美国4月季调后非农就业人口增长11.5万人，如期大幅回落，但高于增长6.2万人的市场预期。

Luis Alvarez/DigitalVision via Getty Images I've been bullish on Snap Inc. ( SNAP ) in the past, as I did not believe the stock was going to stay down for long . Now, while I still remain constructive on Snap's future longer-term and still own some shares, I am more skeptical, and I am not as bullish as I once was on this struggling social media company. While there are some positive green shoots at Snap, like improving efficiency and profitability prospects, the primary issue I have with the company is that it's experiencing user declines in its most significant and profitable markets like the U.S., and Europe. Why The Market Is Not Impressed With Snap The company reported earnings recently , which appeared fine on the surface. Q1 GAAP EPS of -$0.05 beat by $0.02, and revenue was in line, up 12.5% YoY. However, despite its total daily users, or "DAUs," increasing by roughly 5% YoY, the company witnessed a very considerable 7% YoY decline in its most profitable and important North American segment. Snap's User "Growth" User growth (Seeking Alpha ) Moreover, this is now the 10th quarter in a row that Snap has either seen flat or declining growth in its most crucial U.S./North American market. Europe's DAUs also slipped by about 2% YoY, not an insignificant margin. The "rest of the world" was up 12 YoY in DAUs. However, the problem is that the rest of the world outside of North America and Europe provides very little revenues and profitability potential for Snap. ARPU By Region ARPU by region (Seeking Alpha ) We see that North America is by far Snap's most profitable region, its bread and butter, so to say. Now the ARPU came in at $9.23 for Q1, almost tripling Europe's ARPU of $3.34, and squashing the rest of the world's $1.20. I also want to highlight that ARPU in the U.S. dropped by 15% QoQ, which is quite significant, and is a more severe decline than I had expected. What's Going On With Snap? I recently heard that "young people" are using Snap less and less in the...

Getty Images Target Corporation - Cheaper Than Walmart But There Are Reasons Target Corporation ( TGT ) shares have been on a strong run since I last covered the stock almost 9 months ago, reiterating a Buy rating. In that article, I noted how Target was valued significantly lower than Walmart ( WMT ) on a P/E basis despite better margins, dividend growth, and return on equity. In fact, the difference in valuation had only increased since I first covered the stock in 2019. Since August, Target shares have returned over 35% but Walmart is up nearly as much, meaning the valuation gap remains. Seeking Alpha Walmart is still trading at 3 times the P/E of Target. When we look at how the sales, margins, and dividends of the two retailers have progressed over the past 6 years, the existence of a valuation gap becomes easier to understand. The market clearly favors steady growth with continuous operational improvement. Walmart has delivered this and Target has not. Author Spreadsheet Perhaps surprisingly, both companies have delivered similar sales growth over the last 6 years, and both growth rates were higher than CPI inflation. The difference is that Target's growth came quickly between the second half of 2020 and the end of 2022 and has stagnated since then. Walmart has been a steady grower. Seeking Alpha When it comes to margins, we see that Target still has better operating and net income margins than Walmart, but at Target they have fallen over the last 6 years and at Walmart they have increased. The gap is now much narrower. On dividends, Target has been both a higher yielder and a faster grower, but the payout ratios of the two companies, which were similar in 2019, now favor Walmart. If the stores need capital investment, Target now has less cash left over for dividend growth or buybacks. While the relative valuation between the two retailers might still be excessive, it is clear that for Target to improve its own valuation, it needs to restore sales growth and ge...

