Some foreign residents in South Korea will be eligible for government cash handouts, ranging from 100,000 won (US$67) to 600,000 won, to be distributed later in April under a supplementary budget aimed at offsetting high fuel costs amid the prolonged Middle East conflict. Non-South Korean nationals were in principle excluded from the subsidy programme, but exceptions would be made for those deemed...
Some foreign residents in South Korea will be eligible for government cash handouts, ranging from 100,000 won (US$67) to 600,000 won, to be distributed later in April under a supplementary budget aimed at offsetting high fuel costs amid the prolonged Middle East conflict. Non-South Korean nationals were in principle excluded from the subsidy programme, but exceptions would be made for those deemed to have “close ties” to citizens, the Ministry of the Interior and Safety said on Sunday. Foreign...
Democratic congressman, running to replace Gavin Newsom, has faced multiple accusations Representative Eric Swalwell, the Democratic frontrunner in the fiercely contested race to be governor of California, has suspended his campaign amid a series of sexual assault and misconduct allegations by a former staff member and at least three other women. The woman who worked for Swalwell said the Californ...
Democratic congressman, running to replace Gavin Newsom, has faced multiple accusations Representative Eric Swalwell, the Democratic frontrunner in the fiercely contested race to be governor of California, has suspended his campaign amid a series of sexual assault and misconduct allegations by a former staff member and at least three other women. The woman who worked for Swalwell said the California congressman had sexually assaulted her twice when she was too inebriated to consent, according to a report by the San Francisco Chronicle, which was published on Friday. Continue reading...
美伊停火谈判破裂后,霍尔木兹再起波澜——高盛警告,美股已卷入一场“最终决战”。 据追风交易台消息,4月13日,高盛全球银行与市场部门策略师Shreeti Kapa发布题为《股票——最终决战》( Equities - The Final Battle )的市场评论,对当前地缘局势与美股走向作出研判。 本轮中东冲突期间,标普500最大回撤约9%,停火消息公布后数日内基本收复。这与历史规律高度吻合——地...
杨立昆的新公司 AMI 拿了 10.3 亿美元融资,创下欧洲 AI 公司种子轮纪录。而在 AMI 拿钱几周前,李飞飞的 World Labs,也宣布了 10 亿美元融资。 两家公司,同一赛道:世界模型。 杨立昆曾经放话说:「大语言模型在通往超级智能的路上是条死胡同。」乍一听上去否认了大语言模型的价值,但限定条件是实现 AGI,细想还是有些道理。 可以这么简单理解:ChatGPT 能写代码能做题,却...
杨立昆的新公司 AMI 拿了 10.3 亿美元融资,创下欧洲 AI 公司种子轮纪录。而在 AMI 拿钱几周前,李飞飞的 World Labs,也宣布了 10 亿美元融资。 两家公司,同一赛道:世界模型。 杨立昆曾经放话说:「大语言模型在通往超级智能的路上是条死胡同。」乍一听上去否认了大语言模型的价值,但限定条件是实现 AGI,细想还是有些道理。 可以这么简单理解:ChatGPT 能写代码能做题,却搞不清物理世界的基本规律——你让它描述「苹果落地」,它说得头头是道;但你问它苹果为什么会落地,它其实是在背课文,它并不一定真正理解重力。 问题的根源在于:大语言模型的训练数据是互联网文本,而真实世界是三维的、连续的、充满物理规律的。 这就是世界模型成为科研精英接下来攻关方向的原因。 不过,大家都在谈世界模型,但没人对这几个字的含义达成一致。有视频预测的路线,有的在建 3D 场景,有的在搭仿真平台,还有直接从神经科学出发的方向…… Meta 的研究科学家 Zhuokai Zhao,在 X 账号上分享了自己认为的世界模型「五大门派」。 这五大门派,分别都是什么呢?本文基于 Zhao 的推文,参考了多方资料进行扩写,希望对于有兴趣了解世界模型的你有所帮助。 JEPA 派:杨立昆的「抽象哲学」 JEPA 全称是 Joint-Embedding Predictive Architecture(联合嵌入预测架构)。它是杨立昆等人提出的一种新型 AI 架构。 简单来说,JEPA 的核心思想是:让 AI 像人类一样通过「观察」来学习世界的运行规律,而不是通过死记硬背像素或单词: AI 不用记住每片叶子的位置,它只需要知道风会吹落树叶。 在杨立昆看来,像 Sora 这种模型,本质是在「逐像素预测下一帧」。他认为这在物理上不可能——在充满随机性的世界里,你不可能精确预测每片树叶的飘落轨迹。 JEPA 的解法是:与其预测像素,不如在抽象的「表征空间」里做预测。 具体做法是先用编码器把视频转成抽象的数学表示,然后在这个空间 (latent space) 里预测「会发生什么」。比如预测「球会滚下桌子」这一更加「长期」和符合物理规律的结果,而非重复地预测球滚落的每一帧画面。 V-JEPA 2 目前是这个路线的代表作。该模型有 12 亿参数,基于 100 万小时无标签视频预训练。最惊人的是,它仅需 62...
jbk_photography/iStock Editorial via Getty Images Mastercard ( MA ) shares are down 13% YTD, continuing a five-year trend of underperformance. This selloff comes at a time when fundamentals have shown no weakness whatsoever, leaving investors searching for an explanation. We'll make an attempt at finding the reasons for the selloff, but, spoiler alert, I'm upgrading Mastercard to 'Buy'. I downgrad...
jbk_photography/iStock Editorial via Getty Images Mastercard ( MA ) shares are down 13% YTD, continuing a five-year trend of underperformance. This selloff comes at a time when fundamentals have shown no weakness whatsoever, leaving investors searching for an explanation. We'll make an attempt at finding the reasons for the selloff, but, spoiler alert, I'm upgrading Mastercard to 'Buy'. I downgraded the stock back in October, claiming the growth gap had almost fully closed, while Mastercard's premium valuation remained. However, as fundamentals accelerate and the stock goes in the opposite direction, that setup is no longer true. In fact, I find Mastercard to be underestimated, trading at the cheapest valuation in years. A Surprising Stretch of Underperformance Investors got used to seeing Mastercard's stock working like clockwork. In essence, all you had to do was hold for the long term, and this high-quality compounder did the rest of the work. Seeking Alpha Well, this hasn't really worked over the past five years, with Mastercard vastly underperforming the market. Fundamentals Are Not the Reason One thing is clear: fundamentals are not the reason for the lagging. Over the past five years, Mastercard grew revenues at a 16.5% CAGR, with growth accelerating in 2025. Operating margins expanded by over four points, resulting in a 19% operating income CAGR. With the addition of buybacks, EPS grew an impressive 21% annually. Created by the author based on Mastercard reports It's quite rare to see a stock rising less than 8% annually during a period when earnings have grown almost triple that pace. Mastercard Q4'25 Presentation And no, the trend hasn't changed in recent quarters, so it's not like we're relying on past performance. Mastercard is still very much delivering the same level of results. Finding Reasons for the Selloff I'm sure most readers and Mastercard investors already knew that fundamentals are very strong and came here looking for fresh ideas regarding th...