凯利：意外之美｜我们的四分之一世纪） 编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者 的故事，共绘一幅属于这段岁月的集体记忆图谱。 二十一世纪的第一个25年即将结束之际，我问凯文·凯利（KK），有哪些发展超乎他的想象？又有哪些 低于他的预期？他简单地将答案归结为"意外之快""意外之慢"，以及"意外之路"。 这三大意外也让我们意识到，前瞻未来时，我们往往会低估创新者的颠覆性，因此必须跳出线性思维； 我们也会在一厢情愿中忽略木桶原理；当然，也会有意外之喜，因为另辟蹊径常常带来爆炸式的后果。 归根结底，未来既充满不确定性，也蕴藏诸多可能性，发现意外之美是最大的快乐。 一、 意外之快：智能手机的"非线性爆发" "我没想到智能手机会吃掉一切"——智能手机普及的速度与广度——是KK最直观的意外。2007年 iPhone问世时，多数人将其视为更精致的功能机；但短短十年间，它不仅完成了全球数十亿级的渗透， 更以吞噬一切的姿态重构了产业格局：相机、MP3、导航仪、钱包乃至电脑的功能，被压缩进方寸屏 幕；社交媒体、移动支付、网约车等新生态，借由手机的普及 ...

编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的 故事，共绘一幅属于这段岁月的集体记忆图谱。 二十一世纪的第一个25年即将结束之际，我问凯文·凯利（KK），有哪些发展超乎他的想象？又有哪些 低于他的预期？他简单地将答案归结为"意外之快""意外之慢"，以及"意外之路"。 这三大意外也让我们意识到，前瞻未来时，我们往往会低估创新者的颠覆性，因此必须跳出线性思维； 我们也会在一厢情愿中忽略木桶原理；当然，也会有意外之喜，因为另辟蹊径常常带来爆炸式的后果。 归根结底，未来既充满不确定性，也蕴藏诸多可能性，发现意外之美是最大的快乐。 一、 意外之快：智能手机的"非线性爆发" "我没想到智能手机会吃掉一切"——智能手机普及的速度与广度——是KK最直观的意外。2007年 iPhone问世时，多数人将其视为更精致的功能机；但短短十年间，它不仅完成了全球数十亿级的渗透， 更以吞噬一切的姿态重构了产业格局：相机、MP3、导航仪、钱包乃至电脑的功能，被压缩进方寸屏 幕；社交媒体、移动支付、网约车等新生态，借由手机的普及破土而出。这种"意外之快"，本质上是技 术融合催生的"非线性爆发" ...

SHANGHAI, CHINA - DECEMBER 9, 2025 - Apple mobile phone store on Nanjing Road Walkway in Shanghai, China on December 9, 2025. (Photo credit should read CFOTO/Future Publishing via Getty Images)CFOTO/Future Publishing via Getty ImagesThere could be difficulties on the horizon for Apple stock (NASDAQ:AAPL). Here’s the reason. Over the last three years, the stock has more than doubled – climbing from approximately $130 at the close of 2022 to nearly all-time highs around $275 today. However, revenues during th ...

产品线扩张正值苹果寻求提振其最重要业务之际。iPhone业务占苹果总收入近一半，但近年来增长停滞，消费者换机周期延 长。在截至今年9月27日的苹果上一财年，iPhone的年度销售额同比增长4%至2090亿美元，部分得益于iPhone 17系列的设计 升级。 苹果发言人拒绝对上述消息置评，但股市投资者迅速回应。消息传出后，周二早盘刷新日低时跌超0.8%的苹果股价在午盘之 初曾转涨，后很快重回跌势，未到尾盘又转涨，最终惊险收涨近0.2%，暂别周一刷新的11月21日以来收盘低位。 折叠屏iPhone展开后7.7英寸 明年秋季亮相 新近消息显示，苹果计划未来两年内大幅扩充iPhone产品线。 据美东时间16日周二的报道，到2027年秋季，苹果将推出至少七款新iPhone机型，较目前的五款大幅增加，这是苹果在智能 手机设计上的最大胆尝试之一。 这轮iPhone的核心新品是苹果首款折叠屏iPhone，预计将于2026年秋季发布。媒体援引多位直接参与相关项目的人士称，这 款折叠设备展开后的宽度将大于高度，呈现类似小型iPad的外观。发布折叠手机一年后，2027年秋季，苹果还计划推出 iPhone 20周年纪念版，采用前后曲 ...

Investment Rating - The report highlights a positive outlook for major companies such as Amazon and Meta, emphasizing their growth potential in AI and advertising sectors [14][17]. Core Insights - The integration of artificial intelligence into consumer and enterprise markets is expected to significantly alter consumer behavior, particularly in shopping and online interactions [1][4]. - The boundaries between advertising and e-commerce are increasingly blurring, with companies like Amazon and Uber evolving into retail media networks [1][6]. - The interactive entertainment sector is diversifying, with platforms like Spotify and Netflix expanding their content offerings to meet changing consumer demands [7]. - Space computing is identified as a key theme for the next 5-10 years, with significant investments from major companies like Meta, Google, and Apple [9][10]. Summary by Sections Artificial Intelligence Development - AI advancements are centered around applications like ChatGPT and Gemini, with significant user growth observed in platforms like Alphabet [4]. - Capital expenditure remains a crucial driver for growth, particularly in cloud computing [2]. Advertising and E-commerce - The trend of performance-driven advertising is becoming more prevalent, with companies like Amazon and DoorDash transitioning into local commerce entities [6]. - The competitive landscape in local business is intensifying, with various platforms collaborating to enhance their service offerings [6]. Interactive Entertainment - The variety of content in the interactive entertainment industry is expanding, with platforms diversifying into podcasts and live events [7]. - Companies are adapting to consumer preferences by building extensive content libraries [7]. Space Computing - Space computing is projected to gain traction, with investments in wearable devices and spatial audio technology expected to grow [9][10]. - Major tech companies are actively developing technologies to capitalize on this emerging field [9]. Company-Specific Insights - Amazon's growth is supported by its AWS cloud computing and e-commerce operations, with a positive outlook on profitability and advertising growth [15][16]. - Meta is recognized for its strong advertising performance and potential in foundational models and space computing [14][17]. - DoorDash and Uber are highlighted for their benefits from mobile networks and local commerce themes [14][17]. - Roblox is noted as a promising investment in the interactive entertainment sector due to its accumulated momentum [14][17].