格隆汇5月8日｜美国4月非农就业人口11.5万人，预期6.2万人，前值由17.8万人修正为18.5万人。

美国4月制造业就业人口变动 -0.2万人，预期 0.3万人，前值 1.5万人。

美国4月私营部门就业人口变动 12.3万人，预期 7.5万人，前值 18.6万人。

Joe Hendrickson/iStock Editorial via Getty Images Just like in the movie Draft Day we are living in a completely different world than we were 6 months ago. SoFi Technologies ( SOFI ) was delivering triple beats and broke out above $30 heading into the end of 2025. SOFI was being upgraded by large financial institutions such as JPMorgan Chase ( JPM ) as they took SOFI to an overweight rating with a $31 price target. SOFI delivered an incredible Q4 2025 report as revenue increased by 37.03% YoY to close out the year while guiding for 30% YoY growth in revenue and 52% in Adjusted EBITDA in the 2026 fiscal year. The macroeconomic environment was finally cooperating and it felt like for the first time in several years everything was going SOFI’s way. Then the conflict with Iran happened, oil soared above $100, inflation started running hot and the talks about whether we would get 2-3 rate cuts changed to whether we would get any rate cuts. Then SOFI delivered their Q1 2026 earnings which weren’t well received. Shares of SOFI tried rallying into earnings and then sold off after the print. Instead of the triple beat we were used to getting from Anthony Noto (SOFI CEO) we got a phenomenal growth rate of 41.07% on revenue with a $37.95 million beat then EPS that was in line with expectations and guidance that remained the same. It didn’t matter how good the underlying fundamentals were, SOFI didn’t live up to the expectations they set the foundation for. I believe this was an incredible quarter from the business fundamentals and there is still a large opportunity in shares of SOFI but the market isn’t agreeing. Either the market is seeing something I'm not, or the market is reacting to a narrative shift that doesn't actually break the underlying thesis. I believe the market is overreacting and I am still very bullish on SOFI’s future even if the narrative around the tech platform is losing steam. Seeking Alpha Following up on my previous article about SOFI At the beginning o...

美国4月平均每小时工资同比 3.6%，预期 3.8%，前值 3.5%。

格隆汇5月8日｜美国4月失业率4.3%，预期4.3%，前值4.3%。

美国4月平均每周工时 34.3小时，预期 34.2小时，前值 34.2小时。

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Secretary for Constitutional and Mainland Affairs Janice Tse Siu-wa has emerged as the biggest landlord among Hong Kong ministers after declaring that she has 25 properties in her name in the city, mainland China and the UK. The 61-year-old constitutional affairs chief also revealed that she or her family held shareholdings of more than 1 per cent in eight private companies, including two food-ingredient firms, more than any other principal official has declared. Tse’s portfolio comprises 23...

5月6日杨洋新剧《雨霖铃》的看片会上，谈及打戏， 制片人侯鸿亮说：“在今天这个AI时代，恐怕也是最后一次这样手搓了。” 正午阳光的第一部武侠剧，说出了最后一部的气魄，“手搓武侠”果然成为《雨霖铃》传播最广的标签。 经过整个4月影视行业对AI的激情鼓吹,大众的逆反情绪也确实该走到了反向造神环节。5月伊始，“手搓红利”显现。不管是民间自制的手搓爆款《吉时已到》《Enemy》，还是剧集大厂的手搓武侠，要不是“真人实拍将成非遗”令举座皆惊，大家哪能这般身价倍增。 也合该长视频撞上枪口。群众正为AI替代焦虑呢，你AI搁那又唱又跳、演戏媚粉的。但新闻热搜里说得热闹，你真打开长视频吧，又觉得世界也没变啊。还是老戏骨搭年轻流量，还是悬疑、古偶外加几对中年人乱搞对象。 抛开那些产业噱头，长视频平台究竟在用AI做什么、试图用AI改变什么，还是要从实处去看。对于长视频来说也是如此，技术的未来固然浪漫恢宏，但问题终究不在于用户需要怎样的AI，而是需要怎样的长视频。 降本增效与去中心化 短视频拥抱AI是非常直观的，AI漫剧、仿真人剧直接霸屏。长视频引入AI则是多方面的，早在各家老大开口大谈AI长片、AI演员之前，AI已经随风潜入夜。 降本增效是长视频引入AI最现实的理由。不过在争议声中，很多人可能忽视了一点，那就是通过AI降本增效，并不只有用AI剧取代真人剧一种方式，还有用AI辅助真人影视剧综的拍摄制作，乃至整个项目管理。 传统影视拍摄周期长、剧组规模大，管理水平参差不齐，很多时候会造成不必要的成本损耗。互联网平台深入内容上游后，一直试图对此开刀。像虚拟拍摄，就是前AI时代各家已经在卷的东西。AI到来，首先起到一个助推的作用。 一个典型例子是优酷引以为傲的豹款影视制作车。其重点并不在于AI，而在于结合AI能力调用多项前沿技术，提升影视制作的效率与灵活性。 被许多人视为手搓细糠的《反人类暴行》，其实没少用到这种意义上的AI支持。 但另一方面，这一过程也意味着AI会逐步接管一些被判定为并非创作核心的环节。包括但不限于片头片尾、广告与宣发素材的制作，创意阶段的资料收集、概念设计，以及一部分传统后期，如古装剧的场景空镜、综艺的短片动画、网络电影的特效。实拍不会消失，但会慢慢被AI包围，听起来确实挺“非遗”的。 IP是为数不多没有随着AI到来而贬值的概念。盘活老IP，孵化新IP，是长视频为AI找到的另...

