Core Viewpoint - The release of Seedance 2.0 by ByteDance has provoked a strong backlash from Hollywood, particularly from Disney, which has accused the company of copyright infringement related to its intellectual property [2][4]. Group 1: Disney's Legal Actions - Disney has sent a cease-and-desist letter to ByteDance, accusing the company of using its copyrighted works to train and develop AI video generation models without compensation [2]. - The letter claims that Seedance has a preloaded library of pirated Disney characters, including those from Star Wars and Marvel, suggesting that Disney's intellectual property is being treated as public domain [2]. - Disney's external counsel highlighted the shocking nature of the situation, given that Seedance was launched only days prior, and indicated that this may be just the beginning of a larger issue [2][4]. Group 2: Examples of Infringement - The cease-and-desist letter includes numerous examples of Seedance videos featuring Disney's copyrighted characters, such as Spider-Man and Darth Vader [2]. - Disney has pointed out instances where users have publicly shared these infringing videos on social media [3]. Group 3: Disney's Stance on AI Collaboration - Despite its strong defense of intellectual property, Disney has expressed openness to collaborating with AI companies under appropriate terms, as evidenced by its partnership with OpenAI, which included a $1 billion equity investment [5]. Group 4: Industry Concerns - A prominent Hollywood screenwriter has voiced concerns about the potential impact of AI-generated content on the industry, suggesting that it could lead to a significant transformation in filmmaking [6]. - The screenwriter noted that AI could soon enable individuals to create films indistinguishable from those produced by established filmmakers, raising alarms about the future of creative professions [6].

Core Viewpoint - Cathay Home Inc. has withdrawn its federal trademark application for "Swift Home" after facing pressure from Taylor Swift's company, TAS Rights Management LLC, which argued that the proposed logo could cause consumer confusion [1][2]. Group 1: Trademark Dispute - Cathay Home abandoned its application for the "Swift Home" trademark for bedding products following a challenge from TAS Rights Management LLC [1]. - TAS Rights Management LLC claimed that the cursive "Swift" in Cathay's logo closely resembled Taylor Swift's trademarked signature, potentially misleading consumers into thinking Swift endorsed the products [2]. - Cathay Home's attorney stated that the company had not used the disputed mark in commerce and deemed the registration unnecessary for its business [3]. Group 2: Coexistence Agreement - Cathay Home had previously signed a coexistence agreement with Swift regarding a different "Swift Home" trademark, which is not part of the current dispute [3]. Group 3: Taylor Swift's Influence - Taylor Swift's "Eras" tour is noted as the highest-grossing concert tour of all time, generating nearly $5 billion in U.S. consumer spending, with fans spending approximately $1,300 to $1,500 per show [5].

来源：深圳商报 根据Axios获得的信件副本，当地时间2月13日，华特迪士尼公司已向字节跳动发函，指控对方在训练和 开发Seedance 2.0模型时未经许可使用迪士尼作品，要求字节跳动"停止侵权且不得再犯"。 David Singer还在信中强调，Seedance上的侵权现象可能只是"冰山一角"，而这一判断之所以令人震惊， 是因为Seedance上线仅仅只有两天而已。 据此前报道，2月12日，豆包宣布，豆包视频生成模型Seedance 2.0正式接入豆包APP、电脑端和网页 版。Seedance 2.0模型支持原声音画同步、多镜头长叙事、多模态可控生成。 相关报道：Seedance 2.0正式接入豆包，马斯克说"太快了！" 相比1.5版本，Seedance 2.0的生成质量大幅提升，其在复杂交互和运动场景下的可用率更高，物理准确 度、逼真度、可控性显著增强，更加贴合工业级创作场景的需求。 值得注意的是，目前，豆包Seedance2.0暂不支持上传真人图片作为主体参考。经实测，目前暂时无法 生成明星相关视频。 豆包对此表示，这类涉及真人明星+特定品牌的合成内容，平台有严格规范，主要是为了： 这封信件由迪士尼律 ...

