Jackson hole会议有关ai的摘录 1，AI的发展速度与经济增长潜力 Capital and labor have combined to create the large language models at the heart of AI. Users buy tokens to gain access to the models. Reports put annualized token sales for the two leading labs alone at more than $100 billion—an increase of 500-plus percent from a year ago. 资本和劳动力共同创造了处于AI核心地位的大语言模型。用户通过购买Token来使用这些模型。据报道，仅两家领先实验室的Token年化销售额就已超过1,000亿美元，同比增长逾500%。 2. AI可能成为新的生产要素 The Fed watches all of this attentively. We recognize that AI is a new variable—potentially a new factor of production—that will have consequences for both the economy and the conduct of monetary policy. It opens some major lines of inquiry:美联储正在密切关注这一切。我们认识到，AI是一个新的变量——甚至可能成为一种新的生产要素——它将同时影响经济运行和货币政策的实施。这带来了一些重要的研究问题： Will the application of AI cause a significant, sustained rise in productivity across the economy? And if so, when?AI的应用是否会推动整个经济体的生产率显著且持续提高？如果会，这种变化将在何时出现？ Will token usage be complementary or competitive to labor? Will the next generation of AI models demand even greater capital intensity, or will the models themselves help devise a capital-light solution? Token的使用与劳动力之间究竟是互补关系，还是竞争关系？下一代AI模型是否需要投入更多资本，抑或这些模型本身能够帮助开发出资本需求较低的解决方案？ 3. AI产业的收益将由谁获得 Among the other yet unknowns is the resulting market structure. It's not obvious where the returns on capital will land or on what timescale. Early on, how much of the surplus goes to owners of scarce assets—AI labs, chipmakers, energy producers, and cloud providers? Over time, how much of that value accrues to businesses and consumers? What are the broad implications for workers and for the employment side of the Fed's mandate?另一个尚未确定的问题，是AI最终会形成怎样的市场结构。资本收益最终将流向哪里、又将在多长时间内实现，目前并不明确。在发展初期，经济剩余中有多少会流向稀缺资产的所有者——包括AI实验室、芯片制造商、能源生产商和云服务提供商？随着时间推移，又有多少价值会由一般企业和消费者获得？AI将对劳动者以及美联储就业使命产生哪些广泛影响？ 4. Token价格与模型分层 Likewise, we don't yet know the equilibrium price of the tokens. Might there be a heterogeneity of tokens, such that growing sums will be paid for access to the best models at the frontier? Will token prices for older models fall to the level of their marginal cost?同样，我们尚不知道Token的均衡价格。未来是否会出现明显的Token分层，使用户愿意支付越来越高的费用来使用最先进的前沿模型？较旧模型的Token价格是否会下降至其边际成本水平？ 5 美联储将成立专项工作组 We will be thinking through these matters with the help of a task force on productivity and jobs. My early check-ins with the leaders of that task force, and the four others, have been encouraging.我们将借助一个专门研究生产率与就业问题的工作组，深入分析这些事项。我与该工作组以及另外四个工作组负责人的初步交流令人鼓舞。To be clear, though, their recommendations will come later and have no bearing on decisions we make in the current policy conjuncture. But I believe that for future policy challenges, this intellectual investment today will leave us far better prepared.不过需要明确的是，这些工作组的建议将在以后提出，不会影响我们在当前政策环境下所作的决定。但我相信，今天投入的这些研究工作，将使我们在应对未来政策挑战时准备得更加充分。 6. AI已经成为资本开支增长的重要动力 Business capital expenditures—the seed corn of future economic growth—are rising rapidly. The four-quarter change in investment in equipment and intangibles has been around 9 percent, its highest growth rate since 2021. More than half of the cap-ex growth this year can likely be ascribed to the buildout related to Expectations for growth in both cap-ex and corporate earnings are running quite high. I will continue to watch the change in their growth rates, the second derivative. The follow-on effects on asset prices, business confidence, consumer income, and spending are equally important to gauge.市场对资本支出和企业盈利增长的预期都相当高。我将继续观察其增长速度的变化，也就是所谓的“二阶导数”。AI投资对资产价格、企业信心、消费者收入和消费支出所产生的后续影响，同样值得密切评估。 我的看法：Warsh这篇演讲把AI视为一种可能出现的新生产要素，这是一个偏积极的看法。美联储最关心的并非单纯的技术进步，而是AI对生产率、就业、产业收益分配、Token定价以及货币政策的长期影响。Kevin同时认为，AI投资已经对现实经济产生显著作用——今年美国资本支出增长的一半以上可能来自AI建设。

【Cuckold Climax】Episode 03: Room Passion – Completely Becoming B’s Exclusive Fucktoy (29:27mins) 🔥 Having intense sex with B in the room feels completely different!
