“透视图”是36氪新推出的轻量化数据图文栏目——以数据透视趋势，以图片呈现要点。"Talk is Cheap. Show me the data." 作者丨邱晓芬 GitHub上的开源项目OpenClaw近期迅速走红。在与Y Combinator的访谈中，创始人Peter Steinberger抛出一句话：“未来的操作系统不再需要图标，只需要意图。”他甚至激进地判断，80%的App将因为不再被主动...
“透视图”是36氪新推出的轻量化数据图文栏目——以数据透视趋势，以图片呈现要点。"Talk is Cheap. Show me the data." 作者丨邱晓芬 GitHub上的开源项目OpenClaw近期迅速走红。在与Y Combinator的访谈中，创始人Peter Steinberger抛出一句话：“未来的操作系统不再需要图标，只需要意图。”他甚至激进地判断，80%的App将因为不再被主动打开而自然消亡。这并非危言耸听，而是三种交互结构正在重塑“入口”。 36氪制图 01. 调度层重构：OpenClaw的“蜂群”思路 36氪制图 OpenClaw不依赖单一模型，而是在后台协调多个Agent分工协作。它像一个中控台，让AI从“回答者”变成“执行者”。尽管目前在多步骤规划上成功率仍有衰减，但它证明了：在App之上，已经可以建立一层新的执行结构。 02. 硬件层接管：豆包手机的“视觉暴力” 36氪制图 字节跳动选择了更直接的路径——不等待接口开放，利用视觉识别让 AI 自己“用App”。这验证了界面层接管的可能性，但在当前30 TOPS的端侧算力瓶颈下，跨应用操作仍面临延迟（约3秒）与成功率（约50%）的现实挑战。方向已验证，但摩尔定律还需要时间。 36氪制图 03. 系统层洗牌：Apple与Google的攻守易形 36氪制图 更深层的变化来自金钱流向。过去十年，Google每年向Apple支付约200亿美元保住“默认搜索框”；而据彭博社报道，未来Apple可能反向支付10亿美元以接入Gemini。 这意味着入口的定价权已变： 流量分发不再靠搜索框，而靠系统级AI。 36氪制图 App不会消失，但角色正在边缘化。当 AI 能直接理解意图并跑通流程，“打开App”将不再是第一步。未来的手机将以意图为起点，而App终将从“交互终点”退化为被 AI 调用的“数字管道”。入口权的迁移，已经开始。
Market Snapshot USD/INR ₹90.58 -0.2% Nifty 50 Index 25,935.15 +0.3% India 10-Year Bond Yield 6.72% -0.03 Spot Gold ($/oz) $5,053.98 +0.6% S&P 500 Futures 6,981.50 +0.3% Market data as of 08:15 AM IST, Feb. 11, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Ashutosh Joshi, and I cover equities in Mumbai. We are at the middle of the week and w...
Market Snapshot USD/INR ₹90.58 -0.2% Nifty 50 Index 25,935.15 +0.3% India 10-Year Bond Yield 6.72% -0.03 Spot Gold ($/oz) $5,053.98 +0.6% S&P 500 Futures 6,981.50 +0.3% Market data as of 08:15 AM IST, Feb. 11, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Ashutosh Joshi, and I cover equities in Mumbai. We are at the middle of the week and while India’s growth-supportive budget and trade deal wins have helped local stocks stage a recovery, they are still trailing the broader Asian market in February. That explains why Indians are starting to show a preference for gold and silver exchange-traded funds over equity plans (more on that below). Attention now shifts to the US jobs report due later today and Friday’s inflation data for further signals on the Fed policy outlook, which could influence flows into emerging markets, including India. Locally, the auto sector is in focus given Mahindra & Mahindra and Ashok Leyland are among companies reporting earnings today. In today’s newsletter, we flag: The ramping up of the divestment program Gold exchange-traded funds outshining their equity peers REITs expanding portfolios on strong office demand But first, a look at how investors’ patience with small-cap stocks is wearing thin. Markets Buzz: Small Is No Longer Beautiful Investors seem to be losing patience as small-cap stocks continue to lag , and their disappointment showed up clearly in January’s flow data. Small-cap mutual funds — usually a big favorite with India’s retail investors — saw their lowest monthly inflows since June 2024. Over the past year, small-cap indices have returned just 4%–6%, well behind the Nifty 50’s 11% gain and the 15%–17% rise in key mid-cap gauges. While two- and three-year returns for small-cap funds still look healthy, any further weakness could send investors looking elsewhere for better returns. Three Things to Start Your Day Divestment gets underway with BHEL’s offer for sale India...
Earnings Call Insights: Upexi, Inc. (UPXI) Q2 2026 Management View CEO Allan Marshall addressed the quarter’s turbulent environment, highlighting two key challenges: declining asset prices and multiple compression in the treasury sector. Marshall stated, "The price of Solana fell 40% during the quarter, and it has fallen a further 31% since the quarter end...the biggest determinant of any treasury...
