今天要聊的这款新品，争议是真的大。 最近各行业、各品牌几乎都在赶 618 购物节点出新品，正加速扩张的宠物行业也不例外。 一个于今年 1 月份成立的新公司，前几天刚在电商平台上线预售了一款 799 元的 Pettichat 宠语翻译器。 这款新品比较有看点的是，其公开预售短时间内就速登平台 “ 社交娱乐智能配饰热卖榜第 1 名 ” 。 热度攀升的同时，也引发了网友热议。只不过，大多网友言辞激烈： “ 相信这玩意儿，不是自己骗自己吗？ ” “ 准不准还不是他说了算，难不成猫会说它翻译错了吗？ ” “ 智商税无疑。 ” “ 他这是和死无对证一个道理，没有什么可以验证他的准确性，只能他说啥就是啥了！ ” “ 天天和你家猫在一起，它为啥叫你都不知道还要找翻译，你不该养宠物...... ” 正因为质疑其 “ 智商税 ” 的声音很多，很快，这款新品的相关负责人又公开回应： “ 任何新生事物都会有疑问、有争论，这很正常，只有自己体验过，才会知道这个产品并不是智商税...... ” 无论公众是否愿意为其买单，商家还是很坚定的否认了有关 “ 智商税 ” 的质疑。 就事论事，咱来看看为啥这款新品这么受关注。 首先我们可以肯定的是，宠物类科技新品，不是今年才发展起来的，早前些年都有类似的 “ 宠物翻译品类 ” 。 诶，那为啥之前的产品没被这么多网友调侃呢？ 来，看看上面这个别家的产品案例，某品牌推出的一款 500 元左右的宠物 AI 智能项圈。 根据品牌方的宣传页面可见，这款产品中的 “ 宠物翻译 ” 功能，被排在了最后面。 这就给用户的直观反馈是，商家弱化了其在该产品介绍中的核心卖点位。 对应的，3D 仿身动态同步、健康异常预警、精准定位、轨迹回放等卖点更为突出。 有没有感觉合理多了？ 要是看不出来，那咱再对比看看新发布的这款 Pettichat 宠语翻译。 价格更贵就先不多说，看看具体的配置。 品牌方在产品页面重点突出的是： “ 自研猫狗语言模型 ” ； “ 全球首款猫狗语言翻译终端，双向实时翻译，猫狗通用 ” ； “ 实时翻译，语言转化准确率高达 94.6%，1.2 秒极速响应实时转化 ” ； 什么自研、准确率这些用词，咱应该见得够多了，只能说懂得都懂吧。 看下来很直观，主打一个 “ 宠语翻译 ” 突出卖点。 结合其他方面的配置： 机身小巧精致，27g 佩戴轻盈舒适；真空镀膜工艺，...

Meta将在全球范围内裁减约8000个岗位，并鼓励员工居家办公 Meta公司标志。图：Julien De Rosa/视觉中国

格隆汇5月20日｜南下资金净买入港股超50亿港元。

5月20日， 人工智能 (AI)对经济究竟有多少贡献？曾成功预测三次市场泡沫的传奇投资人Jeremy Grantham最新表示，如果不是因为人工智能带来大举投资，他认为美国经济很可能在2023年就陷入了衰退，而且股市也会暴跌。他在最新一档播客节目中表示： “我原本估计2023年，我们将陷入经济衰退，市场将再下跌 25%。而人工智能阻止了这种情况的发生。”“我们正处于未知领域，”他补充道，指的是美国经济对AI支出占GDP比例的“前所未有”的依赖。 人工智能的蓬勃发展推动了科技巨头们的大规模投资狂潮。据各公司声明，亚马逊、谷歌、Meta和微软今年共计拨出7250亿美元的资本支出，其中大部分将用于人工智能的建设。这一数额约占2025年美国GDP的2%。Grantham推测，如果不是人工智能，2023年的美国GDP增长率可能接近0%。人工智能领域的支出也对美股起到了重要的支撑作用。正是“七大科技巨头”(即人工智能交易的核心)在很大程度上推动标普500指数从2022年末到2023年走出了熊市。 而对于市场担心已久的泡沫问题，Grantham表示，实际上早在人工智能热潮兴起时，股市已经处于部分泡沫之中。他指的是2022年科技板块的大幅上涨以及人们对模因股的狂热追捧。“我们现在看到的是一个由泄了一半气、然后又复苏的泡沫再形成的泡沫。”

