很多人把末日期权理解为最极致的凸性，因为末日期权的价格低、Gamma高，标的稍有大幅变化，期权就可能上涨数倍，但末日期权的Theta同样很高，是以极高时间损耗和极窄兑现窗口为代价的凸性。

1、欧宝首页 瑞士最大的优势是他们的中轴线，门将位置由多特蒙德主力科贝尔坐镇，完美适配主教练雅金的出球体系；后防核心是效力于国米的阿坎吉，他防空能力突出，出球稳健，还能通过定位球抢点得分；中场绝对核心是队长扎卡，长传调度、远射、中场绞杀样样精通；锋线方面恩博洛担任支点中锋，身体对抗强，能做球能终结，曼赞比和巴尔加斯组成的轮换攻击线速度快、终结能力出色。

埃斯图皮尼安的转会是目前进展最快的一个。欧宝首页他有投资常识，也有实操经验，理解风险，会被高收益投资方式吸引。

2、仅14.9克！全球最轻AI眼镜开售，16小时长续航，能换39种镜框

不过作为主动辞职的一方，孔二楞既没有向德劳伦蒂斯要分手费，也没要求支付剩余月份的工资。

3、萤火虫halo寻光系列上市，颜色很特别，还没飞度大？

报告指出，7月以来黄金的反弹更多是资金从科技股轮出的结果，而非新趋势启动。

4、王传福“旋风式挤压”：西安领充突获“主机厂”集体加注

2亿年薪，相当于日薪54.79万。

5、2米14！2米06！4号秀天赋不输状元，时隔18年，公牛或找到罗斯接班人

对于志在带领三狮军团走得更远的他而言，如何在高压环境下保持竞技状态与情绪稳定，仍是成长路上必须面对的课题。

阿尔及利亚人的年薪高达400万欧元，尽管克罗地亚球队只需承担一小部分，但买断后将很难全额负担。

淘汰赛阶段，英格兰先是2比1小胜民主刚果晋级16强，随后在墨西哥城的高原客场，面对此前四战全胜零失球的东道主墨西哥，打出了本届杯赛最具说服力的一场比赛，在宽萨染红被罚下的情况下，十人作战的英格兰顶住了墨西哥的疯狂反扑，最终3比2险胜晋级。

