Gogo (GOGO) delivered earnings and revenue surprises of -166.67% and +3.36%, respectively, for the quarter ended December 2025. Do the numbers hold clues to what lies ahead for the stock?

Fulgent Genetics (FLGT) delivered earnings and revenue surprises of +433.33% and -2.39%, respectively, for the quarter ended December 2025. Do the numbers hold clues to what lies ahead for the stock?

winhorse/iStock Unreleased via Getty Images As I’ve covered in the past , I saw HSBC Holdings Plc ( HSBC ) investment case more geared to income rather than value over the past few years, but despite that, its shares have performed quite well as investor sentiment continues to be positive toward the global banking sector and valuations keep increasing, supported by strong profitability levels and good capital return prospects. HSBC has been no exception, and, as shown in the next graph, its valuation based on the price-to-book value multiple has gradually increased over the past three years to a current level around 1.7x book value. P/BV multiple (Seeking Alpha) This is the highest valuation multiple HSBC has been trading over the last decade, showing that investors have been willing to value its business at much higher multiples than in the past. Indeed, HSBC was valued at a bottom P/BV multiple of only 0.4x back in 2020 and less than book value at the end of 2024, showing that its strong share price performance over the last year was largely due to a re-rating of its shares rather than earnings or book value growth. Indeed, the bank has recently released its earnings related to 2025 , which showed a positive operating performance, but that was not that impressive that justifies a very strong re-rating of its shares, in my opinion. Its reported revenues amounted to $68.3 billion during last year, up by just 4% YoY, supported by higher net interest income and fee growth. On the other hand, its revenues were impacted by business disposals performed during 2024, namely in Argentina and Canada, plus the dilution of its stake in BOCOM ( BCMXY ) following a capital increase last June also had a negative effect on HSBC’s revenue. These items impacted HSBC’s revenues by close to $2 billion in 2025, while adjusted for these impacts, its revenues would have been around $71 billion last year, up by 5% YoY. While its top-line growth was not fantastic, this can be considered a ...

We Are/DigitalVision via Getty Images Introduction & Investment Thesis Celsius Holdings ( CELH ) reported their Q4 FY25 earnings yesterday, where revenue surged 117% YoY, led by the acquisition of Alani Nu, which grew 136% YoY on a pro forma basis, contributing to over 51% of Total Revenue, along with Rockstar Energy adding $45M to their total Energy Portfolio. I have been rating the stock a “buy” since January 2025 , and since then the stock has been up over 86%, hugely outperforming the S&P 500. Although the stock is down 14% since the time of my October “buy” rating, I believe there is still a 19% potential upside left in the short to medium term. In this post, I will explain why. Revenue surged 117% as Celsius Portfolio represents 20% of the US Energy Market Celsius reported its Q4 FY25 earnings yesterday, where revenue surged 117% YoY to $721M, led by the acquisition of Alani Nu, contributing $370M and growing at 136% on a pro forma basis, and Rockstar Energy, adding another $45M to total revenue. Their combined portfolio now represents approximately 20% of the US energy market in tracked channels, up 800 basis points compared to the previous year, inching closer to Monster Beverage ( MNST ) at the Number 2 position with a 27.3% market share and Red Bull at the Number 1 position with a 35.9% market share. Q4 FY25 Earnings Slides: Market share of Celsius brand profile relative to competitors in the US What is also impressive, in my opinion, is how the acquisition of Alani Nu in Q2 contributed to the company’s contribution to category growth, which has been inching higher every single quarter since. Q4 FY25 Earnings Slides: Growing contribution to category growth, spearheaded by Alani Nu acquisition As management discussed , their Energy portfolio is well positioned to capture the structural consumer behavior shift towards zero sugar, functional energy drinks that fit into daily routines and drive growth in the category as they continue to drive innovation and le...

