When you don't know what to pay for a stock you tend to sell it. Right now, we have people selling technology shares left and right because they are unsure of what they own and what it might be worth. They are looking at the incredible shrinking price-to-earnings ratio — the "multiple" — and they are saying get me out of here. I see it. And not just in tech. What do we pay for Danaher when it buys a company , Masimo, that we have long since disliked, ever since its litigation with Apple over patent infringe ...

美东时间2月14日周五美股盘后，递交美国证监会（SEC）的13F文件披露，传奇投资人斯坦利·德鲁肯米勒（Stanley Druckenmiller）旗下的杜肯家族办公室 （Duquesne Family Office）在2025年第四季度进行了大规模调仓。 Q4，德鲁肯米勒"精准"开仓了金融板块ETF（XLF）、标普500等权重ETF（RSP）和巴西ETF，同时清仓了Meta，并继续加仓Alphabet（谷歌）。 这份持仓报告公布之际，正值德鲁肯米勒的两位"门徒"——斯科特·贝森特（Scott Bessent）和凯文·沃什（Kevin Warsh）正式进入美国经济决策核心层。贝森 特已于今年1月就任美国财政部长，而沃什刚被提名为美联储主席。 "精准"开仓金融ETF、标普等权重ETF和巴西ETF 文件显示，德鲁肯米勒在四季度新进买入道富金融精选行业SPDR ETF（XLF），建仓规模达549.56万股，期末持仓市值约3.01亿美元。这一举动使XLF直接 成为其组合中的第二大重仓标的，占总资产权重的6.7%。 与此同时，杜肯家族办公室还新进买入Invesco标普500等权重ETF（RSP），持股量为117.39万 ...

Investment Activity Summary - Pershing Square Capital Management acquired over 2.67 million shares of Meta Platforms (META), totaling $1.76 billion in the fourth quarter of 2025 [1] - The firm sold its entire stake in Chipotle Mexican Grill, Inc. (CMG), which was previously valued at approximately $844.2 million [2] - Pershing reduced its holdings in Alphabet (GOOG) and Uber (UBER), trimming shares significantly in both companies [2][4] Company Performance - Meta Platforms (META) is currently trading around $643, down more than 10% over the past year [1] - Chipotle Mexican Grill, Inc. (CMG) is trading at about $38, down 29% in the past year [2] - Alphabet's Class C shares (GOOG) are trading around $303, up more than 63% year-to-date [3] - Uber is trading for approximately $72, down more than 10% in the past year [4] - Restaurant Brands International Inc (QSR) is trading at about $68, up nearly 7% in the past year [4] Asset Management Overview - Pershing Square Capital Management has a total of $15.5 billion in assets under management [5]

克雷西 发自 凹非寺 量子位 | 公众号 QbitAI 刚刚，Gemini摇身一变，成了专业的"唱作人"。 谷歌把最新的Lyria 3模型塞进了Gemini，直接在对话框里招呼一声，Gemini就能现场给你攒个乐团。 这套玩法主打一个有手就行，给它打一段天马行空的文字，或者干脆甩过去一张刚拍的照片，它几秒钟内就能根据你的想法，吐出一首带歌 词、旋律甚至人声演唱的完整作品，整个过程快得惊人。 而且还顺便拉来了Nano Banana模型当帮手，曲子刚生成完，一张风格特搭的专辑封面也就跟着出炉了。 总之，从你想出点子到拿到带封面的专属BGM，中间的步骤简化到了极点。 网友评价，48kHz的立体声质量，加上根据照片生成音乐的功能，可见DeepMind这一波非常注重创意工作流程。 你的照片能开口唱歌了 硬指标上，Lyria 3的音频采样率来到了48KHz的高保真级别。这种规格让生成的曲子底气特别足，每一声琴鸣都显得非常扎实，有了这个音 质底座，看图唱曲的功能才更有发挥空间。 你随手上传一张在森林徒步的照片，AI就能瞬间捕捉到那种静谧感，转手给你配上一段对味的民谣，让原本静止的风景瞬间有了自己的声音。 这下，你的朋友圈也 ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a significant advancement with the potential for substantial social benefits [8]