The clock is ticking: the European Union has about two years to decide if it is willing to make the sacrifices and take the risks necessary to become the economic and political power it envisions itself to be. The EU’s proposed Industrial Accelerator and Cyber Security acts are up for negotiation within the bloc’s policymaking bodies. In around two years’ time, we will know their final form. Beijing has two years to influence this: that work has already started with carrots – proposals for a...

美国4月平均每小时工资环比 0.2%，预期 0.3%，前值 0.2%。

Republic Services ( RSG ) declares $0.625/share quarterly dividend , in line with previous. Forward yield 1.24% Payable July 15; for shareholders of record July 2; ex-div July 2. See RSG Dividend Scorecard, Yield Chart, & Dividend Growth. More on Republic Services Republic Services, Inc. (RSG) Q1 2026 Earnings Call Transcript Republic Services: Mr. Market Is Underestimating This One Republic Services: Quality Intact, But Risk-Reward Now Balanced Republic Services targets at least $100M in annual digital benefits by 2028 while expecting to exceed $1B in 2026 acquisitions Republic Services Non-GAAP EPS of $1.70 beats by $0.06, revenue of $4.11B beats by $10M

美国4月失业率 4.3%，预期 4.3%，前值 4.3%。

美国4月劳动力参与率 61.8%，预期 61.9%，前值 61.9%。

A sign with an image of U.S. President Donald Trump that reads "Trump Gold Card" is displayed in the Oval Office at the White House in Washington, D.C., U.S., Sept. 19, 2025. Ken Cedeno | Reuters When President Donald Trump launched the "Gold Card" visa program last December, the official website promised U.S. residency in "record time." A new court filing, however, suggests that applicants who pay $1 million for a Gold Card won't get faster visas. The Gold Card , touted as a new kind of investment visa that would raise revenue and attract tens of thousands of overseas millionaires and billionaires to the U.S., has been dogged by delays and legal questions. In December, Commerce Secretary Howard Lutnick predicted that the government would issue 80,000 Gold Cards and raise more than $100 billion in revenue. Yet the Department of Homeland Security revealed in a legal filing last week that only 338 people have so far submitted requests for a Gold Card. Only 165 people have paid the $15,000 visa processing fee. The court filing also contradicted the government's previous statements on processing time. A key selling point for the Gold Card is rapid approval. The website promised visas in "record time" and "a matter of weeks." The court filing said Gold Card applicants will not get special treatment or more rapid approval times than applicants for traditional visas. "Gold Card applicants will not necessarily have their petitions adjudicated faster than any non-Gold-Card applicant," DHS said in the filing. Craig Becker, managing counsel for the Affirmative Litigation Democracy Defenders Fund, who is litigating a lawsuit against the Gold Card's legality, said the contradiction stems from the program's precarious legal standing. To attract interest, the White House had to promise a fast-track process. Yet to oppose the lawsuit, which claims the Gold Card displaces applicants for the government's existing EB-1 and EB-2 programs, DHS contended that Gold Card applicants don't g...

Why investing for the long run, especially if you buy certain popular stocks, could reap huge rewards.

DALLAS, May 08, 2026 (GLOBE NEWSWIRE) -- CG Oncology, Inc. (NASDAQ: CGON) today reported financial results for the first quarter ended March 31, 2026, and provided business updates.

Company Highlights:

intek1/iStock via Getty Images Co-authored with Luuk Wierenga It's Spring, a time of year that always makes me think of my late mother with a smile. When Spring arrived, she would put on her hat and gloves and turn into a 5'3 gardening machine. She turns the brown deadness of winter into rows of tomatoes, carrots, peppers, flowers, and herbs—bringing something bright, colorful, and full of life from the brown dirt. It's a beautiful cycle to watch life and color brought from out of its winter hibernation. Like the world, the economy often has cycles as well. Sectors thrive, fall, go into hibernation, and then rise again. That is, in fact, the very basis of capitalist economic theory. A thriving sector will attract capital so that supply catches up with demand, and then when supply exceeds demand or demand declines, there will be a downcycle, a winter. Then, as demand starts to rise again, the sector will thaw out, and there will be another upcycle, encouraging capital to move back in and increase supply. Real estate in general has been in a downcycle. High interest rates have put downward pressure on real estate activity since it is a sector where using debt to fund transactions is extremely common. Now it is starting to thaw out. It isn't thriving yet, but there are green shoots starting to appear, bearing the promise of the future. Today, we're going to look at opportunities that have been hit particularly hard but have a path to thrive going forward. Let's dive in! Pick #1: BDN – Yield 10.5% Brandywine Realty Trust ( BDN ) is a REIT that owns class-A office properties in high-demand urban and transit-oriented locations. For quite some time now, Brandywine has been shifting toward mixed-use and life science developments to further diversify and strengthen its portfolio. What's most interesting about this relatively small REIT is the fact that it's trading at around a $500 million market cap while offering a 10.5% dividend yield. As of Q1 2025, 79% of NOI (Net Opera...