The memories of last year’s wild session in the garage came rushing back. That ambiguous and forbidden relationship pushes the pleasure straight to the peak! 😈 In that moment, I was fully intoxicated and completely forgot about my husband’s existence… This time Sam didn’t join in. He knew how much I was enjoying this pure feeling of being conquered.
He just sat quietly on the side, stroking his own cock, enjoying the sight of his beloved wife being completely dominated by another man… 💦 Until an important phone call came in and B had to answer it…
My body was still burning with lust, and my hungry, unsatisfied pussy suddenly felt so empty! At that moment, Sam became the perfect backup. He immediately came over and filled my starving little hole! But he’s so naughty — he wanted to punish me for letting B fuck me raw earlier!
His punishment was to make me the sluttiest woman tonight!
I looked at him and said directly: “The sluttiest thing is getting fucked raw! And tonight I only want B to touch me. You can only watch, you can’t touch me!” 🥵 After B finished his call and came back, he once again shoved his thick, bare cock deep into my pussy without any protection!
We were both completely lost in the extreme pleasure of raw sex… until B was too exhausted and we finally paused. But who would have thought…
Even though Sam had agreed not to touch me, he couldn’t resist how slutty I looked. He suddenly pinned me down and fucked me hard…
He simply couldn’t hold back after seeing me act so wildly with B! 💦 ——————————————————— 【绿帽高潮】第三集 房间激情：彻底沦为B的专属肉便器（29:27分钟） 🔥 进房间和B激情，果然有另一种完全不同的滋味！ 回忆起去年在车房的疯狂，那种暧昧又禁忌的关系，让性爱直接冲到最高点！😈 那一刻我完全陶醉其中，彻底忘记了另一半的存在…… Sam这次没有参与，他知道我太享受这种纯粹被征服的激情了。 他只是坐在旁边，自己打着飞机，享受看着自己最爱的女人被另一个男人彻底征服的画面……💦 直到一个重要的电话响起，B不得不去接听…… 我正欲火焚身、还没被满足的骚穴一下子空虚下来！ 这时候Sam成了最好的备胎，立刻上来填满我饥渴的小穴！ 但他好坏，故意要惩罚我刚才让B无套！ 惩罚的方式就是要我今晚做最淫荡的女人！ 我直接告诉他：“最淫荡的就是无套被操！而且我今晚只让B碰我，你只能看，不能碰我！”🥵 就这样，B接完电话回来后，再次把那根赤裸裸的粗大肉棒毫无阻挡地插进我的小穴！ 我们俩完全沉醉在无套的极致快感里……直到B累得不行，我们才暂时停下来。 怎么知道…… Sam虽然嘴上答应不碰我，却还是忍不住我这么淫荡的样子，强行把我按住狠狠地干了一顿…… 他根本忍不了我被B操得那么浪的样子！💦💦

【2 Couples vs 1 Stud】 Passion Uninterrupted Episode 3 (25:00 minutes) In the last episode, while I enjoyed the passion with Alex, I didn't want to monopolize him and prevent him from having passion with Karen. So, I encouraged him to go to Karen, and I was curious to see how he would conquer her. Meanwhile, Karen's husband was diligently learning from Sam how to make Karen squirt, but because there was a slight trace of blood in her squirt, he was worried about infection and thus prohibited her from having sex with Sam and Alex. It was clear that Karen really wanted to be with them, but she respected her husband's decision. I think Karen did the right thing; respecting your partner's feelings should be the priority when couples go out to play, not letting desire make you lose your partner. This is also the most exhilarating moment, the passion clashing with different men makes me feel like I have no time even to breathe. This state of losing oneself must be the peak of human pleasure! That feeling of being loved, being pleased, being conquered in sex is something every woman should long for. It's just that old-fashioned doctrines (women can't be lewd, women can only be with their own men, women must remain pure) restrict women from freely enjoying these experiences. 【2夫妻vs1猛男】激情不断 第三集（25:00分钟） 在上一集中，虽然我和Alex的激情让我兴奋，我还是不想独占他，让他也去与Karen激情。我想看看他如何征服Karen。同时，Karen的老公努力学习让Karen潮吹，但由于潮吹中带有一点血，他担心感染，所以禁止了Karen与Sam和Alex的亲密接触。但Karen显然很渴望与他们做爱，不过她尊重老公的决定。我觉得Karen做得很对，尊重爱人的感受是最重要的，出来玩不能为了欲望而失去对方的爱。 这也是最刺激的时刻，轮流与不同的男人激情碰撞，让我呼吸都忘记了。这种忘我的状态简直是性爱的巅峰，每个女人都应该体验这种被爱、被取悦、被征服的快感。只是因为那些老旧的教条（女人不能淫荡、只能给自己的男人、要保持纯洁）限制了女人们去享受这种无拘无束的体验。