Market Overview - The three major indices showed mixed performance, with the Dow Jones up 0.10% to 49,500.93 points, the S&P 500 up 0.05% to 6,836.17 points, and the Nasdaq down 0.22% to 22,546.67 points [3] - All three indices recorded weekly declines, with the S&P 500 down 1.4%, the Dow down 1.2%, and the Nasdaq down 2.1% [3] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the January CPI rose 2.4% year-over-year and 0.2% month-over-month, both below market expectations [3] - The core CPI, excluding volatile food and energy prices, increased by 2.5% year-over-year and 0.3% month-over-month, aligning with market expectations [3] - Phil Blancato, Chief Market Strategist at Osaic, indicated that this data could pave the way for interest rate cuts and inflation control if the trend continues [3] Sector Performance - Concerns over AI disruption led to market sell-offs, affecting various sectors including software, real estate, trucking, and financial services [6] - Financial stocks such as Charles Schwab and Morgan Stanley fell by 10.8% and 4.9%, respectively, while software company Workday dropped 11% and commercial real estate firm CBRE fell 16% [6] - The media sector was also impacted, with Disney down approximately 3% and Netflix down 6% [7] Technology Stocks - Major tech stocks mostly declined, with Nvidia down 2.21%, Apple down 2.27%, Microsoft down 0.13%, Google down 1.06%, and Amazon down 0.41% [7] - Tesla saw a slight increase of 0.09%, while Oracle rose by 2.34% and Netflix increased by 1.33% [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.10%, with Alibaba down 1.89%, JD.com down 1.38%, and Pinduoduo up 0.06% [7] - NIO remained flat, while Xpeng rose by 1.36% and Li Auto fell by 1.81% [7]

Core Insights - Maverick Capital Ltd. established long positions in Google C, Applied Materials, Boston Scientific, Visa, and Camden Property during the fourth quarter [1] - The firm increased its holdings in TSMC, NVIDIA, GFL Environment, and Carvana [1] - Maverick Capital completely exited positions in Kenvue, US Bancorp, AMD, Danaher, and Insmed [1] - The company reduced its stakes in Nubank, Disney, Merit Medical, Acadia Health, and Sherwin-Williams [1] - The firm maintains significant positions in NVIDIA, Microsoft, Amazon, TSMC, and Google C [1]

Core Insights - Disney has experienced significant underperformance, losing over 40% of its market capitalization in the last five years, leading to the rehiring of former CEO Bob Iger in late 2022 [1] - Iger is set to transition leadership to Josh D'Amaro next month but will remain a strategic advisor until the end of the year to ensure a smooth handover [1] Streaming Business Performance - Under Iger's leadership, Disney shifted its streaming business strategy from growth to profitability, resulting in an operating profit of $450 million in Q1 fiscal 2026, with a margin of 8.4% [5] - The company anticipates achieving a margin of 10% for the full year, a significant turnaround from an operating loss of nearly $1.5 billion in Q4 2022 [5] Experiences Business Growth - Disney's Experiences segment, which includes Parks, generated revenues exceeding $10 billion in the most recent quarter, marking a significant milestone [6] - This segment is crucial for Disney's profits and has faced challenges affecting guest experience; however, Iger has committed to a multi-year, multi-billion-dollar investment to enhance this area [6] Box Office and Financial Performance - Disney's box office performance has shown improvement under Iger, with the company being the top-grossing studio in 2024 and 2025 [7] - Consolidated revenues for Disney reached $26 billion in Q1 fiscal 2026, up from $23.5 billion in Q1 fiscal 2023, with adjusted EPS increasing from $0.99 to $1.63 during the same period [8]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of $102.38 and a fair value of $127.17 [5]. Core Insights - The report emphasizes that Disney has built a robust business model through a combination of content production, diverse distribution channels, and offline experiences, creating a closed-loop commercial ecosystem [7]. - Disney's strategy has shifted from focusing solely on growth to enhancing quality and profitability, particularly in its D2C (Direct-to-Consumer) segment, which has seen significant investment despite lower profit margins compared to traditional television [7]. - The experience business, including theme parks and cruise lines, is highlighted as a unique competitive advantage, contributing significantly to revenue and operating profit [7]. Financial Projections - Revenue is projected to reach $102.1 billion in fiscal year 2026, with a growth rate of 8%, and $107.3 billion in fiscal year 2027, with a growth rate of 5% [4]. - Net income is expected to be $10.7 billion in fiscal year 2026, reflecting a -14% change, and $11.9 billion in fiscal year 2027, with a 10% increase [4]. - The report anticipates an EPS of $5.95 for fiscal year 2026 and $6.57 for fiscal year 2027, with corresponding P/E ratios of 17x and 15x [4]. Business Segments - Disney's primary business segments include entertainment (cable networks, D2C streaming, and content production), sports (primarily ESPN), and experiences (theme parks, resorts, and cruise lines) [26][28]. - The entertainment segment remains the largest revenue contributor, while the experience segment is crucial for profit, achieving a profit margin of 28% compared to 11% for entertainment and 16% for sports [28]. Historical Context - Disney's evolution is marked by three key phases: the early animation and theme park development, the revival under Michael Eisner with a focus on animation and cable television, and the recent era of acquisitions and streaming service expansion under Bob Iger [18][22][23]. - The company has successfully integrated acquisitions like Pixar, Marvel, and Lucasfilm, enhancing its IP portfolio and overall market position [23][43].