Visual search platform Pinterest (NYSE: PINS) saw a nice jump in its shares after its first-quarter 2026 earnings report, in which it exceeded expectations and pointed to what should be a stronger-than-expected outlook for the second quarter. That's welcome news for anyone who's been holding on to the stock over the last five years, as it's down more than 60%. But while one quarter can offer momentum, it's not a sure sign of a true turnaround. Image source: Getty Images. Continue reading

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一句半是戏谑、半是焦灼的问候，正在药代微信群里悄然蔓延——“你们群，有药代被抓了吗？” 这句直白的问句，藏着整个医药流通领域的震动与惶惑。 5月1日正式落地的医药行贿受贿新规，大幅降低了行业灰色操作的入刑门槛，早已为行业埋下紧绷的氛围。 紧接着，5月7日，国家药监局联合公安部、国家卫健委等七部门印发《医药代表管理办法》，将于8月1日正式施行，替代2020年起施行的试行版本。 《医药代表管理办法》的出台，意味着医药代表管理从此前的“备案制”，全面升级为“管理制”。这也标志着一场覆盖行业全链条的合规风暴正愈演愈烈。 从长远来看，行业合规升级将净化市场生态，推动行业向更高质量发展。当然，对于部分企业来说，阵痛可能无可避免，甚至也包括一些本身合规的药企。 净化行业秩序 变革从来不是偶然。 作为连接药企与医疗机构的核心纽带，医药代表的本职，本应是传递药品临床信息、反馈临床用药需求、助力临床合理用药。 但现实中，医药代表的KPI与销售业绩深度绑定。在这套逻辑之下，行业逐渐滋生、演变为“带金销售”的畸形生态。 有人背着塞满回扣的公文包，在医院走廊与医生私下接洽；有人通过宴请、礼品、消费卡撬动处方权限；还有人依托空壳CSO公司虚开发票，将各类灰色支出包装成“学术推广费”，由此形成一条“开药返点、科室分成、费用套现”的完整利益链条。 正如《医药代表管理办法》政策解读中，监管部门在阐述修订背景和目的时所言：“少数医药代表超越学术交流本职，违规从事药品推销，甚至参与商业行贿，严重扰乱公平竞争的市场秩序，阻碍医药产业健康发展，助长了行业不正之风与不良风气。” 医药代表的职业身份，在“学术沟通桥梁”与“利益输送掮客”之间彻底撕裂，而这种身份割裂，也正是医药行业积弊沉疴的缩影。 在医药反腐的大背景下，行业秩序的全面净化在所难免。 全方位重拳出击 七部门《医药代表管理办法》的出台，并非简单的规则修补，而是全方位的重拳出击。 首先，抬高医药代表准入门槛，并划定清晰的“红线清单”。 《医药代表管理办法》明确要求，医药代表需具备医学、药学或相关专业大专及以上学历，且掌握药物临床理论知识。其核心用意，在于淘汰大量低资质、仅擅长“搞关系”的从业者。 更关键的是，《医药代表管理办法》以清晰的“红线清单”，封堵灰色操作空间。 不同于以往模糊的约束条款，《医药代表管理办法》明确划定医药代表9类禁止性行为：从未经...