6、法国VS西班牙！主裁判+4名助裁出炉：敢于出示黄牌、红牌

旭阳新材的问题，根子上就是转型较慢，一旦面对发展阻力，有可能出现操作变形的情况。

美国AI研究者Nathan Lambert在走访中国模型公司和大厂后提到，Kimi是他拜访过的这批中国公司里「氛围最好」的一家。

7、努比亚、阶跃、荣耀，谁在定义AI手机？

” Kimi总裁张予彤在去年被问到“如何在技术和市场层面与巨头大厂形成差异化定位”时，也提到了类似的看法。

The crowded, snake-like queue at WAIC led to a single attraction: an AI guitar capable of "improvisational jamming." During the 2026 World Artificial Intelligence Conference (WAIC), the annual updated edition of the Tianpule AI Guitar made its public debut. Over the same period, Quwan Technology, the parent company behind the instrument, released the Tianpule Large Model V4.7, pushing music-focused foundation models toward a new frontier where they can "understand revision feedback." It was unmistakable to anyone on the floor that this year’s WAIC generated unprecedented buzz. Yet the AI industry itself, having weathered countless hype cycles and technical trends, is bidding farewell to the hollow "compute arms race." The commercial value of large models is finally being realized within vertical, domain-specific scenarios. Industry observers are increasingly turning their focus toward a path distinct from general-purpose large language models: vertical integration. Compared with tech giants basking in haloed reputations and star AI startups boasting eye-watering valuations, vertical AI developers have quietly stepped into the center stage of the AI era. Grounded in user scenarios and equipped with self-sustaining revenue capabilities, they have emerged as pragmatic, viable models for the industry. By anchoring its strategy strictly on AI music and AI voice, and extending those capabilities into AI hardware, Quwan Technology offers a compelling case study of this trajectory. Bidding Farewell to the Compute Arms Race: A New Narrative in Vertical AI Commercialization The standard competitive posture in the large-model arena has long been a classic arms race: parameter count, context window length, and multimodal capabilities served as explicit metrics of a company’s worth. By this year, however, this model of horizontal expansion has hit diminishing marginal returns. On one hand, general-purpose models suffer from worsening homogeneity, and products that rely solely on model API outputs struggle to build user stickiness. On the other hand, as AI penetrates deep into everyday life rather than acting merely as a productivity tool, technology must be embedded into concrete scenarios to solve real pain points. Quwan Technology abandoned the illusion of building a jack-of-all-trades general platform, choosing instead to double down on two vertical domains characterized by high emotional value and dense interaction: AI music and AI voice. Though operating in different tracks, their underlying logic is remarkably similar: humanity’s most natural, non-textual modes of expression have long been constrained by professional barriers, and both possess an inherent capacity to stretch from digital content into physical hardware. The foundation of Quwan’s AI music ecosystem is the proprietary Tianpule Large Model. Steering clear of open-source fine-tuning, Quwan built the model from scratch to optimize for real-time interaction, laying the groundwork for a conversational creative experience powered by AI agents. During WAIC 2026, Quwan rolled out Tianpule Large Model V4.7, making AI-generated music far easier to control and iterate upon. Across two evaluation frameworks, Meta Audiobox Aesthetics and SongEval, V4.7 earned high marks in metrics such as content enjoyment, memorability, and vocal clarity, while ranking in the top tier for musicality, coherence, and naturalness. V4.7 powers Tunee, Quwan’s conversational music creation agent. This "conversation as creation" interaction model represents a true breakthrough in its capacity for proactive co-creation. Moving beyond passive "one-click generation" tools, Tunee acts more like a patient, music-savvy collaborator. Since its official launch last September, Tunee’s official website has maintained over a million monthly visits, making it one of the fastest-growing breakout products in China’s AI agent space. What has truly commanded the industry's attention, however, is the Tianpule AI Guitar. As a pioneer in the global generative AI guitar category, it was the first to embed an AI music foundation model into a physical guitar, enabling people without musical training or theory knowledge to experience the joy of playing and composing music. At WAIC 2026, the new Tianpule AI Guitar placed heavy emphasis on its core feature introduced this year: "AI Improvisation." Users can generate personalized music directly on the instrument and jam along, drastically simplifying the complex journey from composition to performance. Coupled with features like AI score transcription and hum-to-song conversion, complete beginners can quickly begin playing and writing music. The industrial significance of the Tianpule AI Guitar extends far beyond consumer electronics. It frees generative AI from behind the glass screen, turning it into a physical object that can be touched, plucked, and felt through resonance. For professional musicians, it serves as a catalyst for inspiration; for novices, it is the first key to unlocking the world of music. As Jasper Jia, Vice President of Quwan Technology, put it: only when ordinary people can use music to express emotions and document their lives as naturally as taking a photo or shooting a video will music truly become an inclusive medium for creation. The physical medium of the guitar allows AI music to step outside smartphones and laptops, truly weaving itself into everyday life. Quwan Technology’s vertical integration has constructed more than just a tech flywheel—where the model grants intelligence to the application, and the application breathes fresh experiences into the hardware. Simultaneously, the hardware feeds real-world user interaction data back into the model, establishing a system-level moat. In truth, AI has already made creation ubiquitous. But how to make good content visible, scalable, and profitable has become the stark reality facing the second half of the AIGC race. Quwan Technology’s answer to that reality is AI voice. In recent years, the overseas expansion of Chinese film and television productions has accelerated rapidly. Dubbing and localization, however, have remained a persistent industry pain point. High quality, high efficiency, and low cost form a classic impossible trinity. Against this backdrop, Quwan Technology collaborated with The Chinese University of Hong Kong, Shenzhen, to develop the MaskGCT voice foundation model. On