"Ithink we already have some vehicles operating with no people inside and nosafety monitors in three cities in Texas... this will expand to the entireUnited States this year." （我认为我们已经在得克萨斯州的三个城市运营着一些...
"Ithink we already have some vehicles operating with no people inside and nosafety monitors in three cities in Texas... this will expand to the entireUnited States this year." （我认为我们已经在得克萨斯州的三个城市运营着一些车内无人且无安全监控员的车辆……这将在今年扩展到整个美国。） 当地时间5月18日，在以视频连线方式出席于特拉维夫举行的智能出行峰会（Smart Mobility Summit）之际，埃隆·马斯克不但对主持人宣称特斯拉的完全自动驾驶汽车今年将在美国“广泛普及”，还进一步预言了在AI技术加持下，自动驾驶技术在近未来的前景。所以马老板对自己发言的最后结论便是—— "Infive years, maybe 10 years from now... probably 90% of the miles traveled willbe done by AI in self-driving cars. So in 10 years, driving a car will be asmall-scale activity." （5年后，或许10年后……届时很可能有90%的行驶里程将由自动驾驶汽车的AI系统来完成。那么，10年后，手动驾驶汽车将变成一种小众行为。） 我说各位，听起来是不是很熟悉？相信如果你关注马斯克马老板超过五年，那么他在各种场合关于“即将落地”的表述，掰手指头数大概能凑齐至少两只手。所以，这又是一次单纯“嘴炮”么？要我说，既“是”却又“不是”。 看到这里很多人可能开始不爽了：正反两头的话一下子都让你给说了，存心在这里水文消遣人玩么？！别急啊，事情得分两头看。 首先与以往纯“嘴炮”不同，这一次特斯拉确实推出了搭载AI自动驾驶的Cybercab概念车，而且目前却是像马老板说的那样，已经在美德州的三个城市内进行无安全员运营。 ▲ 这事……哥不方便说太细 简单来说就是，如果将周期拉长到以五年为单位，则未来五到十年自动驾驶是颇有前途的。十年期满，纵使达不到马老板吹嘘的90%，必然也会比今天要出现重大突破。但如果以今年年内为节点，马老板的“拓展至整个美国”则未免荒唐。 那么，马斯克这次的...
Monzo Bank Ltd. reported a 44% jump in profit in the year through March, as growth in lending lifted interest income. The UK digital bank reeled in £87.3 million ($117 million) of profit before tax during the year, up from £60.5 million, according to a statement on Tuesday. Revenue rose to £1.7 billion, up about 39% from the year prior. Monzo, which scored a full UK bank license in 2017, has been ...
Monzo Bank Ltd. reported a 44% jump in profit in the year through March, as growth in lending lifted interest income. The UK digital bank reeled in £87.3 million ($117 million) of profit before tax during the year, up from £60.5 million, according to a statement on Tuesday. Revenue rose to £1.7 billion, up about 39% from the year prior. Monzo, which scored a full UK bank license in 2017, has been pushing further into lending, business banking and customers that use the bank on a day-to-day basis. The bank makes £167 of revenue per active customer and £484 from each business client. “Lending remains a growing contributor, supported by disciplined underwriting and measured portfolio expansion,” Chief Financial Officer Tom Oldham said in the statement. The bank offers customers lending products including overdrafts, credit cards and personal loans. Credit losses increased as lending grew, with the bank setting aside £329.4 million to cover potential impairments, up from £251.2 million the year prior. Monzo now has more than 15 million customers, a rise of about 3 million during the year. Deposits grew 55% to £25.7 billion. Over 4 million customers borrow from Monzo, according to the statement. In an interview, Chief Executive Officer Diana Layfield said in an interview that 1 in 5 UK adults bank with Monzo, and the bank is looking to capture the other 4 in 5. The CEO, who assumed her role earlier this year, said business banking now made up 14% of Monzo’s total revenues and is a key area of focus for the bank. A number of UK fintechs have been looking to bring on more businesses as customers, given they come with larger deposits. Revolut Ltd. Chief Executive Officer Nik Storonsky has said business banking is a priority for the fintech and is planning to roll out that unit alongside retail in every new market it enters next year. Revolut’s gross average revenue per retail customer was £66, according to research from JPMorgan Chase & Co. In March, Monzo told staff it was...