Lenovo LOQ AMD Ryzen 5 vs Acer Nitro V15 AMD Ryzen 7: Which is the better laptop? Sportskeeda Tech

Block公司将在CEO杰克·多西表示“智能工具”能够成就一个更精简、更快速的公司后，裁减4000多个工作岗位——约占员工总数的40%；得益于强劲的毛利润增长，该股昨日盘后大涨超过20%，周五盘前上涨5%。 责任编辑：张俊 SF065

J Studios/DigitalVision via Getty Images Since our last review of Micron Technology ( MU ) ( MU:CA ) ( ZMIC:CA ) about a year ago, the company has experienced an extraordinary upward trend, rising 294%. This is largely attributable to sharply rising spot prices for DRAM and NAND, as supply is under pressure from hyperscalers and LLM providers locking in their demand for production-intensive HBM with long lead times, and OpenAI reportedly securing up to 40% of global DRAM supplies for the coming years. In this earlier article, we expressed our view that investors could still benefit indirectly from the favorable developments in AI at a cheap valuation compared to Nvidia. This seems to have worked out well, as demand for HBM is less cyclical, with production for the 2025 calendar year already sold out at that time. A year later, however, we have come to realize that HBM has become more of a bottleneck for AI data centers than a building block, leading to the current situation of an expected undersupply for DRAM in the coming years, further accelerating the current AI memory cycle. Therefore, in this article, we will revisit the current state of the DRAM and NAND markets, Micron's latest results, and an updated valuation framework. Furthermore, we will discuss our reasons for believing that, although the AI memory boom will continue in the near future, the company in our view is correctly valued based on current prices, with the possibility of further upside potential if we see clear signs of the current supply constraints extending beyond 2028. Data by YCharts A Quarter Of Imbalance Although in our previous article, we laid out the thesis that Micron was a buy, given it would still provide investors with AI tailwinds with HBM likely being a bottleneck for the industry, we have to admit that we weren't expecting the imbalances to become this grave. On the positive side, it made Micron set another record quarter with revenue reaching $13.64BN as of fiscal Q1, up 57% YoY...

J Studios/DigitalVision via Getty Images Since our last review of Micron Technology ( MU ) ( MU:CA ) ( ZMIC:CA ) about a year ago, the company has experienced an extraordinary upward trend, rising 294%. This is largely attributable to sharply rising spot prices for DRAM and NAND, as supply is under pressure from hyperscalers and LLM providers locking in their demand for production-intensive HBM with long lead times, and OpenAI reportedly securing up to 40% of global DRAM supplies for the coming years. In this earlier article, we expressed our view that investors could still benefit indirectly from the favorable developments in AI at a cheap valuation compared to Nvidia. This seems to have worked out well, as demand for HBM is less cyclical, with production for the 2025 calendar year already sold out at that time. A year later, however, we have come to realize that HBM has become more of a bottleneck for AI data centers than a building block, leading to the current situation of an expected undersupply for DRAM in the coming years, further accelerating the current AI memory cycle. Therefore, in this article, we will revisit the current state of the DRAM and NAND markets, Micron's latest results, and an updated valuation framework. Furthermore, we will discuss our reasons for believing that, although the AI memory boom will continue in the near future, the company in our view is correctly valued based on current prices, with the possibility of further upside potential if we see clear signs of the current supply constraints extending beyond 2028. Data by YCharts A Quarter Of Imbalance Although in our previous article, we laid out the thesis that Micron was a buy, given it would still provide investors with AI tailwinds with HBM likely being a bottleneck for the industry, we have to admit that we weren't expecting the imbalances to become this grave. On the positive side, it made Micron set another record quarter with revenue reaching $13.64BN as of fiscal Q1, up 57% YoY...