October 24, 2024, MaskGCT was officially open-sourced to the world via the Amphion framework. Across multiple text-to-speech (TTS) benchmark datasets, MaskGCT achieved state-of-the-art (SOTA) performance, even outperforming human baselines on select metrics. All Voice Lab (Quwan Qianyin) represents the commercial application built atop the MaskGCT model. As a one-stop video translation and AI dubbing platform, All Voice Lab slashes AI translation and dubbing costs by 90% compared with traditional human labor while boosting speed more than 50-fold, handling a monthly translation volume of up to 500,000 minutes (roughly 5,000 drama episodes). Since its launch, All Voice Lab has assisted over 100 film, TV, and animation clients in solving localization hurdles. It processes nearly 10,000 short drama episodes per month across single languages for overseas markets, reaching over 30 countries and regions globally and helping clients boost monthly YouTube channel revenue by 10% to 30%. Driven twin-engine style by AI music and AI voice, Quwan Technology is transitioning into a "new infrastructure" provider for the entertainment industry. It proves that vertical AI companies do not need to serve everyone; by achieving excellence within targeted vertical domains, they can unearth vast commercial value. From Mobile Voice to AI Creation: Quwan’s 12-Year Evolution of "Interest" The first half of Quwan Technology's journey followed a textbook mobile internet success story. Its flagship product, TT Voice, evolved from a simple voice tool designed to help gamers find teammates into an interest-based social platform boasting over 200 million registered users. When the AI wave swept the globe, the company pivoted proactively, laying early groundwork in AI as far back as 2021 to secure its current position as a leader in AI entertainment. The essence of the company’s 12-year evolution represents a strategic leap from "connecting interests" to "creating interests." Yet the underlying logic running through it all has always been a focus on "interest" and a "human-centric" philosophy. For instance, TT Voice’s early positioning was remarkably simple—a "gaming walkie-talkie." But what fundamentally transformed founder Song Ke's understanding of the product’s value was the spontaneous behavior of its users. He noticed that many users did not leave the voice rooms after finishing their games; instead, they stayed to sing, chat, and share their lives. He realized then that while the platform ostensibly solved an efficiency problem ("how to play games better"), it was actually fulfilling an emotional need ("how to connect better with people"). Grounded in this insight, TT Voice quickly evolved from a tool into a community. Beyond gaming matchmaking rooms, it rolled out diverse interest spaces including singing rooms, chat rooms, and audio-visual rooms. In cultivating the social space, Quwan Technology identified an emerging industry trend: the new generation of users was no longer satisfied with merely consuming content; they craved autonomous creation and self-expression. This was no mere hypothesis. On the TT Voice platform, users were already looking beyond finding gaming buddies—they were singing in voice rooms, sharing life moments in chat rooms, and expressing themselves in communities. As AI technology matured, these deeper desires could finally become reality. In the past, completing a song—from lyrics and composition to arrangement, mixing, and recording—demanded specialized skills at every step. Many possessed creative sparks or deep emotions but struggled to translate the melodies in their heads into finished works. In 2024, the team set out from scratch to build "Tianpule," a multimodal music generation model, choosing a self-developed path distinct from open-source fine-tuning. In the AI voice domain, Quwan partnered with CUHK-Shenzhen to open-source the MaskGCT voice model. Quwan develops both AI music and AI voice; it launches AI hardware while maintaining an interest-based social platform with over 200 million registered users. While its business scope appears broad, it is built upon a single, continuously expanding set of core AI interaction capabilities. Across its distinct business lines, Quwan serves diverse sectors—music creation, content globalization, public services, and social networking. From an architectural standpoint, however, they all draw from the same underlying AI interaction capability. Looking back at Quwan Technology's 12-year trajectory, a clear thread emerges: the first half was about "connecting interests"—using interest communities to bring together young people seeking belonging; the second half is about "creating interests"—using AI to lower creative barriers so anyone can convert ideas into digital assets and passion into sustainable expression. Sustaining this arc is not the pursuit of tech trends, but an unwavering understanding of "interest" and "people." Whether with TT Voice or AI music, Quwan’s ethos places user insight ahead of technical R&D. This product philosophy—starting with the human element and designing backward from the ultimate user goal—ensures that technical iterations always revolve around real-world scenarios rather than descending into pure technical rivalry. Moving from "connecting interests" to "creating interests" is not only Quwan Technology’s internal evolution, but also an answer to how technology can truly serve human beings. No matter how technology changes, the essence of business remains constant: to understand people, serve people, and empower people. Conclusion Twelve years ago, Quwan Technology answered one question: How do you help people who love playing games find one another? Twelve years later, it is answering another: How can every ordinary person be given the chance to create their own work and express their unique passions? While the industry remains locked in fierce rivalry over conventional paths—whether single-point tools or general-purpose platforms—Quwan Technology has used vertical integration as an anchor to build a closed-loop "Model-Application-Hardware" ecosystem across AI music and AI voice. This is a direct response to the true nature of AI commercialization: technology can only weave itself into the fabric of everyday life and form a sustainable business model when it penetrates all the way through foundational algorithms, intermediary interactions, and physical hardware devices. (This article was first published on the TMTPost App; author | Li Chengcheng)消费动态 耐克将终止滔搏、宝胜国际在中国内地的线上授权 7月22日，Nike在中国的两家主力经销商：滔搏、宝胜国际发布公告确认，2027年1月1日起，将全面终止 NIKE产品在中国内地线上平台的销售。