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Broadcom renewed a five year technology partnership with the London Stock Exchange Group, with LSEG selecting VMware Cloud Foundation for its private cloud and market infrastructure. Under the agreement, Broadcom will also provide professional services to support secure AI and cloud workloads for LSEG. Separately, Broadcom highlighted continued momentum in its custom AI chip business, with an internal revenue target of $100b by 2027. For investors tracking NasdaqGS:AVGO, this news adds fresh detail on how the business is positioning around enterprise infrastructure and AI. The stock recently traded at $411.07, with a very large 3 year return and 5 year return, and a 1 year return of 78.9%. Year to date, the share price is up 18.3%, even though it declined 2.0% over the past week. The renewed LSEG partnership and focus on custom AI chips provide additional reference points when considering Broadcom’s role in data center and financial market workloads. These updates relate to specific customer commitments and internal business targets, rather than analyst commentary, which can help you judge how the company’s mix of software and semiconductor exposure is evolving. Stay updated on the most important news stories for Broadcom by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Broadcom. NasdaqGS:AVGO Earnings & Revenue Growth as at May 2026 📰 Beyond the headline: 2 risks and 2 things going right for Broadcom that every investor should see. The renewed five year VMware Cloud Foundation agreement with LSEG underlines how Broadcom is trying to tie its software and semiconductor businesses directly to mission critical workloads. LSEG is a highly regulated financial markets operator, so its decision to keep building on VMware Cloud Foundation for private cloud infrastructure s...

The sailors aboard the navy vessel Hashidate know what’s for lunch long before the telltale aromas escape from the galley. Yosuke Oyama, the ship’s chef, has been up since dawn, softening onions and occasionally stirring a pot of chicken stock that has been simmering for several hours. He slices carrots and potatoes, places strips of beef on a tray and performs a quick inventory of the other ingredients – among them a selection of spices, apple puree, ginger and garlic and, for extra umami, a red wine and honey reduction. After a chorus of “Itadakimasu” – bon appétit – the mess deck is silent except for the appreciative noises made by the ravenous men and women of Japan’s maritime self-defence forces (SDF). Justin's Navy curry 1 “The crew love hamburgers, steak, sushi and ramen … they eat a lot like children,” jokes Oyama, a navy chef for three decades who is more accustomed to cooking for up to 500 sailors at a time. “And curry is always a winner.” With each spoonful, they are upholding a tradition of eating curry for lunch every Friday – once a way to track the passage of time on long voyages – and keeping rival SDF vessels around Japan on their culinary toes as they continue their search for the perfect curry recipe. Despite its south Asian origins, it’s no exaggeration to describe curry as Japan’s de facto national dish: a soupy, mild version beloved of schoolchildren and office workers, and generations of SDF personnel for whom kaigun kare – or navy curry – is a source of fierce pride as well as sustenance. The 10 crew members aboard Hashidate, a special services vessel used to host international VIPs that lies at anchor in Yokosuka, a naval base south of Tokyo, are among thousands of sailors eating their ship’s version of the same dish. Chef Oyama says variety is the key to keeping his diners interested in their Friday curry week in, week out. “We mix things up, like making keema or seafood curry, or keeping the leftover sauce and serving it with udon noodles ...

格隆汇5月20日｜Melius Research将美光科技的目标价从700美元上调至1100美元，维持“买入”评级。(格隆汇)