U.S. President Donald J. Trump delivers the first State of the Union address of his second term to a joint session of Congress in the House Chamber of the United States Capitol in Washington, D.C., U.S.,on Tuesday, Feb. 24, 2026. Kenny Holston | The New York Times | Via Reuters Amid tariff uncertainty , President Donald Trump this week revisited the idea of using tariff revenue to help offset income taxes . "As time goes by, I believe the tariffs paid for by foreign countries will, like in the past, substantially replace the modern-day system of income tax," Trump said during his State of the Union address . It's an idea Trump previously floated during his 2024 presidential campaign and has revisited while in office . Federal income tax changes would require Congressional action. Meanwhile, some policy experts say they are skeptical. "To put it simply, the math just doesn't work," said Alex Durante, a senior economist at the Tax Foundation, a nonprofit tax policy think tank. The organization has analyzed Trump's tariff policy , including whether it could replace income tax . Read more CNBC personal finance coverage Trump said tariffs may 'substantially replace' income taxes. What policy experts say Some student loan borrowers are getting Navient settlement checks — who qualifies Trump accounts aren't exactly 'tax-free,' as the president said. How they work Trump said beef, egg and chicken prices are falling. Here's what the data shows Trump pitches new retirement plan with a match of up to $1,000 — who may benefit Think of active managers and index funds as portfolio 'teammates,' not 'rivals': CFP Many workers want a career change. Are you one of them? ACA health coverage subsidy lapse hit 22 million people. Here are some of their stories Trump's $2,000 tariff dividend checks just got a lot less likely, experts say Student loan forgiveness is taxable again. How to plan for a five-figure IRS bill What the Trump administration's Harvard lawsuit could mean for future a...

全国仍有六成城市PM2.5年均浓度高于25微克/立方米，与美丽中国建设目标尚有差距。 生态环境部新发布的《环境空气质量标准》将于3月1日正式实施。这是我国自2012年以来首次全面收紧国家空气质量标准，细微颗粒（PM2.5）再次成为本次修订的重点关注对象，旨在巩固并扩大近年来空气质量改善的成果。修订后，PM2.5年均浓度二级限值从35微克/立方米调整为25微克/立方米。 “新标准设置了五年过渡期，目的是为结构调整、源头减排等治本之策留出足够的缓冲时间和空间。修订标准体现的是空气质量改善的目标和方向，并不意味着要求各地立即达标。何时达标、如何达标，将通过科学设定的路径和措施，力求‘跳一跳够得着’。实现达标所需的资金、技术、方法和手段，也将循序渐进、逐步配套。”2026年2月27日，生态环境部大气环境司司长李天威在该部例行新闻发布会上表示。 六成城市PM2.5浓度仍超25微克/立方米 2025年，全国仍有约60%的城市PM2.5年均浓度高于25微克/立方米，与美丽中国建设目标尚有差距。 目前，国内外大量环境毒理学和流行病学研究均表明，PM2.5仍是对人体健康影响最大的污染物。据世界卫生组织估算，全球每年因PM2.5导致的过早死亡人数超过数百万，其中中国每年超过一百万人。在我国，PM2.5污染已成为继高血压、吸烟和高盐饮食之后，导致死亡的第四大风险因素。病理生理学研究证实，PM2.5暴露与多种疾病密切相关，尤其是心肺疾病、呼吸系统疾病及支气管癌。因此，世界卫生组织于2021年将PM2.5年均浓度指导值由10微克/立方米收严至5微克/立方米。 针对此次标准修订再度聚焦PM2.5，李天威解释称，PM2.5是指空气动力学直径小于等于2.5微米的细颗粒物，其主要来源包括一次颗粒物和二次颗粒物。一次颗粒物源于各领域、各行业，目前已有较为精准的控制手段；难点在于二次颗粒物，即大气中的气态污染物（如氮氧化物、挥发性有机物、二氧化硫、氨等）经复杂物理化学反应转化生成的细颗粒物。从治理逻辑上看，降低PM2.5浓度可有效带动二氧化硫、氮氧化物等前体物的减排，从而系统推动空气质量改善。 “因此，本次标准修订聚焦PM2.5这一关键指标，以其浓度限值收严为牵引，同步加严PM10、二氧化硫、氮氧化物等相关污染物浓度限值。2025年，全国PM2.5年均浓度低于25微克/立方米的城市共140个，约占四成。...

Amid 2026 market volatility, HSBC, STN and CRM stand out after announcing fresh dividend hikes, offering investors steady income as uncertainty lingers.