8、华为增19%，苹果降6%，国内Q2销量数据出炉

阿德耶米和戈登还有一个共同的物理标签：速度。

两人合计超过65岁的年龄或许让人担忧体能，但在土超的节奏下，他们的经验、球商与终结能力足以让任何防线感到窒息。

这给了皇家奥维耶多机会。

9、国芯+国模之间缺一座“桥”，清程极智连续两年在WAIC架起国产算力跨越之路

那些完成了技术储备、打通了全球合规、建立了品牌护城河的企业，成年礼之后将是更广阔的星辰大海。

这场世界杯决赛已经无法用常规阵容实力和打法来分析赛果，双方肯定会燃尽自我。

10、首份DAA报告落地，AI价值有了新标尺

当下，大量开发者和企业希望利用消费级GPU进行AI推理与微调，但面临两个核心瓶颈：一个是多卡并行效率受限：消费级GPU默认P2P通信被限制，多卡数据需经CPU中转，延迟高，数据传输路径被迫拉长。

这种估值与基本面背离的行情终将修复，但储能需求的后续变化，是需要持续跟踪的核心变量。

1、突发！阴阳合同大反转！肖华回应！最坏结果曝光！

因此，在同一轮资本开支中，光模块厂商总是最早拿到订单、最早确认收入的那一个。

2、资本跨境 蓉城论道----第八届"大成•美奇•中泰智达"中国企业出海与境外上市暨外资来华交流对接会圆满举办

瑞银同样谨慎。

3、3胜3负警报！中国男篮名单动真格，4人召回4人出局周琦赵睿回归！

这也是 TPU 再次获得关注的原因。一场0-1，输球不可怕，可怕的是赛后梅西这番话：让人很揪心这当然不是说这些词没有意义。

4、足协杯出局后，冯伯元与陕西远征军球迷发生言语冲突_网易订阅

现在，这一矛盾进一步被放大。

5、和解！郭昊文、赵柏清回归，两个原因引发争吵，合同到期后留谁？

滕哈格对这位年轻人青睐有加，给了他一份长期合同。

6、足协杯客战武汉三镇，宿茂臻发布会表决心，史松宸首发成看点，客场赢面占优，段刘愚发文官宣转会云南玉昆

除了涉及“党争”之外，3人的状态也不在线。

王伟修自己还掏了2.84亿元认购股份，几乎是押上了全部身家。

温契奇严谨细致的判罚尺度、坚决统一的执法风格，能否完美适配这场跨洲巅峰对决？他能否在高压之下化解赛场冲突，最大程度减少争议判罚？这一切，都将在48小时后揭晓。

7、世界杯狼狈出局，队内将帅矛盾公开化，曾经的亚洲红魔已陷入危机

整个夏天，尤文都在为门将位置寻找新人。

一家拥有百余年历史的大公司，一天之内蒸发掉近四分之一市值。

8、视频丨利润1.4万亿元！央企上半年“成绩单”出炉 下半年发力方向定了

这种打法虽然不够华丽，但在淘汰赛阶段往往非常实用。

温故而知新，翻开两队的世界杯交锋史，每一次碰撞都伴随着争议、热血与传奇。

并有严重的内存碎片化问题，超长文本（8K+ token）易触发OOM，长文档问答几乎不可用。

西班牙以5胜1平的战绩晋级四强，六场比赛打入11球仅失1球，场均失球0.17个为四强最低，一度创造了649分钟的零封纪录，直到1/4决赛对阵比利时才被打破。