市场上，卖房人一片哀嚎。2017年之后买房，现在卖房的，鲜有不亏本的案例，网上到处都在比惨。 持有房产的“负资产”效应，让很多有潜在买房需求的人也在犹豫。不过，2026年春天之后，房地产市场走势悬念再生。 根据国家统计局最新发布的数据，2026年3月、4月， 一线城市新房、二手房销售价格出现了连续两个月的双双环比上涨 ——上一次出现新房、存量二手房均保持两个月上涨，还是在2025年初，原因是被“930新政”推动的恐慌性入市。 排除政策直接刺激因素， 市场驱动下的一线城市新房、二手房齐齐上涨保持两个月以上，还要追溯到2023年春天。也就是三年前。 数据来源：国家统计局 由一个个小个体组成的二手房市场，更能看出供需双方的真实反应。 从今年2月开始， 北京二手房价格指数已经连续三个月上涨 ，分别环比上涨了0.3%、0.6%、0.4%；市场交易更加活跃的上海二手房市场，同样是连续三个月环比上涨；广州、深圳则是从3月份开始实现交易价格连续环比上涨。 对二手房成交至关重要的“议价空间”，已经在逐步收窄。其中， 上海二手房的议价空间由10%收窄至3%–5% ，核心区优质房源供给偏紧，业主报价进一步上调（58可安居客线上数据）。 而在此之前，四大一线城市经历了长达9个月的齐刷刷的二手房市场价格下跌。 今年“小阳春”一线城市楼市的持续企稳，是在政策端没有大的刺激前提下，二手房市场成交在底部自然放量，价格出现环比持续缓慢上涨， 这预示着一线城市在今年触底的概率加大 。 一线城市二手房销售价格环比涨跌情况，数据来源：国家统计局 不过，在市场回暖背后，依然有政策的力量。只不过现在的政策方式更倾向于“悄无声息”发力，过往“大喇叭广播”刺激成交量短期快速上升的方式似乎被摒弃了。 被广泛实施的政策主要分为三类： 一是： 以旧换新。 今年以来，各地已有超40条住房“以旧换新”相关政策落地。政府下场介入流通环节，让“卖旧买新”的购房需求能够被及时释放出来，解决“卖旧难、买新贵”的置换堵点； 第二类是： 精准拆迁。 近几个月，北京、上海、广州、天津等地又悄然推出新一轮大规模的拆迁。和过去的“大拆大建”不同，新一轮拆迁针对的是危房、重大工程红线内房屋、无保护价值的集中城中村，通过中央财政补助、地方政府专项债券、社会资本参与等多渠道资金支持，首选房票安置和原拆原建，位置也精准选择城市核心区等购房需求相对旺...

尹志尧希望近期内争取将中微半导体的产值提升至700亿元。 芯东西5月19日报道，5月17日，央视频放出了对“中国刻蚀机之父”、中微半导体设备公司董事长兼总经理 尹志尧 的采访，“中国半导体教父”、中芯国际创始人、兴华芯创始人 张汝京 也参与了这次对话。尹志尧在访谈中透露，中微公司的刻蚀设备已实现100pm（皮米级）加工精度，目前该公司的 800多个反应台 已进入 中国台湾国际先进生产线 ，覆盖 从45nm到3nm的制程节点。 此外，中微公司已成为 台积电先进制程的刻蚀机装备的设备供应商。 尹志尧（图左）张汝京（图右）（图源：央视频） 访谈中，尹志尧称，对于现在的半导体，他们能做到5nm到3nm区间的50-60层堆叠。对于半导体行业的发展，他说道：“ 集成电路是成千上万人的事业，不是靠几个精英就可以搞起来的 。”而关于中微公司领导层的接班人，他称自己也有了一批人选。 在泛半导体领域，该公司从0开始， 两年内完成150吨重的大平板设备开发 ，而按尹志尧做设备的经验，此前预估做成至少需要3-5年甚至7年的时间。 尹志尧 不认为中国的半导体设备离世界水平很远 ，中国现在至少有300多个半导体设备公司。他分享道：“中国的半导体设备工业，有很多已经 达到了 国际先进水平，有 部分产品甚至超过了国际先进水平。 ” 谈及国内厂商选用国产设备一事， 张汝京 直言：“ 试新的设备一定会有风险 ，但最大的问题，是使用者有没有试用的决心。” 他补充道：“如果带头的领导觉得使用国产设备太麻烦，这种心态一出来的话， 他自己犯错很少，但是国家整体的进步就大大的减慢。 ” 他还谈及国内企业常遭遇海外专利诉讼的困境，他称，企业发展越出色，越容易引来无端打压。不过，如今依托庞大的国内市场，国外对于中国企业的干扰空间大幅缩减。 张汝京 说道：“他来告我们专利的时候，最坏的情形，交叉授权也就解决了。” 采访中，尹志尧希望国内的客户能给国内设备制造公司更多的机会。他解释道：“ 国外的设备最初进入生产线时，最初两年都是一塌糊涂 。”这与 国内 设备最初进入生产线时面临问题的情况 一样 。国外设备后续经由台积电、三星等企业实测打磨、优化完善后，才会正式推向中国的市场。 谈到为何回国发展，他称，他给美国产业界做了不少贡献，但毕竟是中国出生，祖上三代都从国外回来报效，所以他也要回国。 2003年他与张汝京在美国见面...

