知名空头、Chanos & Co.创始人Jim Chanos在播客里吐槽，没人能算得清数据中心的账。

1、星空综合 虽然阿拉伊贝戈维奇是一个不错的潜力股，但这笔交易也存在一些争议。

接下来需要证明的是，在每年接近2000亿美元、并且仍在增长的资本开支之下，这些收入能否转化为稳定的自由现金流和足够高的资本回报率。星空综合“我们的定位一直是给创作者赋能，我们只做工具，不做内容。

2、文班亚马谈NBA 2K27封面：希望成就来得更快，从不满足

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。

3、伍兹之子被快门干扰后怒问：“哥们，搞什么？”，加洞赛饮恨出局

球员不得展示印有上述内容的内衣，除制造商标识外的其他广告亦不被允许。

4、邮报：利马是卡里克想要的类型，他的伤势将决定是否引进新中卫

这样的晋级之路，近乎完美。

5、离谱！阿根廷巨星拒不认错！世界杯决赛致命失误葬送全队

事实上，乐园是泡泡玛特许多IP运营尝试最初的试验地。

如今的四星乌拉圭真是一点进攻能力也没有，四星德国忘了看家本事头球轰炸，五星巴西在意大利教练执教下放弃传控改打反击战了，而四星意大利连续缺席了三届世界杯。

从安菲尔德的红色海洋，到伊斯坦布尔的黑白信仰，萨拉赫的旅程从未停止。

6、特朗普：从现在起只要伊朗在霍尔木兹海峡向船只开火，无论使用导弹、火箭弹、无人机还是其他武器，美国都将轰炸伊朗一座桥梁或发电厂

全队快速反击次数，只有内托的14次超过加纳乔的12次。

西班牙传控，比利时也喜欢进攻，如此对阵格局，斗牛士军团反而无惧欧洲红魔，西班牙喜欢对手攻出去。

7、26-27赛季曼联主场球衣，可印字号章

名字取完，路还是得自己走。

数据来源：美国劳工部、Wind、芝加哥商品交易所 研报来源： 国金证券：《如何看待金银的反弹？》，2026年7月24日 瑞银（UBS）财富管理：黄金目标价预测，2026年7月23日 摩根大通（J.P. Morgan）：黄金市场展望，2026年7月 美国银行（Bank of America）：2026年黄金均价预测，2026年7月 高盛（Goldman Sachs）：黄金目标价预测，2026年6月 摩根士丹利（Morgan Stanley）：《黄金与白银：ETF买盘何时重启？》，2026年7月20日 世界黄金协会（World Gold Council）：《2026年全球黄金市场年中展望》，2026年7月1日 中金财富期货：黄金市场评论，2026年7月24日 混沌天成期货：贵金属市场评论，2026年7月 报道来源： 财联社：《美联储加息再无后顾之忧？昨夜最炸裂数据：1969年以来最低初请》，2026年7月24日 新华财经：《国际油价重回100美元 通胀压力传导欧美债市收益率急升》，2026年7月24日 新华社：国际油价7月23日上涨报道，2026年7月24日 美联社（AP News）：US filings for unemployment aid fall to 187,000 last week, fewest since 1969，2026年7月23日 免责声明：本文仅供参考，不构成投资建议。

8、今日重要赛事！7月24日，CCTV5、CCTV5+直播节目表

皮尔斯透露，巴黎的法国国脚布拉德利·巴尔科拉颇受红军欣赏，布莱顿的扬库巴·明特、科隆的赛义德·埃尔马拉以及里尔的费尔南德斯-帕尔多也都在考虑范围之内。

沙特阿拉伯总身价约4000万欧元，90%的球员来自本土联赛，利雅得新月贡献了8名国脚，阵容默契度非常高。

作为迪桑特BLANC店铺概念在上海核心商圈的重要落地，上海环贸商场BLANC店铺以鲜明的空间语言与零售表达，进一步丰富品牌在高端都市零售场景中的布局。

9、尼克斯刚夺冠就被看扁？三大铁证显示他们下赛季要冲60胜

” 随着财务压力的阶段性缓解，巴萨得以更从容地规划卡萨多的未来。

这名19岁的黑山国脚一项得分数据仅次于亚马尔排名全球前3，下赛季加盟后将在未来队和一线队之间往返。

10、马莱莱太拼了，阿奇姆彭梦回巅峰，斯坦丘大师级发挥，大连重回前三

在世界杯这样残酷的舞台上，这种怯懦的“苟且”战术注定没有好果子吃。

库巴西在本届赛事中的表现同样堪称惊艳。

1、惊鸿起“武”，国民级现象舞剧《咏春》将在南京上演

中卫位置人手紧张，宽萨追加停赛1场，联赛已淡出首发的斯通斯需要挑起大梁；边后卫位置里斯詹姆斯刚刚伤愈，状态如何需要观察；此外，球队近3场淘汰赛都有丢球，防线不够稳固。

2、突发：圣海伦斯主帅罗利闪电下课，上任不足一年

但现在，失望是巨大的。

3、新华社探访白俄罗斯“亚麻城”，看一根亚麻如何织就中白合作新图景

更关键的是他曾多次在公开场合宣称自己是米兰的忠实球迷，当然布鲁日是很难缠的谈判对象。后防大将伤缺！武汉三镇出征魔鬼主场，誓为保级而战！谷歌因违反欧盟规则被处以总计8.9亿欧元的罚款 7月23日，欧盟委员会表示，谷歌因违反欧盟规则被处以总计8.9亿欧元的罚款。

4、三镇新外援首秀，破重庆铁桶阵试水，刘建业不怕阵地战，卡迪斯PK杜月徵

一边是35场不败、6场零封仅丢1球的传控王者，一边是淘汰赛连续逆转、梅西领衔的南美铁军。

5、转会窗：尤文有意再追马特塔，门将补强除阿利松外还有多个选择

进入淘汰赛后，比利时的状态开始逆势上扬，1/16决赛对阵塞内加尔，球队一度两球落后，最终在常规时间尾声连扳两球，加时赛完成3-2的惊天逆转。

6、吉利拿下福特西班牙闲置产线，将生产去年中国销冠车型EX2

当球队在场上承受着高强度的身体对抗和巨大的心理压力时，队长挺身而出为队友挡住不合理的沟通姿态，这恰恰是“球霸”与“领袖”最本质的区别。

对阿斯拉尼而言，诺坎普始终是梦想之地。

尽管在四分之一决赛中遗憾负于英格兰，哈兰德仍将挪威队本届世界杯的征程，称作他人生中最美妙的一段旅程。

7、舍夫勒谈四大满贯全部功亏一篑：每一次都“相当沮丧”

比赛的下半场成为了阿根廷人展现勇气的舞台。

7月19日进行的首场内部教学赛中，一线队以7-0的比分大胜未来队，多名轮换球员与边缘球员获得了充足的出场时间，达到了初步的热身目的。

8、底表21.4万英里，这辆1981款奔驰300TD Turbo换上了14.3万英里的发动机

监管与支付这两个最关键的堵点，也在今年快速打通。

目前莫德里奇享受到的税后年薪为350万欧元，税前总成本约648万欧元。

一签赚8300到2.2万元。

2018年，中际旭创在行业内率先量产400G光模块，奠定了高速率产品的先发优势。