JPMorgan believes the shareholder return policy upgrade from "no more than 50% of free cash flow" to "no less than 50%"—shifting from a ceiling to a floor—sends a clear signal to the market: future shareholder returns will only increase, never decrease.

As AI becomes the market's biggest consensus, it means that while it remains the main storyline, the era of "blindly buying AI" is coming to an end.

Building the economic infrastructure for the internet and building the economic infrastructure for AI are fundamentally the same endeavor.

Unitree's debut day trading volume exceeded RMB 20 billion, with a surge of over 400%.

Unitree surged over 600% on its IPO debut, with retail subscriptions exceeding 8,000 times oversubscription, making it the core publicly listed entity in the humanoid robotics space. The market's fervor for embodied intelligence has also sparked ongoing debate over commercialization progress, supply chain execution capabilities, and the rationality of high valuations.

Baidu's quarterly revenue slightly missed market expectations, with the contraction in its advertising business persisting. Meanwhile, AI business revenue has maintained a share of roughly half of total core business revenue for two consecutive quarters, with GPU cloud being the fastest-growing segment.

In a low-volatility market, capital seems to have reached an unspoken consensus—memory is currently the only sector with a realistic chance of continuing to strengthen.

For capital seeking stability, following Buffett's allocation strategy and buying established giants like Google remains the safer option: solid cash flow, valuations that haven't been overextended, and AI investments that can directly connect to existing commercialization channels.

Will AI Agents really use FLOP to purchase computing power? Community sentiment is mixed.

Behind Unitree's surge of over 629%: the new 90s-born richest person, the massive gains of Wang Xing, Lei Jun, and Liang Wenfeng, and the chaotic battle in embodied intelligence.

AI并未结束，但“买AI”的方式已经变了。

Arthur Hayes is back with Flop.

VanEck: Bitcoin Pullback May Be Nearing Its End.

Once any new type of infrastructure is officially recognized by the state as a "public service," it follows the same trajectory: first, private capital pioneers the path, then state-owned platforms take over operations, and ultimately it becomes a municipal public utility.

The vast majority of this massive bill is irrevocable and far exceeds current capital expenditure. If AI revenue falls short of expectations, this hidden "landmine" will severely hit the financial condition of these tech giants.

As Alibaba's earnings approach, the market is focused on the commercialization of Qwen, Alibaba Cloud's AI growth, and e-commerce performance. Meanwhile, the company plans to sell Lingxi Interactive Entertainment for over $2 billion, continuing its divestment of non-core assets to concentrate resources on AI, cloud computing, and its core e-commerce business.