騰訊控股(00700)出現大手賣出1.21萬股，成交價$458.0，涉資554.18萬 AASTOCKS.com

格隆汇5月20日｜在阿里云峰会上，千问模型Qwen3.7-MaX发布，在语言理解与生成、逻辑推理计算、知识储备与常识、指令遵循与对齐等模型基础性能上进行了提升，支持多种Harness框架。

SOXL260522P00161000 互動股市圖表 | SOXL May 2026 161.000 put 股市 Yahoo 財經

Tippapatt/iStock via Getty Images Quarterly review • The fund underperformed the Russell 2000 Value Index during the first quarter. • Stock selection in energy contributed the most to relative performance, however it was offset by our underweight to this best-performing sector. • Stock selection in the information technology (IT), health care, and consumer staples sectors were the largest detractors from relative performance. Market review January and early February saw a broadening of the markets and a continuation of the “low-quality trade reversal” that started in mid-October. However, the U. S. economic and inflation data that was released in mid-February had a significant impact on future interest rate and economic growth expectations. Expectations of further rate cuts quickly reversed and softer labor statistics sparked fears of a period of more challenging economic growth putting pressure on many of our industrials, materials, and consumer/housing-exposed stocks. Most of the major central banks paused their rate-cutting cycles due to the heightened geopolitical and inflation risks. The quick reversal in macroeconomic data also led to significant hedge fund de-risking during this period, when many hedge funds covered their “lower-quality” shorts. Many of the non-profitable IT stocks rallied during the second half of the quarter. The Iran conflict broke out at the end of February, causing global energy prices to spike. Energy producers rallied, and many of the stocks that consume energy performed poorly. The duration of the conflict will be the key determinant on how sustainable higher energy prices are, but past energy shocks have typically followed a similar pattern: energy shock to feedstock spike to margin compression to price hikes to inflation to margin expansion. We look to lean into the stocks that we believe have the pricing power to absorb and pass on rising input costs as we have successfully done in the past. High yield credit spreads have begun to ...

LITE260522C01400000 互動股市圖表 | LITE May 2026 1400.000 call 股市 Yahoo 財經

In recent weeks, Qualcomm has pushed further into AI and data centers, including securing a major hyperscaler customer for future data center processors, while also advancing on-device AI capabilities through products like Snapdragon-powered PCs and continued 5G and IoT development. At the same time, the company faces mixed analyst opinions, insider selling, and smartphone competition pressures, all contributing to sharp swings in sentiment as investors reassess how much its AI and data center ambitions can offset handset-related risks. With Qualcomm’s shares recently retreating amid sector-wide volatility, we’ll examine how its expanding data center AI engagement reshapes the existing investment narrative. AI is about to change healthcare. These 29 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. QUALCOMM Investment Narrative Recap To own Qualcomm, you need to believe its push beyond smartphones into AI, data centers, PCs, automotive and IoT can steadily matter more than handset cycles and Apple exposure. The clearest near term catalyst is successful execution of its new hyperscaler data center CPU engagement, while the biggest risk is that handset and modem revenue pressures, intensified by OEM in house chips and China competition, make recent AI enthusiasm look premature. Recent volatility has not materially changed those core tensions. The most relevant recent announcement is Qualcomm’s new data center AI CPU deal with a leading hyperscaler, with shipments targeted before the end of 2026. This sits squarely against concerns that diversification into data centers and AI is still early and unproven, and that limited disclosure on customer identity and financial impact leaves room for disappointment if expectations around scale, timing or profitability prove too optimistic. Yet investors should also be aware that insider selling and renewed question...