Core Viewpoint - InterDigital has secured another injunction against Disney for patent infringement related to HEVC compression technology, marking the fifth such injunction against Disney [1][2]. Group 1: Legal Developments - The Munich Regional Court ruled in favor of InterDigital, allowing the company to enforce an injunction against Disney for infringing on its patent [1]. - This latest ruling adds to previous injunctions issued by courts in Germany and Brazil concerning various patents, including HDR technology and additional HEVC and AVC compression technologies [2]. Group 2: Company Background - InterDigital is a global research and development company specializing in wireless, video, and AI technologies, focusing on foundational technologies that enhance connected experiences across various communication and entertainment products [3]. - The company has a long history of innovation in video compression technology, which has significantly contributed to the success of Disney's streaming business [3].

【环球网财经综合报道】北京时间2月13日凌晨，美国三大股指全线收跌，道指跌1.34%报49451.98点，标普500指数跌 1.57%报6832.76点，纳指跌2.03%报22597.15点。热门股方面，思科跌超12%，迪士尼跌逾5%，领跌道指。万得美国科 技七巨头指数跌2.2%，苹果跌约5%，脸书跌近3%。 有分析人士指出，投资者开始担忧人工智能建设会侵蚀一些公司的未来盈利，并可能颠覆多个行业的商业模式并推高 失业率，引发风险资产全线走低。 申万宏源证券此前撰文指出，近期美股科技显著跑输，主要由于估值拖累较为显著。特别是美股软件股的大幅下跌是 拖累科技股近期走势的核心关键，背后是市场担忧非上市的大模型公司对软件生态的颠覆，从远期的替代终局对软件 股进行了估值重塑。硬件公司的估值同样面临下修，市场担忧全产业链的涨价逻辑如果证伪或导致上游涨价受阻。 尽管业绩超预期且AI贡献超预期，但市场对于互联网的激进"花钱计划"依然感到担忧，体现了当前在融资环境难以进 一步宽松的背景下，AI的收入贡献的增速预期比不上当前成本支出的增速预期，难有增量资金支撑互联网估值。而此 前受到成本压力以及AI落后担忧的苹果走出下跌趋势，成 ...

Group 1 - Google's AI products, including Gemini and Nano Banana, have started to refuse generating content related to Disney characters due to copyright infringement claims from Disney [1][4] - This change occurred approximately two months after Disney sent a cease-and-desist letter to Google in December, which detailed large-scale copyright violations by Google's AI tools [4][5] - Disney's letter included specific demands such as stopping the infringement and ceasing the use of Disney IP for AI model training, highlighting previous concerns that had not been adequately addressed by Google [4][5] Group 2 - Google's spokesperson stated that the company maintains a mutually beneficial relationship with Disney and will continue communication regarding the issue [5] - Google utilizes publicly available data from the open web to train its AI and has implemented copyright control mechanisms like Google-extended and YouTube Content ID to manage content rights [5] - Concurrently, Disney has entered into a $1 billion agreement with OpenAI to license its characters for OpenAI's generative video application, Sora [5]