前CTO 当庭翻脸，OpenAI权斗彻底打到台前！ 她当庭指控，曾在模型安全审批上误导她，还长期制造高管间的「混乱与不信任」。 这是自家人的翻脸。 Murati曾是OpenAI的技术核心。 GPT-4的发布，ChatGPT的爆红，她站在最关键的位置。 2024年她突然离职，外界猜测纷纷，Murati始终沉默，直到这次庭审。 奥特曼通往AGI的路，铺满了精致的谎言 法庭上的Murati，彻底打破沉默。 她的证词直指一个极其敏感的问题——OpenAI在推进新模型时，内部安全审批流程到底是怎么运作的？ Murati描述了奥特曼的管理手法：关键信息选择性披露，不同高管收到不同版本的事实，安全审批的节点被模糊化处理。 结果是，没有人能拼出完整的画面。每个人都在信息碎片里做判断。 而最终判断权，永远回到奥特曼手里。 这是精心设计。 在马斯克起诉奥特曼的庭审中，法庭播放了Murati的视频取证录像。她证实了上面这个故事的真实性。 事情的起因是这样的：当时OpenAI准备发布一个新模型。 奥特曼告诉Murati，OpenAI的法务部门（当时由Jason Kwon负责）说不需要让OpenAI的安全委员会审查这个模型。 取证时律师问她： 据你所知，奥特曼先生这么跟你说的时候，是在说真话吗？ Murati回答： 「不是。」 据报道，她随后解释说：「我后来确认过，Jason说的话和奥特曼说的话 根本不是一回事 。」 她把这种情况称为奥特曼和Kwon之间「对齐错误」（misalignment））。（Kwon现在已是OpenAI的首席战略官了。） 在高管团队中，奥特曼长期制造「混乱与不信任」——这是Murati在法庭上的原话。 从她嘴里说出这几个字的分量，比任何外部指控都重一万倍。 Tasha McCauley是当年那个罢免奥特曼的OpenAI董事会成员之一。 她 提交的庭外证词，与此前OpenAI前董事会成员Helen Toner的证词形成呼应。 两人都谈到了她们对奥特曼的不信任，以及他一手缔造的那种「有毒文化」。 Tasha McCauley表示，奥特曼制造了「混乱」和「危机」，内部「撒谎成风、欺骗成性」，而这种风气还逐渐渗透到了OpenAI其他领导层成员身上。 这位前董事会成员表示，奥特曼的不诚实行为每隔几个月就会引发一次「危机事件」。 她说，自己曾收到时任OpenAI董事会成员伊利亚·...

AlphaEvolve转眼已经发布一年。 就在刚刚，谷歌低调地放出了一份炸裂的年度成绩单。 好家伙，AlphaEvolve这一年间居然干了这么多事—— 帮陶哲轩解数学难题，给量子芯片重新画电路，优化电网调度，加速药物筛选，甚至直接改了下一代TPU的硅片设计。 这些都在说明： AlphaEvolve已经不是实验室里的玩具了。 这个由Gemini驱动的进化式编程智能体，用一年时间从论文里的概念验证，变成了谷歌核心基础设施的一部分。 正如有网友评论到的：这种递归自我改进真是太疯狂了！ 和人类最顶尖的大脑，并肩作战 先从最让人瞪大眼睛的部分说起。 在基因组学领域，AlphaEvolve优化了谷歌的DeepConsensus模型，直接把DNA测序的变异检测错误率砍掉了30%。 PacBio的高级总监Aaron Wenger评价说，这意味着研究人员有可能发现此前隐藏的致病突变——也就是说，AI优化的算法，可能会帮人类找到新的救命线索。 在量子计算领域，AlphaEvolve给谷歌的Willow量子处理器设计了新的量子电路方案，错误率比传统优化方法低了整整10倍。 注意，不是10%，是10倍。这直接让一批此前跑不了的分子模拟实验变成了现实。 但真正让圈内人坐不住的，是数学。 AlphaEvolve和陶哲轩（Terence Tao）合作，攻克了Erdős提出的经典数学难题。 陶哲轩是谁不用多说——菲尔兹奖得主、UCLA数学教授、被公认为当世最聪明的数学家之一。 他的评价是这样的：AlphaEvolve这类工具正在给数学家提供 「非常有用的新能力」 ，尤其是在优化问题上，它可以快速测试潜在的不等式是否存在反例、验证极值猜想， 「极大地改善了我们对问题的直觉，也让我们更容易找到严格证明」。 一个 AI系统，让一位数学史上排名前十的头脑由衷地说出「非常有用」——这本身就是一个历史性的信号。 除此之外，AlphaEvolve还刷新了旅行商问题（TSP）的已知最优解，改进了Ramsey数的下界纪录。 这些都是组合数学里的经典老难题，几代数学家啃了几十年，而一个AI编程智能体，用进化搜索的方式，找到了人类直觉从未抵达过的解。 工程战线：AI开始优化自己的「身体」 如果说科研突破还可以归为「聪明的工具」，AlphaEvolve在谷歌内部基础设施上干的事情，就已经不是「工具」两个字能概括的了。 最...