财联社5月20日讯（编辑 马兰） 尽管霍尔木兹海峡迟迟未能开放，但市场对石油价格的态度仍偏向乐观。但一家专注于能源市场的投研公司警告，情况可能即将恶化。 HFI Research表示，预计石油市场将在6月第一周迎来重大转折点，如果霍尔木兹海峡届时仍处于关闭状态，石油市场可能会陷入真正的恐慌。随着石油库存跌至历史低点，世界各国可能会开始恐慌性购买和囤积石油。 该机构还指出，这种情景与大多数预测机构对原油市场走向的预期相反，因为它们对市场即将恢复正常持更加乐观的态度，但这很可能是一种心理偏差。 油价已飙升至三年来的高位，国际基准布伦特原油价格在过去一个月的大部分时间里都稳定在每桶100美元以上，这足以证明本次供应中断的规模之大。 但由于美国和其他国家释放了大量的原油库存，市场并未受到供应中断带来的更大冲击。但HFI在4月下旬预计，美国将在8周内耗尽其石油库存，这意味着到6月底，其投放的石油将耗尽。 库存危机 根据美国能源信息署的最新数据，截至5月8日当周，美国石油及石油产品库存为16亿桶，比4月初的水平减少了6700万桶。 美国石油协会也报告称，截至上周，美国原油库存意外下降910万桶，远超市场预期的340万桶降幅，也明显高于前一周的218.8万桶降幅。如此大幅度的库存下降表明美国炼油需求强劲，同时也反映出全球供应流动性持续收紧。 HFI Research表示，他们认为石油市场已经触及“临界点”，并可能最终陷入恶性循环，即极度的供应短缺引发恐慌性购买和囤积。该公司没有给出具体的价格预测，但在之前的报告中曾预计原油价格有可能突破每桶150美元。 从市场情绪来看，原油市场目前已进入以风险溢价为主导的经典阶段。由于中东局势缺乏明确的缓和信号，市场倾向于维持高位定价以应对供应风险。尤其是在美国能源库存快速下降的背景下，资金正回流能源行业，从而推高了原油市场的持续看涨情绪。 回到中东僵局，北约最新表示，如果霍尔木兹海峡在7月前仍无法恢复正常通行，北约可能会考虑启动协调部署。这意味着美伊以冲突可能会演变成一场更广泛的国际干预，进一步加剧人们对全球能源供应中断的担忧。

In recent weeks, Qualcomm has pushed further into AI and data centers, including securing a major hyperscaler customer for future data center processors, while also advancing on-device AI capabilities through products like Snapdragon-powered PCs and continued 5G and IoT development. At the same time, the company faces mixed analyst opinions, insider selling, and smartphone competition pressures, all contributing to sharp swings in sentiment as investors reassess how much its AI and data center ambitions can offset handset-related risks. With Qualcomm’s shares recently retreating amid sector-wide volatility, we’ll examine how its expanding data center AI engagement reshapes the existing investment narrative. AI is about to change healthcare. These 29 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. QUALCOMM Investment Narrative Recap To own Qualcomm, you need to believe its push beyond smartphones into AI, data centers, PCs, automotive and IoT can steadily matter more than handset cycles and Apple exposure. The clearest near term catalyst is successful execution of its new hyperscaler data center CPU engagement, while the biggest risk is that handset and modem revenue pressures, intensified by OEM in house chips and China competition, make recent AI enthusiasm look premature. Recent volatility has not materially changed those core tensions. The most relevant recent announcement is Qualcomm’s new data center AI CPU deal with a leading hyperscaler, with shipments targeted before the end of 2026. This sits squarely against concerns that diversification into data centers and AI is still early and unproven, and that limited disclosure on customer identity and financial impact leaves room for disappointment if expectations around scale, timing or profitability prove too optimistic. Yet investors should also be aware that insider selling and renewed question...

A former top scorer in Hong Kong’s public examinations has been named the 18th president of Northwestern University, becoming the first Asian American to lead the prestigious institution. Mung Chiang, who moved to Hong Kong from Tianjin at the age of 11 and attended Queen’s College before pursuing higher education at Stanford University in the United States, will take the helm from Michael Schill at the Illinois-based university on July 1. He achieved top scores in the Hong Kong Certificate of Education Examination in 1995, earning 10 straight As, and was named the South China Morning Post’s Student Linguist of the Year the following year. Advertisement “I am honoured and thrilled to be Northwestern’s next president,” Chiang said in a statement on Monday (US time). “Now is the moment to protect and advance the freedom to seek truth, as is stated in our motto and featured in our University seal: ‘Whatsoever things are true’. Now is again the time to take a Northwestern direction and look to our future.” Advertisement The Trump administration froze US$790 million in federal funding for Northwestern last April amid congressional probes into the school’s handling of diversity, equity and inclusion (DEI) policies and Gaza anti-war protests.