Torsten Asmus MidCap Financial Investment ( MFIC ), a business development company affiliated with Apollo Global Management ( APO ), reduced its quarterly dividend and recorded losses due to weakness at some of the software companies it lends to. The company reported net realized and change in unrealized losses on investments of $45.3M for the quarter, up from $7.9M in the prior quarter. During Q4 2025, it reported a net change in unrealized losses of $31.9M and a net change in realized losses at $16.8M. That led to a net decrease in net assets resulting from operations of -$12.7M vs. $24.1M in Q3. During Q4, the BDC put investments in Bird Rides, Banner Solutions, and Renovo on non-accrual status, meaning it no longer expects to collect interest on them. However, non-accrual investments as a percentage of MidCap's total portfolio declined to 2.6% in Q4 2025 from 3.1% in Q3. The company's net asset value (NAV) per share at Dec. 31, 2025, fell 3.3% to $14.18 from $14.66 as of Sept. 30, 2025, mostly driven by a "handful of investments predominantly from 2022 and earlier vintages." With the pressure on some parts of the software sector, MidCap ( MFIC ) decided to cut its quarterly dividend by 18% to $0.31 per share " In light of changes in base rates and other factors, we have re-assessed the long-term earnings power of the company, and the Board has concluded that it was prudent to adjust the dividend at this time," said CEO Tanner Powell. With the evolving market conditions, MidCap shifted to stock buybacks to boost its NAV. "During the fourth quarter, the market presented us with what we viewed as an attractive opportunity to repurchase MFIC stock at a significant discount to NAV, generating approximately three cents per share of NAV accretion for stockholders," Powell said. "At these trading levels, we continue to believe allocating capital toward stock repurchases is more accretive than deploying capital into new investments." MidCap Financial ( MFIC ) announced a...

Global Partners press release ( GLP ): Q4 GAAP EPS of $0.54 misses by $0.06 . Revenue of $4.64B (+10.7% Y/Y) misses by $2.3B . Earnings before interest, taxes, depreciation and amortization (EBITDA) was $94.1 million in the fourth quarter of 2025 compared with $94.6 million in the same period of 2024. EBITDA was $378.8 million for full-year 2025 compared with $389.4 million for full-year 2024. Adjusted EBITDA was $94.8 million in the fourth quarter of 2025 versus $97.8 million in the same period of 2024. Adjusted EBITDA was $383.0 million for full-year 2025 versus $389.1 million for full-year 2024. Distributable cash flow (DCF) was $38.4 million in the fourth quarter of 2025 compared with $45.7 million in the same period of 2024. DCF was $189.1 million for full-year 2025 compared with $205.8 million for full-year 2024. Adjusted DCF was $38.8 million in the fourth quarter of 2025 compared with $46.1 million in the same period of 2024. Adjusted DCF was $190.9 million for full-year 2025 compared with $208.2 million for full-year 2024. Gross profit was $263.1 million in the fourth quarter of 2025 compared with $268.8 million in the same period of 2024. Gross profit was $1.1 billion for full-year 2025 and 2024. More on Global Partners Global Partners: Upgrading To Strong Buy As Market Fear Creates Value Seeking Alpha’s Quant Rating on Global Partners Historical earnings data for Global Partners Dividend scorecard for Global Partners Financial information for Global Partners

在 Netflix 退出后，派拉蒙Skydance成为 华纳 兄弟探索公司的首选竞购方，此举将引发股东和监管机构的审查，并在CNN和CBS新闻内部引发了对潜在合并的不安。 责任编辑：张俊 SF065