Fosun International Ltd. has picked banks for a planned Hong Kong initial public offering of holiday resort operator Club Med SAS , according to people familiar with the matter. BNP Paribas SA , HSBC Holdings Plc and JPMorgan Chase & Co. are working on the IPO, which could raise at least $500 million, the people said, asking not to be identified discussing private information. Deliberations are on...
Fosun International Ltd. has picked banks for a planned Hong Kong initial public offering of holiday resort operator Club Med SAS , according to people familiar with the matter. BNP Paribas SA , HSBC Holdings Plc and JPMorgan Chase & Co. are working on the IPO, which could raise at least $500 million, the people said, asking not to be identified discussing private information. Deliberations are ongoing and details such as the size of the share sale might change, while more banks may also be added to work on the deal, they said. Fosun didn’t respond to requests for comment. Representatives for BNP, HSBC and JPMorgan declined to comment. Fosun, backed by billionaire Guo Guangchang , owns Club Med through Fosun Tourism Group . The chain is known for its all-inclusive packages that include food and drinks and many leisure activities. Founded in Mallorca in 1950, Club Med operates about 70 resorts globally covering sun and ski destinations. Fosun acquired what was then Club Méditerranée in 2015, leading a consortium in a deal valued at €939 million ($1.1 billion) and beating out Italian investor Andrea Bonomi in a bidding war that lasted more than a year. Fosun Tourism was listed in Hong Kong in 2018 but took itself private at the start of 2025 as a slowing Chinese economy impacted tourism. Bloomberg News reported in March that Club Med was looking at Hong Kong for a potential IPO. The resort operator’s Chief Executive Officer Stéphane Maquaire also said in an interview with Le Figaro that month that an IPO might happen at the end of this year or in 2027, potentially in Hong Kong or Amsterdam. Read More: Fosun Resort Chain Club Med Is Said to Consider Hong Kong IPO Hong Kong’s IPO market is having a buoyant year, with more than $20 billion raised through first-time share sales so far, compared with about $3.2 billion over the same stretch in 2025, data compiled by Bloomberg show.
PM Images/DigitalVision via Getty Images Market review Artificial intelligence (AI) disruption and the conflict with Iran dominated financial markets in 1Q26. The Russell 1000 Growth® Index fell nearly 10% amid these dual threats, making it the weakest-performing major equity category. AI disruption particularly impacted large-cap growth stocks, which include many software and business service com...
PM Images/DigitalVision via Getty Images Market review Artificial intelligence (AI) disruption and the conflict with Iran dominated financial markets in 1Q26. The Russell 1000 Growth® Index fell nearly 10% amid these dual threats, making it the weakest-performing major equity category. AI disruption particularly impacted large-cap growth stocks, which include many software and business service companies now considered vulnerable to disruption. With each new release of Anthropic's Claude, markets increasingly viewed AI as a threat to software and data-driven business services industries. Many of these companies have historically been quality businesses within the large-cap growth space. The war in Iran presented different market challenges. Surging oil and commodity prices reignited inflation concerns and potential recession fears. The economy had been positioned to potentially return to growth in areas experiencing multiyear contractions, primarily across industrial and health care sectors. While economic growth in these areas had been weak, it was offset by strength from AI infrastructure buildout. The cyclical upswing in the industrial economy represented a welcome shift toward broader market participation and diversified investment returns. However, the Iran conflict derailed this momentum, at least temporarily. Most sectors posted negative returns for the quarter, with energy stocks as the notable exception, generating strong positive returns. Consumer staples also finished positive. The weakest performers were the financials, technology, and consumer discretionary sectors. Source: Bloomberg, unless otherwise indicated. Within the Fund For 1Q26, Nomura Large Cap Growth Fund delivered negative absolute returns and underperformed its benchmark, the Russell 1000® Growth Index. The Fund's relative performance was largely driven by the AI disruption narrative, in which exposure to software and business services created headwinds. While this strategy has historically ...
Hong Kong actors Nick Cheung and William Chan have become the latest high-end homeowners to sell their units amid a strengthening recovery in the city’s luxury property market. Transactions in the segment more than doubled in the first quarter of the year, compared with the same period in 2025, according to consultancy CBRE. Cheung sold his flat at Grenville House in Mid-Levels for HK$132 million ...