Core Insights - Google and Apple are integrating music-focused generative AI features into their consumer applications, highlighting the mainstream adoption of advanced AI tools [1] Group 1: Google Developments - Google's Gemini AI assistant can create 30-second music tracks based on user-uploaded text, photos, or videos using the Lyria 3 model, available to users over 18 in multiple languages [2] - The Gemini AI will also generate custom cover art through its Nano Banana model, enhancing the sharing experience for users [3] - Google aims to strengthen its consumer offerings amid competition with OpenAI's ChatGPT, following positive reception of its Gemini 3 AI model [4] - The AI-driven music creation feature will have usage limits, allowing free users to generate 10 tracks per day, while paying users can create between 20 to 100 tracks daily based on their subscription tier [7] - Google has implemented safeguards to prevent the AI from using specific artists' content, ensuring compliance with intellectual property and privacy regulations [9] Group 2: Apple Developments - Apple is introducing a feature called Playlist Playground in Apple Music, enabling users to create playlists from text prompts, which will include cover art, descriptions, and 25 songs [5] - This new feature is part of iOS 26.4, currently in beta, and will be more widely available in the spring [5] - Apple is working to enhance its AI capabilities across its applications, although updates to its Siri virtual assistant may face delays [6] Group 3: Industry Context - The music industry has expressed concerns regarding generative AI tools, viewing them as potential threats to business and intellectual property [8] - Major music companies have taken legal action against AI startups for copyright infringement, with some reaching settlements to ensure proper licensing and controls [8]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones Industrial Average rising by 129.47 points, an increase of 0.26% [1] - The Nasdaq Composite gained 175.25 points, reflecting a rise of 0.78% [1] - The S&P 500 index increased by 38.09 points, marking a 0.56% rise [1] Key Stocks Movement - The "Magnificent Seven" tech stocks collectively saw gains, with Amazon rising nearly 2% [1] - Nvidia increased by over 1% [1] - Microsoft rose by 0.69%, Facebook by 0.61%, Google by 0.43%, Apple by 0.18%, and Tesla by 0.14% [1] Oil Prices - International oil prices experienced a significant increase on the 18th, with light crude oil futures for March delivery rising by $2.86 to $65.19 per barrel, a gain of 4.59% [1] - April delivery Brent crude oil futures rose by $2.93 to $70.35 per barrel, reflecting a 4.35% increase [1]

Group 1: Core Insights - The construction boom driven by the AI revolution is facing multiple constraints, including power supply, water resources, and a shortage of skilled labor, which may dampen optimistic market expectations for AI investment returns [1][2] - The need for over 500,000 additional workers in manufacturing, construction, operations, and power distribution by 2030 in the U.S. highlights the critical labor shortage facing the data center industry [7] Group 2: Power Supply Constraints - Power supply remains the most pressing constraint for data center deployment, with cloud computing and AI workloads requiring proximity to end users, leading to power shortages in crowded markets [3] - Flexible load management could potentially release additional capacity, but its adoption is hindered by the industry's risk-averse culture [3] Group 3: Water Resource Challenges - The industry is shifting towards more energy-intensive cooling technologies due to community and regulatory pressures, resulting in significant energy cost increases [5] - Transitioning to closed-loop and waterless cooling systems could raise power usage effectiveness (PUE) from optimal levels of 1.08 to between 1.35 and 1.40, increasing energy expenses from 8% to 35%-40% [5] Group 4: Land Acquisition and Pricing - Tech giants are purchasing land at unprecedented prices, directly impacting residential development, with Amazon's $700 million acquisition in Virginia exemplifying this trend [8][9] - In Northern Virginia, land prices have skyrocketed, with rural land previously sold for tens of thousands now exceeding $3 million per acre, making it impossible for residential developers to compete [9] Group 5: Future Outlook - The sustainability of the data center capital expenditure surge is crucial for macroeconomic narratives and tech stock valuations, as the assumption is that ongoing construction will translate into measurable productivity gains [2][9]

周三(2月18日)美股盘中，谷歌在官网博客中宣布，Gemini应用已配备公司最先进的音乐生成模型Lyria 3，用户可使用文本或图像制作30秒的音乐片段。 新闻稿称，"只需描述一个想法或上传一张照片，Gemini就能在几秒钟内将其转化为一首高质量、朗朗 上口的歌曲。为了进一步拓展创意空间，您甚至可以让Gemini从上传的内容中汲取灵感。" 根据谷歌的说法，Gemini不仅可以"文字转歌曲"，还可以通过"上传照片或视频"创作一首完美契合氛围 的歌曲，歌曲长为30秒，并配有Nano Banana设计的自定义封面。 另外，创作者还可以通过YouTube的Dream Track功能探索Lyria 3，以提升Shorts短视频配乐的品质。谷 歌称，Lyria 3已在美国推出，并正在逐步推广至其他地区的创作者。 有分析表示，虽然谷歌的音乐生成模型预计不会成为Spotify的致命打击，但这些举措可能迫使后者尽快 推出AI混音功能。 另外，把音频创作工具加入移动应用，有望增强谷歌的消费者产品竞争力。对于谷歌来说，公司需要持 续向投资者证明其AI产品投入能够带来收入增长。 生成式AI工具在音乐行业一直受到谨慎甚至敌视的对待，许 ...

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