侏儒症的治疗，正迎来被全面颠覆的时刻。 作为最常见的侏儒症类型，软骨发育不全（ACH）过去很长时间无特效疗法，直到2021年，“孤儿药之王”BioMarin研发的Vosoritide，作为首个获批药物，才开启了药物对症治疗时代。凭借独家优势，其2025年销售额高达9.27亿美元。 但这种垄断格局，即将被打破，多款在研新药正从作用机制到给药方式，向Vosoritide发起挑战。Ascendis的TransCon-CNP通过包裹技术延长了药物作用时间，实现了周剂给药，目前正处于FDA审批阶段；而BridgeBio的口服药Infigratinib，则从作用机制到用药体验实现全面突破。 Infigratinib靶向的FGFR3（成纤维细胞生长因子受体3）正是驱动ACH疾病发生的关键靶点，2月12日，BridgeBio公布Infigratinib在ACH中取得的首个具有统计学显著改善意义的3期顶线结果，公司计划下半年向FDA提交新药申请。 与此同时，和誉医药等本土药企也在精准靶向赛道加速布局，新一代疗法的比拼已然拉开帷幕。从FIC到精准治疗的BIC，谁能登顶，定义ACH下一代治疗标准？ 01 罕见病“不罕见” ACH是儿童生长发育障碍的一类罕见疾病，发病率约为1/15,000–1/25,000，全球共计约25万患者。虽然ACH是罕见病，但大家对“侏儒症”并不陌生，ACH则占全部遗传学侏儒症的70%左右。 ACH病因明确，由FGFR3基因的功能获得性突变导致。该基因调控骨骺生长板软骨细胞增殖分化的重要负调节因子，当其持续激活时，长骨生长被抑制，最终形成特征性的四肢短小身材。 疾病的影响远不止身高。患儿常伴随中耳炎、脊柱侧弯、关节功能异常等并发症，严重的枕骨大孔狭窄甚至可能压迫脊髓、导致呼吸暂停，存在致命风险。 在针对性药物问世前，治疗手段十分有限且充满挑战。外科肢体延长术创伤性强、风险高，且行业内尚未形成统一诊疗共识；重组人生长激素（rhGH）虽能在一定程度上改善生长状况，但疗效有限，治疗2年后骨骼生长的有益作用便会减弱，还存在显著的长期副作用。 直到Vosoritide的获批，才让ACH治疗迈入一个全新的靶向治疗时代。它是一种C型利钠肽(CNP)类似物，通过结合NPR-B进而降低FGFR3的活性来促进生长。临床结果试验显示：相较于安慰剂，每日皮下注射15 μg/kg的Voso...

*ST沐邦公告，公司、控股股东及实际控制人收到江西证监局行政监管措施决定书。经查，公司存在未披露关联方及关联交易、未披露股权转让协议、控股股东未履行增持承诺等问题。江西证监局决定对公司和控股股东采取责令改正措施，并对实际控制人采取出具警示函措施，相关情况将记入证券期货市场诚信档案。

Micron Technology, Inc. $MU Shares Sold by Vestmark Advisory Solutions Inc. MarketBeat

*ST沐邦公告，公司于2026年2月27日收到中国证监会江西监管局下发的《行政处罚事先告知书》，根据《上海证券交易所股票上市规则（2025年4月修订）》第9.8.1条规定，公司股票自2026年3月2日起将被上海证券交易所叠加实施其他风险警示。本次叠加实施其他风险警示，公司股票不停牌，股票简称仍为“*ST沐邦”，股票代码仍为“603398”，公司股票交易日涨跌幅限制仍为5%，公司股票继续在风险警示板交易。

Y.D. More Investments Ltd Buys 2,815 Shares of Meta Platforms, Inc. $META MarketBeat

WT Asset Management Ltd Sells 94,913 Shares of Meta Platforms, Inc. $META MarketBeat