Earnings Call Insights: Upexi, Inc. (UPXI) Q2 2026 Management View CEO Allan Marshall addressed the quarter’s turbulent environment, highlighting two key challenges: declining asset prices and multiple compression in the treasury sector. Marshall stated, "The price of Solana fell 40% during the quarter, and it has fallen a further 31% since the quarter end...the biggest determinant of any treasury company's success has and always will be the performance of its underlying token." Marshall emphasized a positive outlook, noting mechanisms to create shareholder value, such as “accretive issuance and discounted lock token purchases.” He explained, “We have in the past and aim to, in the future, increase our Solana per share to help offset any decline in token price or to add to any increase in price in an upmarket.” On multiple compression, Marshall argued, “I believe there are fundamental reasons why Upexi can and should trade at a premium valuation in constructive market environments.” He outlined a strategic plan to “increase yield; hedge positions...and capitalize on opportunities the volatility creates.” Chief Strategy Officer Brian Rudick reported ongoing progress for Solana, referencing the launch of a Spot Solana ETF, institutional partnerships, and a record stablecoin supply. Rudick said, “Solana demonstrated strong momentum and particularly so related to its Internet capital markets goal.” CFO Andrew Norstrud reported, "As of December 31, the company had approximately $1.6 million in cash and 2.17 million Solana tokens...For the 6 months ended December 31, 2025, the company had digital asset revenue of approximately $11.2 million or approximately 65,700 tokens added." Outlook Management aims to increase the number of Solana tokens held in treasury and grow quarterly revenue from the treasury. Norstrud stated, “We expect to increase the number of tokens we hold in our treasury each quarter and also increase the quarterly revenue from the treasury.” Marshall reit...
California Refinery Closures Spell Trouble For Fuel Prices, Supply: Experts Authored by Rob Sabo via The Epoch Times, Several energy companies have announced the closure of some of their refineries in California in recent months, citing the regulatory environment and operational losses. Multiple experts in the state’s oil and gas industry recently spoke with The Epoch Times about the closures and ...
California Refinery Closures Spell Trouble For Fuel Prices, Supply: Experts Authored by Rob Sabo via The Epoch Times, Several energy companies have announced the closure of some of their refineries in California in recent months, citing the regulatory environment and operational losses. Multiple experts in the state’s oil and gas industry recently spoke with The Epoch Times about the closures and their potential impacts on fuel prices and fuel availability in the Golden State. Refinery Closures Valero Energy Corporation announced in April 2025 that it would shutter its refinery operations in Benicia, in the San Francisco Bay area. The company also said that it had evaluated the refinery assets in Benicia and Wilmington, near the Port of Long Beach, and concluded that the carrying values of both assets were not recoverable. Valero said it would continue serving the Golden State’s oil needs through existing inventories and oil imports. The Wilmington refinery produced 15 percent of the asphalt supply for the entire Southern California region and had a capacity of 135,000 barrels per day. The Benicia refinery on the Carquinez Straits of San Francisco Bay, meanwhile, produced as much as 170,000 barrels per day and employed more than 400. While the Benicia refinery was originally slated to cease production in April 2026, it actually ceased production in late January. The closure comes on the heels of Phillips 66 ending operations at its Los Angeles refineries in the fourth quarter of 2025. Phillips 66 operated refineries in Wilmington and Carson that distributed fuel throughout California, as well as to Nevada and Arizona. The dual sites spanned 650 acres and employed about 600. Chevron, meanwhile, announced in August 2024 that it was relocating its headquarters from San Ramon to Houston, Texas. The company had operated in the Golden State since 1879 and employed more than 2,000 people in San Ramon. Its refineries in Richmond and El Segundo supply more than 1,800 retail ...
This reliable dividend payer may be just what the doctor ordered. While artificial intelligence (AI) stocks are dominating debates and headlines on Wall Street, companies in other sectors can offer something that high-growth AI-focused corporations can't: stability in an otherwise volatile market. Consider a healthcare giant like Johnson & Johnson (JNJ 0.12%). Over the past year, it has quietly ou...
This reliable dividend payer may be just what the doctor ordered. While artificial intelligence (AI) stocks are dominating debates and headlines on Wall Street, companies in other sectors can offer something that high-growth AI-focused corporations can't: stability in an otherwise volatile market. Consider a healthcare giant like Johnson & Johnson (JNJ 0.12%). Over the past year, it has quietly outperformed most members of the Magnificent Seven, with its shares rising 53% over the trailing 12-month period. But is the pharmaceutical leader still attractive after this run? Let's find out whether Johnson & Johnson is a buy, hold, or sell in 2026. Why Johnson & Johnson might run into headwinds Despite strong recent performances, some will point to multiple challenges Johnson & Johnson is facing. First, several of its medicines have been targeted by government-led drug price negotiations. This will likely lead to lower sales for these therapies than the company would have generated otherwise. There is also the threat of patent cliffs. Last year, Johnson & Johnson lost patent exclusivity in the U.S. for Stelara, an immunology drug, forcing the company to compete with biosimilars. Even beyond patent cliffs, Johnson & Johnson faces stiff competition for some products whose sales are moving in the wrong direction as a result. One such example is Imbruvica, a cancer drug. Lastly, Johnson & Johnson is still dealing with thousands of lawsuits from plaintiffs who claim that its talc-based products gave them cancer. Can Johnson & Johnson perform well amid these challenges? Expand NYSE : JNJ Johnson & Johnson Today's Change ( -0.12 %) $ -0.29 Current Price $ 238.35 Key Data Points Market Cap $575B Day's Range $ 237.88 - $ 240.50 52wk Range $ 141.50 - $ 240.94 Volume 6.7M Avg Vol 9.1M Gross Margin 75.27 % Dividend Yield 2.15 % A resilient business One of Johnson & Johnson's best assets is its vast portfolio of medicines across many therapeutic areas. That ensures that, even with co...