格隆汇5月20日｜日本证券业协会周三数据显示，4月海外投资者净卖出813亿日元（约5.12亿美元）超长期日本国债，为2024年12月以来首次净流出。日本央行货币政策正常化后，海外投资者在债市影响力上升。借贷成本走高令政策制定者保持警惕，财务大臣片山五月在考虑补充预算时暗示关注市场状况。巴克莱日本外汇和利率策略主管门田真一郎表示，外资抛售“凸显日本债市脆弱性”。“加上对财政扩张及央行滞后于曲线的担忧，抛售正在推高收益率。”本周，日本基准30年期国债收益率攀升至1999年首发以来最高。与此同时，作为超长期债券的传统投资者，寿险和财险公司上月净买入3272亿日元超长期债券，为去年7月以来首次成为净买家。

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Tencent Holdings (SEHK:700) has joined the Singapore based Action for a Resilient Climate Coalition alongside CATL to support high quality carbon credits. The coalition focuses on trust and scientific rigor in carbon markets, targeting higher credibility in corporate offsetting. Tencent Cloud has announced new collaborations with AI firms Stream and ARKIE AI, expanding its cloud and AI partnerships. These moves highlight Tencent's twin focus on climate finance initiatives and AI driven cloud services. Tencent Holdings, trading at HK$460.0, sits at the intersection of large scale consumer platforms and growing cloud services. The stock is down 9.9% over the past 30 days and down 26.2% year to date, with a decline of 10.0% over the past year, while the 3 year return stands at 41.1%. These new climate and AI partnerships add extra context for investors tracking how SEHK:700 is positioning itself across different business lines. For investors, Tencent's role in a Singapore carbon credit coalition and its partnerships with Stream and ARKIE AI may be useful markers of where management is putting attention and resources. These developments could shape how the company participates in climate related finance and AI infrastructure, so they are worth watching alongside any future commentary from Tencent on capital allocation and business priorities. Stay updated on the most important news stories for Tencent Holdings by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Tencent Holdings. SEHK:700 Earnings & Revenue Growth as at May 2026 4 things going right for Tencent Holdings that this headline doesn't cover. Quick Assessment ✅ Price vs Analyst Target : At HK$460.0, the stock trades about 35% below the HK$709.46 analyst price target. ✅ Simply Wall St Valuation : Simply Wall St estimates the shares trade...

中芯國際(00981)出現大手賣出7.55萬股，成交價$73.75，涉資556.812萬 AASTOCKS.com

騰訊控股(00700)出現大手賣出1.24萬股，成交價$457.0，涉資566.68萬 AASTOCKS.com

格隆汇5月20日｜周三美股盘后，“AI芯片霸主”英伟达将公布2027财年第一季度财报。期权持仓数据显示，交易员们预计，英伟达在公布最新财报后，其市值将出现3550亿美元的波动。这表明市场在依旧看多该AI巨头的同时，也急于保护既有收益。期权市场暗示，在英伟达公布业绩后次日（即周四），其股价可能会出现约6.5%的涨跌波动。这将转化为英伟达约3500亿美元的市值震荡，这一数字超过了标普500指数中约90%单一成分股的市值。 根据美国顶级期权分析服务商Option Research & Technology Services(ORATS)的数据，英伟达此次隐含股价波动幅度高于其2月财报前5.6%的水平，但仍低于7.6%的历史平均水平。这表明，尽管市场长期以来一直担心大规模的人工智能资本支出可能难以持续，但投资者对英伟达财报表现的心态正变得愈发平稳。ORATS的创始人Matt Amberson表示：“我认为投资者对人工智能/资本支出已经变得有些自满了。”

“我们的首款音频眼镜将于今年秋季上市，他们旨在为你提供全天候的Gemini帮助，这种帮助是私下在你耳边进行的，而不是显示在屏幕上。”北京时间5月20日凌晨，谷歌在其举办的GoogleI/O2026年大会上宣布。本届大会上，谷歌全面推动Gemini AI智能体落地，覆盖Chrome浏览器、安卓手机、智能眼镜等全系生态硬件，充分展现Gemini强劲的端侧AI实力，现场还同步演示了两款音频眼镜的实际使用效果。（上海证券报）

格隆汇5月20日｜瑞穗将美光科技的目标价从740美元上调至800美元，维持“跑赢大市”评级。(格隆汇)

近日，苏宁易购在南京总部举行“618家电数码供应商恳谈会”，正式宣布其即时零售业务战略升级。将以“店仓一体”的网络升级和“送装一体”的核心服务能力，布局万亿级即时零售赛道，目标成为更具差异化价值的近场智慧生活服务商。(36氪)

