Khampaeng Yodsingkham/iStock via Getty Images Market Summary Technology stocks, particularly AI-related names, remained in the spotlight during the fourth quarter, with much market attention on the rally's sustainability and the scale of capital expenditures. Investor concerns grew about whether outsized investments in AI would deliver expected returns, prompting some to reduce overweight tech pos...
Khampaeng Yodsingkham/iStock via Getty Images Market Summary Technology stocks, particularly AI-related names, remained in the spotlight during the fourth quarter, with much market attention on the rally's sustainability and the scale of capital expenditures. Investor concerns grew about whether outsized investments in AI would deliver expected returns, prompting some to reduce overweight tech positions, with interest broadening to other areas, including biotech and metals & mining stocks. Despite tech's prominence, healthcare was the quarter's top sector in the S&P 500® Index, which tracks 500 of the largest U.S. companies. Across market capitalizations, value stocks were favored over growth stocks, and investors appeared to be positioning for a cyclical upswing, supported by lower interest rates and expectations for accommodative fiscal policy. Fund Performance The Virtus KAR Small-Cap Growth Fund ( PXSGX ) returned -7.83% (Class I) in the quarter, underperforming the Russell 2000® Growth Index's 1.22% return. Stock selection and an underweight in healthcare, combined with stock selection in communication services, detracted from performance. An underweight position in energy contributed positively to performance, as did stock selection and an underweight position in consumer staples. Triumph Financial and Revolve Group were the largest contributors to performance in the quarter. > Triumph Financial, a financial and technology company that supports the transportation and freight industry, has seen its payment network grow and its profitability improve despite a persistently weak transportation market. > While online fashion retailer Revolve Group's sales growth moderated sequentially, tariff-related price increases began to flow through to results. Margins improved meaningfully, supported by reduced markdowns, a stronger full-price and owned-brand product mix, and better marketing efficiency. Dream Finders Homes and Rightmove ( RTMVY ) were the largest detractors ...
还记得英伟达GTC 2026舞台上的雪宝机器人吗？ 对，就是那个来自迪士尼电影《冰雪奇缘》的雪人Olaf（中文名雪宝），刚和黄仁勋在台上互动的那个IP化的机器人。 图片来源：英伟达 GTC2026 截图 它马上也要上班了。 迈着小碎步，挥舞着树枝小胳膊，迪士尼最硬核打工人雪宝就这样摇摇晃晃地来上班了。看到护栏外站了一群人，它一个个主动上前打招呼。看到有人用镜头对着它拍照，就立刻挑眉瞪大双眼、张开手臂歪起头，摆出拍照的姿势。 图片来源：YouTube截图 在国内外各大社媒平台，多个网友曝出雪宝已经现身巴黎迪士尼乐园，在防护栏区域内演示，每30分钟就会出现一次。与游客见面时，雪宝机器人全程动作流畅自然，表情丰富生动，简直就是从荧幕中走出来的。 没想到，迪士尼直接给具身智能行业找到了一个新的岗位。 华特迪士尼幻想工程（WDI）官网显示，3月29日，雪宝机器人将在巴黎迪士尼迎来它的第一次正式营业。后续还会入驻香港迪士尼。 华特迪士尼幻想工程（WDI）研发高级副总裁Kyle Laughlin曾表示，在过去，通常需要在电影上映数年之后，他们才能推出相应的线下交互体验。而目前， 在强化学习技术的支持下，观众在刚看完电影时，就能看到他们（迪士尼）推出的相应角色机器人。 通过雪宝机器人，迪士尼让动画IP角色走入现实世界成为可能。而这也恰好证明， 机器人不仅可以是解放人类双手的生产力工具，还能是角色本身，是一个IP叙事的载体和延续。 有“活感”的雪宝机器人 雪宝机器人的“活感”，“活”得很突出。 除了能走路和做各种搞怪表情，雪宝机器人还能和人对话，有时甚至会幽默地开玩笑。 走在路上，它会主动打招呼并介绍自己：“Hi everyone, I’m Olaf.” “I like warm hugs!” 这句雪宝在电影中的经典台词也被带到了现实中。 当找不到回去的方向时，它也会感到尴尬“This is embarrassed.”但社牛从不担心迷路，它会主动向人求助 “Which way is north?”然后继续摇摇摆摆地沿着路人指的方向走去。 在GTC大会的舞台上，雪宝还和英伟达CEO黄仁勋进行了一次实打实的互动。 黄仁勋向雪宝介绍它的来历时，雪宝机器人调皮地说“I was just about to say that（我正想说这个）”。听到了一堆关于自己的介绍，脱口而出“I’m a sn...
The recent surge in investment spending for artificial intelligence (AI) could be echoing past booms in corporate investment that preceded lower equity returns and recessions. This is according to Martin Emery, portfolio strategist for GMO’s systematic global macro team, who said the firm is now short Korean and Taiwanese equity markets. “Within the GMO systematic global macro strategy, we do not ...
The recent surge in investment spending for artificial intelligence (AI) could be echoing past booms in corporate investment that preceded lower equity returns and recessions. This is according to Martin Emery, portfolio strategist for GMO’s systematic global macro team, who said the firm is now short Korean and Taiwanese equity markets. “Within the GMO systematic global macro strategy, we do not take direct stock positions, though the AI boom heavily influences the portfolio’s current positioning,” he said in a recent note. “The portfolio is currently positioned with a strong spread in AI countries: long the US, short US tech, short Korea, and short Taiwan.” “What’s more, we see all of these markets as particularly expensive, with a long-term forecast (value) below the cash rate.” Korea and Taiwan have been major beneficiaries of the recent global boom in AI spending. Over the past twelve months, Korean and Taiwanese equities have been among the best performing markets in the region, up 127% and 66% in US dollar terms, according to FE fundinfo. These two markets have soared partly due to the outsized influence of index heavyweights Samsung Electronics, SK Hynix and Taiwan Semiconductor Manufacturing Company. These firms, alongside the other listed firms in the semiconductor supply chain, have been key suppliers and direct beneficiaries of the ongoing AI buildout. However, Emery suggested that overconfidence from the firms building AI could be another case of overinvestment and lower equity returns, as has been observed in the past. He cited studies which found a link between higher corporate investments and lower stock returns, and positive tones in CEO quarterly addresses as a strong negative predictor for future total market returns. “In other words, higher manager confidence precedes greater investment growth and lower earnings surprises, in aggregate,” he said. “As managers become overly optimistic about future growth, this leads to overinvestment and, therefor...