A permanent exhibition showcasing Hong Kong’s history reopened on Wednesday after a major revamp that emphasised the city’s roots in Chinese culture, with visitors expressing mixed reactions to the changes. The “Hong Kong Story” exhibition – which opened in 2001 and closed for renovation in late 2020 – has been reduced from two storeys to a single floor, but expanded from eight to 10 galleries. Th...
A permanent exhibition showcasing Hong Kong’s history reopened on Wednesday after a major revamp that emphasised the city’s roots in Chinese culture, with visitors expressing mixed reactions to the changes. The “Hong Kong Story” exhibition – which opened in 2001 and closed for renovation in late 2020 – has been reduced from two storeys to a single floor, but expanded from eight to 10 galleries. The revamped exhibition at the Hong Kong Museum of History in Tsim Sha Tsui features more than 2,800...
编者按 2025 年初, Anthropic 宣布 Claude API的价格比GPT-4高出50%。原本以为会出现的大量客户流失却在六个月后呈现出截然相反的走向：Claude在企业市场的采用率不仅没有下降，反而上升了。 过去两年，无数AI应用层公司涌入市场，却难逃被基础模型步步蚕食的命运。问题出在哪里?为何有的产品能实现数十倍溢价，而多数应用层公司却在模型升级中不堪一击?本文一针见血地指出：大多...
编者按 2025 年初, Anthropic 宣布 Claude API的价格比GPT-4高出50%。原本以为会出现的大量客户流失却在六个月后呈现出截然相反的走向：Claude在企业市场的采用率不仅没有下降，反而上升了。 过去两年，无数AI应用层公司涌入市场，却难逃被基础模型步步蚕食的命运。问题出在哪里?为何有的产品能实现数十倍溢价，而多数应用层公司却在模型升级中不堪一击?本文一针见血地指出：大多数应:用不过是在做“嫁接”与“装修”，创造的“智力能效”微乎其微。本文从模型、封装到垂直场景，层层拆解“智力能效”的竞争逻辑--读懂了它，也就读懂了AI软件溢价背后的真正密码。 2025 年初，Anthropic 宣布 Claude API 的价格比 GPT-4 高出 50%。市场初步预判Anthropic 会出现大量用户流失——毕竟在互联网时代，基础服务通常免费，提高价格无异于自杀。但六个月后，市场数据呈现出截然相反的走向： Claude 在企业市场的采用率不仅没有下降，反而上升了。 更令人意外的是，到 2025年底，据Menlo Ventures报告，Anthropic 在企业级 AI 市场的占有率为40%，首次超过了 OpenAI 27%，成为 B 端市场的新领导者。 近期，阿里巴巴完成了一项引人注目的组织架构调整：将 ATH （阿里巴巴旗下专注 AI 应用交付的业务单元） 从阿里云体系中独立建制。 如果 AI 软件卖的仅仅是底层、同质化的资源，它最合理的归属应当是留在云平台内部，作为一种算力组件追求极致的规模成本；如果其商业模式已经转向结果收费，其组织边界理应锚定在对结果的定义、核验和结算上。现实情况是处在两者之间，ATH“独立于云、又异于服务”。 这些现象背后，隐藏着AI软件市场的一个根本性转变。 用户付费的对象，既不是底层的 Token 消耗，也不完全是最终的业务结果，而是介于两者之间的某种“能力”。 然而，学界与产业界迄今缺乏一套精确的分析语言来描述和衡量这种能力。本文提出 “智力能效” 这个概念，试图为理解 AI 软件的真实价值提供一个新的分析维度。 一个定价悖论 我们先以一个具体场景为切入点。假设你需要 AI 系统帮你“分析这份销售数据，给出三条可执行的增长建议”。 系统 A 给了你一份三页的分析报告，里面有精美的图表、详细的趋势描述，看起来很专业。它消耗...
Upstart Holdings stock is worth watching as revenue grows and AI-driven lending scales, but questions remain about sustainability, risk, and long-term profits.
Upstart Holdings stock is worth watching as revenue grows and AI-driven lending scales, but questions remain about sustainability, risk, and long-term profits.
Wall Street’s largest trading desks say the extremely bearish positioning in equity markets going into the end of the quarter was the main driver of Tuesday’s big rebound in US stocks, rather than a shift in investor sentiment over the Iran war. The S&P 500 Index surged 2.9% on Tuesday, the sharpest gain since May. The moves continued Wednesday in Asia, where stocks soared the most in almost a yea...
Wall Street’s largest trading desks say the extremely bearish positioning in equity markets going into the end of the quarter was the main driver of Tuesday’s big rebound in US stocks, rather than a shift in investor sentiment over the Iran war. The S&P 500 Index surged 2.9% on Tuesday, the sharpest gain since May. The moves continued Wednesday in Asia, where stocks soared the most in almost a year, a rally fueled by comments by US President Donald Trump overnight that the war could end soon . Europe’s main equities benchmark advanced by 2%. Traders at Goldman Sachs Group Inc. and JPMorgan Chase & Co. suggest this was mainly a squeeze: the sudden bounce was more about the unwinding of negative positioning by various market participants. Hedge funds and trend-following funds such as CTAs had been aggressively shorting stocks. Trading desks also projected that pension funds were poised to direct large month-end flows toward buying equities, while the pressure point of short gamma among options dealers would roll off with Tuesday’s expiry, providing a further bullish impulse. In short, fast money was just waiting for a spark to light the fuse for a rally and Trump’s reference to the war potentially ending within two to three weeks proved enough. The Nasdaq 100 jumped 3.4% on the day, while the Magnificent 7 cohort of tech megacap stocks added more than $700 billion in value, their third-biggest one-day gain since 2020. Benchmark Brent crude oil prices dipped below $100 a barrel. Wall Street’s gauge of stock volatility, the VIX Index, is down more than six points so far this week. “Investors have been counting on a swift off-ramp to war essentially since it began, but I think from a market or global economy perspective it’s important to define what the true clearing event to revisit risk and take down recession odds really is,” wrote JPMorgan industrials sector specialist sales Paige Hanson . “How do we define this ‘ending’ as it pertains to what we collectively care ab...
The killing of three Indonesian peacekeepers in southern Lebanon is a stern test of Jakarta’s Middle East policy, with analysts saying the incident has raised questions over the risks of overseas deployment in Gaza and the region, as well as limits to global accountability. Several Indonesian lawmakers and observers said the deaths had exposed how little protection diplomatic positions could offer...
The killing of three Indonesian peacekeepers in southern Lebanon is a stern test of Jakarta’s Middle East policy, with analysts saying the incident has raised questions over the risks of overseas deployment in Gaza and the region, as well as limits to global accountability. Several Indonesian lawmakers and observers said the deaths had exposed how little protection diplomatic positions could offer during a spiralling conflict, arguing that Jakarta should reassess its role in Lebanon and...