财联社5月20日讯（编辑 潇湘） 对于那些自出生就处于零利率乃至负利率环境中的日本股民而言，最近一段时间日债收益率的历史性狂飙，无疑正令他们颇为不知所措…… 行情数据显示，日经225指数周三临近午盘时再度下跌逾1.3%，很可能连续第五个交易日下跌。而伴随着股市承压同时出现的，则是日本长期国债收益率连续的历史性上涨 ——不仅30年期日债收益率突破了4%大关，基准10年期日债收益率目前也已逼近了3%关口，这引发了人们对借贷成本上升将损害企业盈利的担忧。 三菱UFJ资产管理公司执行首席基金经理 Kiyoshi Ishigane表示，10年期日债收益率若超过这一水平(3%)，“将开始给实体经济带来切实负担”。他提到了借贷成本上升和需求减少带来的负面影响。 值得一提的是，在过去一年间，日本股市曾频繁无视日债收益率的上升，持续走高。即便在今年1月，随着市场预期高市早苗政府将实施财政扩张政策、长期收益率飙升时，股市依然表现坚挺。 但近期，主要股指开始展现出难以延续涨势的迹象，暗示股市投资者对借贷成本上升的重视程度，已不再像以前那样不屑一顾。 日本股市与日债收益率的同步上涨，此前一直受到一种乐观情绪的支撑 ——即企业盈利将保持强劲，因为不断增长的收入将使企业能够吸收更高的利息成本。即使在1月份10年期日债收益率跳升至2.3%以上时，日本的经济名义增长率(名义GDP增长率)同比仍运行在大约4%，使得经济增长与收益率之间的差距比其他几个发达经济体都要大。 但富国生命保险公司证券投资部总经理Atsushi Sato表示，利率上升最终会以利息支出增加的形式传导至企业。 “投资者对高杠杆公司日益谨慎并不令人意外”，他补充道，“未来市场可能会变得更加挑剔”。 另一个可能削弱日本市场抗利率上升能力的原因是，投资资金正日益集中于估值过高的芯片和人工智能相关股票，而这些股票因估值过高而格外容易受到利率上升的影响。 “芯片相关股票自4月左右以来大幅上涨，出现了过热的迹象，这反过来又使市场对债券收益率上升更加敏感，”Ishigane表示。 据业内统计，自3月底以来，日经225指数涨幅中约80%由软银集团和铠侠控股等前十大涨幅贡献者推动，而1月和2月行情中这一比例约为60%。 此外，日本10年期国债收益率目前已远高于该国的股息收益率，这令部分业内人士认为，一旦债券市场波动性减弱，资金可能会从股票转向债券。...

AI Token生产服务商趋境科技（Approaching.AI）宣布完成数亿元Pre-A轮融资。本轮融资由星连资本与华控科技联合领投，弘晖资本、天壕能源、尚势资本、天津仁爱弘盛、杭州福成等机构跟投，老股东高瓴创投（GL Ventures）持续加注。(科创板日报)

格隆汇5月20日｜人工智能(AI)对经济究竟有多少贡献？曾成功预测三次市场泡沫的传奇投资人Jeremy Grantham最新表示，如果不是因为人工智能带来大举投资，他认为美国经济很可能在2023年就陷入了衰退，而且股市也会暴跌。他在最新一档播客节目中表示： “我原本估计2023年，我们将陷入经济衰退，市场将再下跌 25%。而人工智能阻止了这种情况的发生。”“我们正处于未知领域，”他补充道，指的是美国经济对AI支出占GDP比例的“前所未有”的依赖。 人工智能的蓬勃发展推动了科技巨头们的大规模投资狂潮。据各公司声明，亚马逊、谷歌、Meta和微软今年共计拨出7250亿美元的资本支出，其中大部分将用于人工智能的建设。这一数额约占2025年美国GDP的2%。Grantham推测，如果不是人工智能，2023年的美国GDP增长率可能接近0%。人工智能领域的支出也对美股起到了重要的支撑作用。正是“七大科技巨头”(即人工智能交易的核心)在很大程度上推动标普500指数从2022年末到2023年走出了熊市。 而对于市场担心已久的泡沫问题，Grantham表示，实际上早在人工智能热潮兴起时，股市已经处于部分泡沫之中。他指的是2022年科技板块的大幅上涨以及人们对模因股的狂热追捧。“我们现在看到的是一个由泄了一半气、然后又复苏的泡沫再形成的泡沫。”