哎，AI又要作孽了。 这次的起因，是‌2026年2月23日，美国一家独立研究机构Citrini Research 发布了名为《2028 年全球智能危机》（以下简称《智能危机》）的报告。这篇报告（或者说是经济推演），在极短时间中完成了病毒式传播，直接引发了美股科技股集体暴跌。在国内社交媒体上也得到了迅速发酵，引起剧烈讨论。 与以往的AI威胁论普遍偏向AI毁灭人类的宏大叙事，并且设置一个长期时间轴不同， 《智能危机》的区别在于它提出了更“接地气”的AI威胁：AI技术的成熟会引发经济危机，并且给出了一个很短的时间目标，两年后，危机就将到来。 若干年来，我们迎来了一轮又一轮的AI威胁论，它们描绘的AI威胁越来越多样，时间也越来越具体。相关话题不断通过社交媒体向我们输送高分贝、无死角的恐慌感。家长担心孩子未来被AI取代，职场人担心失业，在校生担心找不到工作。渐渐地，我们似乎已经患上了某种AI恐惧症。 但真的有必要如此担忧吗？不妨打个赌，我敢说这场“智能危机”绝不存在。 01 又一轮AI惊悚 想要驳斥这个观点，首先还是要看看《智能危机》的逻辑。 文章认为，AI在2028年引发全球性经济危机总共分三步： 第一步，AI替代人工，创造幽灵GDP。 《智能危机》的出发点，是高度肯定近期AI的进步。它认为智能体的技术能力确实已经突破了奇点。于是接下来企业可以用近乎为零的成本，来替代包括程序员、律师、财务、审计、销售、客服、行政等几乎所有白领工作。而企业的本质是追逐利润，AI大规模上岗必然意味着规模化裁员。这些由AI创造的GDP，将会成为完全没有人类参与的幽灵GDP，导致社会财富向科技巨头急速靠拢。 第二步，大规模失业，导致消费经济崩塌。 大批白领被裁员，带来的结果就是中产的收入快速下滑。（说句题外话，大家应该也发现了，所有负面的经济预言，基本都优先拿中产开刀。所以有句话叫危机太多，中产已经不够用了）。而中产是住房、汽车、旅游、文娱等消费的主力军。当中产白领收入断崖式下降，遭遇普遍失业，由其支撑的社会消费也将遭遇崩塌。 《智能危机》中设想了这样一个例子，一位年薪18万美元的高级产品经理，被AI替代之后只能去开Uber，年收入缩减到4.5万美金。这种情况大量发生后，全社会的薪资水平都会被压缩，造成普遍性的经济萧条。这种情况下，企业为了自救只能进一步加大AI投入，进一步加快裁员，最终导致消费缩...

今年以来，存储行情依旧火爆。 以256G的DDR5服务器内存为例，单条价格已突破4万元，意味着采购100根放在一个盒子里，价值将会超过很多北上广的房子。而在2025年年初，这款内存只有现在不到一半的价格。 受益于存储产品价格的全线飙升，江波龙也是交出了一份亮眼的成绩单。 根据2025年业绩预告，江波龙2025年预计实现营收225亿元~230亿元，实现扣非归母净利润11.3亿元~13.5亿元，同比增长578.51%~710.6%。 产品价格上涨、业绩飙升，江波龙成为了资本市场的香饽饽，其股价从去年4月份开始到最高点，涨幅接近5倍。 来源：雪球 和许多牛市中业绩表现优异的公司一样，江波龙也选择趁热扩大规模，计划在A股市场发行定增，计划募集不超过37亿元，资金用于AI领域的高端存储器研发及产业化项目、半导体存储主控芯片系列研发项目、半导体存储高端封测建设项目以及补充流动资金。 不过，纵观江波龙上市以来的业绩，与存储周期密切相关，在2023年市场低迷时也曾亏损超8个亿。今明两年，国际巨头和中国厂商都有大量的存储芯片产能将集中落地。对于江波龙来说，若把握不好节奏，此时扩张的产能难免会变成下一轮周期的累赘。 根据过往经验，大多选择在牛市高点发行定增的项目，最后往往一地鸡毛，上一轮光伏、锂电池就是前车之鉴。 周期有轮回，此时风光的江波龙，是否做足了长期准备？ 一位高中生的逆袭，从华强北 “倒爷” 到 “技术派” 江波龙之所以能成长为如今的存储巨头，与创始人蔡华波创业路上几次关键抉择密切相关。 故事始于1996年，年仅20岁出头、只有高中学历的蔡华波，南下来到深圳。 一开始，他只在一家公司担任普通的业务员，负责电子元器件的销售。有了经验之后，蔡华波加入了华强北“倒爷”的队伍，在华强北租下了一个几平米的小柜台，靠倒存储器、组装电子产品赚取了人生中的第一桶金。 随着业务越来越大，蔡华波与姐姐蔡丽江共同创立江波龙，公司名字也是二人名字的结合。在公司创办早期，业务依然以贸易为主，直到一场危机的到来，彻底改变了公司的战略方向。 2002年，江波龙购入了一批价值超百万美元的存储产品，但由于这批货采用的是AND FLASH技术，与市场通用的NAND FLASH技术标准存在显著差异，卖方又不退货，若这批货砸手里，那么公司基本宣布关门倒闭。 不过，蔡华波并没有被问题所难倒，而是选择灵活转化思路：既然...

