美股重點新聞

收到你 即係唔使咁快買住

開巿入貨點睇

$11接左貨，睇下咩走勢

PGY 跌成咁

wall st doesn’t believe what management said

啱啱先睇到 依家跌返落嚟仲抵唔抵買
Also what did the management say at the earning calls?

我止蝕走晒先，唔知下個Q仲有冇地雷

AI Agents is the new trend

OpenAI, Google and Anthropic Are Struggling to Build More Advanced AI. Sam Altman quote about Agents that 2025 will be a year about the value the app layer can provide…

LLMs needing new data sources might mean we hear of some more LLM deals with publishers and RDDT shortly…

Bloomberg:

But the model, known internally as Orion, did not hit the company’s desired performance, according to two people familiar with the matter, who spoke on condition of anonymity to discuss company matters.

OpenAI isn’t alone in hitting stumbling blocks recently. At Alphabet Inc.’s Google, an upcoming iteration of its Gemini software is not living up to internal expectations, according to three people with knowledge of the matter. Anthropic, meanwhile, has seen the timetable slip for the release of its long-awaited Claude model called 3.5 Opus.

But Orion is still not at the level OpenAI would want in order to release it to users, and the company is unlikely to roll out the system until early next year, one person said.

Like Google and Anthropic, OpenAI is now shifting attention from the size of these models to newer use cases, including a crop of AI tools called agents that can book flights or send emails on a user’s behalf. “We will have better and better models,” Altman wrote on Reddit. “But I think the thing that will feel like the next giant breakthrough will be agents.”

Needham points out that TSMC's $15.5B capital allocation breaks down to $11.2B for infrastructure and $4.3B for advanced node/R&D equipment, with no allocation for specialty devices or advanced packaging. Needham says this suggests three key implications: 1)TSMC maintains aggressive overseas fab expansion plans, continuing infrastructure investments 2) Equipment ordering appears to be pausing as demand visibility beyond 2nm remains uncertain 3)Investors should lower 2025 CapEx expectations, particularly for wafer fab equipment spending

邊間會食正？
crm servicenow?

我都係睇呢兩隻
also ADBE and MSFT in 1Q25

有無INTC 消息 近期會唔會上返25
想斬倉 轉玩第2隻

有喎，最近見好多人討論INTC 取消將CPU同記憶體一齊封裝

ADBE每次穿500都加注

樓主onto超前部署 太過超前

跟早咗

是

1月再睇下Tsla 定onto抵啲
依家美股似提早收爐

除非nvda er 有驚喜

I am not positive on NVDA ER

Then it is the e best time to pullback

Spotify 24Q3財報速覽
Spotify 靠著漲價、撙節裁員和多角化內容，Q3繼續繳出亮眼成績，營收年增19%至39.88億歐元，不僅付費訂閱用戶數年增12%達到2.52億，月活躍用戶（MAU）也達到6.4億，成長來自所有地區，顯示Spotify的全球擴張策略正在奏效。

Q3毛利率達到31.1%，創下歷史新高。營業利潤達到4.54億歐元，較去年同期的3200萬歐元大幅成長，營業利潤率大幅拉升至11.4%。自由現金流7.11億創新高。

Q4展望預計營收將達到41億，換算年增約12%。毛利率預計再提升至31.8%，毛利年增32%至13億，營業利潤在4.81億。Q4的月活躍用戶數預計將達到6.65億，較Q3增加2500萬，Premium訂閱用戶也將成長到2.6億。

廣告收入年增6%，達到4.72億歐元。雖然較去年有所成長，但廣告業務的表現受到品牌廣告支出波動的影響。公司正在開發Spotify廣告交易所（Spotify Ad Exchange）並與The Trade Desk進行試點計畫，預計2025年進行測試，2026年將開始看到顯著效果。

#價格策略與獲利成長
Spotify展現出強大的定價能力，Premium ARPU年增9%。公司正在探索推出更高階的音樂訂閱服務，預計將為音樂產業帶來更多成長機會。公司在定價策略上展現出領導地位，這反映在用戶參與度和較低的客戶流失率上。公司強調這不僅是簡單的價格調整，而是要在提供更多價值的基礎上合理調整定價。

#策略重點與未來發展
廣告業務轉型
Spotify正在重新定位其廣告業務，從傳統的直接銷售和品牌廣告轉向程式化廣告。通過建立Spotify廣告交易所和改進自助廣告平台，公司期望能更好地適應市場需求，提高廣告收入的穩定性。

內容多元化
公司持續投資內容多元化，除了音樂串流外，也在Podcast、有聲書等領域擴展。特別是在有聲書方面，用戶平均每人增加5小時以上的使用時間，只要讓用戶在非音樂的使用時間越長，對於Spotify的音樂版權成本支出就越低。

#AI創新與個人化服務
公司積極運用AI技術提升用戶體驗，AI DJ和AI播放清單功能的使用率，顯著提升用戶參與度和留存率。CEO Daniel Ek表示，AI不僅是一個工具，而是能夠徹底改變音樂發現，還有藝人與粉絲連結方式的關鍵技術。

樓豬啲TSLA走得幾靚

樓豬 依家係咪興 ai agent