Hong Kong actors Nick Cheung and William Chan have become the latest high-end homeowners to sell their units amid a strengthening recovery in the city’s luxury property market. Transactions in the segment more than doubled in the first quarter of the year, compared with the same period in 2025, according to consultancy CBRE. Cheung sold his flat at Grenville House in Mid-Levels for HK$132 million (US$16.86 million) to buyers identified as Lee Yuen Ann Geoffery and Xu Ranying, Land Registry...
mohd izzuan/iStock via Getty Images The AI markets have been heavily skewed in terms of returns over the past few months. There has been visible rotation into AI infrastructure, while big tech and software have either broadly consolidated or even corrected sharply, respectively. Even within the AI infrastructure play, there have been visibly concentrated areas of investor interest and earnings exp...
mohd izzuan/iStock via Getty Images The AI markets have been heavily skewed in terms of returns over the past few months. There has been visible rotation into AI infrastructure, while big tech and software have either broadly consolidated or even corrected sharply, respectively. Even within the AI infrastructure play, there have been visibly concentrated areas of investor interest and earnings explosion expectations. One of them is memory, where I have recently written about Sandisk versus Micron and where to park funds now (given risks of overheating, unhedged new positions become difficult at this point). Another niche is optical interconnect - here too I have leaned toward a relative hedged play between two stocks (Applied Optoelectronics and Lumentum) that have overheated recently (especially in the rebound from the March lows). In both the cases I mentioned, there has been decent traction already, and the bridge to expected earnings is only execution. The risks there are cyclical peak timing and multiple compression risks before the peak. The third leg of the AI infrastructure rally is not the same. This third leg has also heated up considerably over the past month or so. Advanced Micro Devices ( AMD ) and Intel ( INTC ) both have rallied by around 75% in this period. The theme here is CPU demand revival in the AI buildout phase, especially inference and agentic AI. Data by YCharts Interestingly enough, this CPU revival narrative took effect just days after I had called for caution around fresh positions in AMD in April. After months of a bullish stance around AMD (and reaping some upside from it as well), I have nothing but deep regret around timing (have not seen worse in terms of an immediate rally following a downgrade) the caution exactly when the " AI second wave " thesis was about to really take off meaningfully. My caution in April did not stem from the business' growth potential but from a market environment that was increasingly skeptical about underw...
mohd izzuan/iStock via Getty Images The AI markets have been heavily skewed in terms of returns over the past few months. There has been visible rotation into AI infrastructure, while big tech and software have either broadly consolidated or even corrected sharply, respectively. Even within the AI infrastructure play, there have been visibly concentrated areas of investor interest and earnings exp...
mohd izzuan/iStock via Getty Images The AI markets have been heavily skewed in terms of returns over the past few months. There has been visible rotation into AI infrastructure, while big tech and software have either broadly consolidated or even corrected sharply, respectively. Even within the AI infrastructure play, there have been visibly concentrated areas of investor interest and earnings explosion expectations. One of them is memory, where I have recently written about Sandisk versus Micron and where to park funds now (given risks of overheating, unhedged new positions become difficult at this point). Another niche is optical interconnect - here too I have leaned toward a relative hedged play between two stocks (Applied Optoelectronics and Lumentum) that have overheated recently (especially in the rebound from the March lows). In both the cases I mentioned, there has been decent traction already, and the bridge to expected earnings is only execution. The risks there are cyclical peak timing and multiple compression risks before the peak. The third leg of the AI infrastructure rally is not the same. This third leg has also heated up considerably over the past month or so. Advanced Micro Devices ( AMD ) and Intel ( INTC ) both have rallied by around 75% in this period. The theme here is CPU demand revival in the AI buildout phase, especially inference and agentic AI. Data by YCharts Interestingly enough, this CPU revival narrative took effect just days after I had called for caution around fresh positions in AMD in April. After months of a bullish stance around AMD (and reaping some upside from it as well), I have nothing but deep regret around timing (have not seen worse in terms of an immediate rally following a downgrade) the caution exactly when the " AI second wave " thesis was about to really take off meaningfully. My caution in April did not stem from the business' growth potential but from a market environment that was increasingly skeptical about underw...