After years of appeals, Google has finally won approval to export high-precision geographic information out of South Korea and provide proper Google Maps services in the country, including walking and real-time driving directions.

公元20XX年，生成式AI视频技术已经变得极为成熟，而且在社交平台、视频APP里已经越来越常见。但就在这个时间点，网络上悄然诞生了一个全新的“思想派系”。 这群人自称“鉴真派”，倒不是因为崇拜1200多年前的某位和尚，而是他们很喜欢“鉴定真伪”。 01 鉴定什么的真伪呢？不是“国宝”、也不是网络流言，而是各种他们极度反感的“生成式AI视频”。 在他们的观点里，视频就应该要“真人出镜”才有“灵魂”、才能看出创作者的“诚意”。他们认为生成式AI视频不仅淡化了表演者的因素，更造成了内容的“随意化”，对演艺界的负面影响可谓是不可估量。 作为回应，“鉴真派”选择四处“出警”，给生成式AI视频刷差评、点举报。 当然，一些生成式AI视频从表面上确实很难看出到底是不是“真人演出”，不过“鉴真派”倒是不怕这一点，因为他们有“绝招”，也就是一些专门用于“鉴真”，能够自动识别内容是否AI生成的设备。 最开始这些设备表现得非常出色，可以毫无障碍地“鉴别”出哪些视频使用了生成式AI，哪些则是“原教旨”的真人拍摄。这着实就让“鉴真派”感到满意，也客观上震慑到了一些依赖生成式AI技术的视频制作者。 但后来的情况，逐渐开始“不对劲”起来。 某“视频鉴真工作站” 02 一方面，“鉴真设备”的出现，客观上促成了生成式AI相关公司的“技术竞赛”。随着越来越精密、越来越复杂的新版生成式AI视频技术快速迭代，它们反而愈发明显地抢占了原本可能是由真人演员出镜的职位。再加上新模型针对性的调校，“鉴真”设备开始变得时灵时不灵，特别是当一些商业影视作品也开始加入AI生成的内容后，由于几乎无法被“鉴真”，可把“鉴真派”气得不轻。 另一方面，那些推出“鉴真设备”的企业，自身往往也同时是生成式AI的“老玩家”，于是这就天然形成了一种“既当裁判又当运动员”的情况。很显然，“鉴真设备”面对竞争对手的AI模型往往“重拳出击”，但对自家大模型生成的视频却会刻意放过。 最糟糕的是，当先进的、复杂的，甚至是需要付费的新模型优先被专业制作者所采用，也反过来刺激了更多普通用户在他们的日常生活里去尝试那些老旧一点、免费的解决方案。 这就导致“鉴真”设备越来越认不出高成本、制作精良的，与自家有利益关系的AI视频，但却开始随时随地、更加频繁地在其“用户”刷X博、看X宝，甚至读资讯时频繁“提示”。 直到有一天，当某位“鉴真派”在与女友视频通话时...

Japan's Fair Trade Commission raided Microsoft Japan offices as part of an antitrust investigation into Azure business practices. Regulators are examining whether Microsoft restricted Azure customers from using rival cloud services. The case adds to broader regulatory attention on NasdaqGS:MSFT across major markets, including Japan and the US. For you as an investor, this centers on Microsoft's cloud segment, where Azure is a core pillar of the NasdaqGS:MSFT story. Authorities are looking...

ServiceNow’s 50% drop has pushed it into extreme oversold territory, but decent fundamentals and bullish price targets make an attractive risk/reward profile.

BlackRock TCP Capital press release ( TCPC ): Q4 Non-GAAP EPS of -$1.05 misses by $1.32 . Net asset value per share was $7.07 as of December 31, 2025, compared to $8.71 as of September 30, 2025. Net decrease in net assets from operations on a GAAP basis for the quarter ended December 31, 2025 was $118.3 million, or $1.39 per share, compared to a $24.4 million, or $0.29 per share, net increase in net assets from operations for the quarter ended September 30, 2025. As of December 31, 2025, investments on non-accrual status represented 4.0% of the portfolio at fair value and 9.7% at cost, compared to 3.5% of the portfolio at fair value and 7.0% at cost as of September 30, 2025 and 5.6% of the portfolio value at fair value and 14.4% at cost as of December 31, 2024. Total investment acquisitions and dispositions during the quarter ended December 31, 2025 were approximately $35.5 million and $80.7 million, respectively. As of December 31, 2025, net regulatory leverage was 1.41x compared to 1.20x at September 30, 2025. For the three months ended December 31, 2025, Tennenbaum Capital Partners, LLC, the Company’s investment adviser (the “Advisor”) waived $1.8 million in management fees, or $0.02 per share. For the year ended December 31, 2025, the Advisor waived $7.3 million in management fees, or $0.09 per share. On February 27, 2026, our Board of Directors declared a first quarter dividend of $0.17 per share, payable on March 31, 2026 to stockholders of record as of the close of business on March 17, 2026. More on BlackRock TCP Capital BlackRock TCP: Q4 Earnings Are Likely To Disappoint BlackRock TCP Capital stock plunges after loan writedowns What's in store for BDCs in 2026? Seeking Alpha’s Quant Rating on BlackRock TCP Capital Historical earnings data for BlackRock TCP Capital

Key PointsThe Round Top deposit is unique for its high heavy rare earth content.

This company is helping resolve a key strategic rare earth supply chain problem for the U.S.

2月27日，北京石头世纪科技股份有限公司（下称“石头科技”）发布2025年度业绩快报，核心财务数据呈现营收大幅高增、利润显著下滑的分化态势，表明公司在市场规模持续扩张的同时，盈利端现阶段性承压。 财报显示，2025年石头科技实现营业总收入186.16亿元，同比大幅增长55.85%；而归属于母公司所有者的净利润13.60亿元，同比下滑31.19%，扣非净利润10.87亿元，降幅进一步扩大至32.90%，基本每股收益5.28元，同比下降31.34%，多项盈利指标降幅均超三成。 图片来源：石头科技财报 从整体财务盘面来看，公司资本规模保持稳步提升，2025年末总资产达197.88亿元，较期初增长13.17%，归属于母公司的所有者权益140.14亿元，同比增长8.90%；股本增至2.59亿股，增幅40.27%，主要系报告期内资本公积转增股本及股权激励限制性股票归属所致。但盈利效率有所回落，公司加权平均净资产收益率降至10.11%，较上年同期减少6.07个百分点，与利润下滑形成呼应。 营收的高速增长，源于其海内外市场的双重突破与政策红利的加持。 国内市场上，依托国家“以旧换新”补贴政策，石头科技智能扫地机器人、洗地机等核心产品需求旺盛，通过持续推出新品以及完善产品和价格矩阵抓住市场机遇。 海外市场方面，公司表示持续推进品牌建设，完成全价格段产品布局，通过渠道运营和积极的市场策略拓展新市场、触达新用户，实现海外收入稳定增长。 界面新闻注意到，IDC发布的《全球智能家居设备市场季度跟踪报告》显示，2025年前三季度，全球智能扫地机器人市场累计出货1742.4万台，同比增长18.7%；其中三季度出货616.1万台，同比增幅达22.9%。从厂商份额来看，中国厂商包揽全球出货量前五，分别是石头科技、科沃斯、追觅、小米和云鲸。 石头科技在2025年前三季度累计出货378.8万台，稳居全球出货量榜首。分区域看，前三季度中国、美国平稳增长，中东非、中东欧地区增速领先。在全球市场布局中，石头科技在美国、德国、韩国、土耳其等多个国家的出货量稳居行业第一。 但也正因大力拓展市场，影响了石头科技的利润表现。一方面，该公司对核心的智能扫地机器人业务完善全价格段布局，同时重点发力洗地机新品类并快速实现市场突破，新品类初期落地及全价位段的市场渗透，对公司整体毛利率产生了一定拖累；另一方面，为支撑海内外市场...