马斯克今天宣布收购cursor，openai发布codex新版向开发者倾斜，加上之前的anthropic focus企业用户大科技，GLM变相涨价限制普通用户倾向开发者。。。 这些种种行为说明通过代码生成能力不断提升而实现模型领先甚至agi已经成为了更广泛的市场玩家的共识 这是目前最优训练路径的选择。 相比自然语言，代码具备三个关键优势： 一是强可验证性，能否运行、是否通过测试，都提供了极高质量的反馈信号； 二是天然结构化，语法、逻辑、模块化组合，本质上是对人类思维过程的压缩表达； 三是任务复杂度高，天然包含多步推理、状态管理和调试迭代。这使得模型可以在“写代码—运行—报错—修复”的闭环中持续自我强化，这一点极其接近真正的智能系统。 因此，行业并不是在押注“写代码”这个应用本身，而是在利用代码这个环境，训练模型的推理能力、问题分解能力以及迭代能力。代码只是载体，目标是让模型具备工程师级别的解决问题能力。这也是为什么在传统 scaling law 边际递减的背景下，代码成为新的增长引擎：它提供了更密集、更可靠、更可自动化的训练信号，同时也具备清晰的商业化路径。 但代码并不是终点。它的局限同样明显：完全规则化、缺乏物理约束、偏符号系统。这意味着，仅靠代码路径，很难解决现实世界中的不确定性、噪声和复杂环境问题。 于是杨立坤的第二条路径也收获了不少市场关注：把模型放入“有反馈的现实系统”中。核心不是机器人本身，而是构建一个类似代码环境的闭环——决策、执行、反馈、修正。 这条路径同样具备闭环能力，但在可规模化上受限于物理世界，无法像代码那样高速扩张。但它的价值在于，它更接近真实世界，也更接近AGI所需要的“行动能力”。如果说代码路径训练的是“如何思考”，那么现实闭环路径训练的是“如何行动”。 最终的形态，很可能是两条路径的融合：代码能力提供“思考”，现实闭环提供“行动”，共同构成真正的 agent 系统。这也是当前从“模型”向“系统”的转变核心。AGI的路径很可能会是：先在代码中学会思考，再在现实中学会行动。

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和Quant Alex @StochAlex07 讨论： SABR Theta与Spot Theta+Vol Theta+Cross Theta的异同与应用，以及SABR模型自洽性分析。 **English Summary of the Chat** **SABR Theta vs Spot Theta + Vol Theta + Cross Theta** The conversation between **Alex Wu** (white bubbles) and **Jeff Liang** (green bubbles) is a technical discussion focused on **SABR Theta versus Total Theta** (i.e., Spot Theta + Cross Theta + Vol Theta), model self-consistency, PDE residual, and the correct definition of SABR Greeks. ### Key Points Discussed: 1. **SABR Gamma = Spot Gamma** (first major question, raised by Jeff) Jeff asked whether SABR Gamma (\(\partial^2 P / \partial F^2\)) is identical to Spot Gamma and whether it includes the dependence of \(\sigma_B\) on \(F\). He also provided the full chain-rule expansion of SABR Gamma in terms of Black-76 Greeks. Alex confirmed the understanding and **later affirmed in code** that this is exactly how SABR Gamma is implemented in their system. 2. **SABR Theta vs Total Theta and Model Self-Consistency** (main topic, led by Jeff) Jeff shared a clear 3-point understanding: - SABR Theta is computed directly via the SABR approximation formula to obtain \(\sigma_B\), then applying the Black-76 chain rule: \(\partial P/\partial t =\) BS_Theta(\(\sigma_B\)) + BS_Vega \(\cdot \partial\sigma_B/\partial t\). - Total Theta is the exact decomposition from the SABR PDE (Spot Theta + Cross Theta + Vol Theta). - When the model is **fully self-consistent** (Residual = \(\partial P/\partial t + \mathcal{L}P = 0\)), SABR Theta = Total Theta; otherwise the difference is the unexplained PnL caused by the approximation error in the Hagan formula (especially pronounced in long-dated, high vol-of-vol, or high-skew options). 3. **Practical Implication – Theta Decomposition Decision** (comment by Alex) Alex noted that whether to perform Theta decomposition depends on the risk-management approach: - Without decomposition → use SABR Gamma vs. dP/dt. - With decomposition → SABR Gamma maps to Spot Theta, Vanna to Cross Theta, and Volga to Vol Theta. **Overall Tone**: The discussion is highly technical and collaborative. Jeff drives the conversation by asking clarifying questions and presenting a well-structured 3-point summary of his recent study. Alex provides confirmations, practical insights, and code-level validation. Both participants demonstrate a strong command of SABR model nuances, particularly the relationship between approximation error, PDE residual, and real-world risk management.

唯二两家拿过WSBK 冠军的中国大陆机车品牌： 凯越机车 + 张雪机车。 凯越机车成立于2017年12月，张雪作为创始股东于2024年8月退出，退出时持股达35.88%。 2024年4月，张雪创立了以自己名字命名的重庆张雪机车工业有限公司，即张雪机车。 同年，张雪机车完成天使轮融资，由Focus Capital高信资本主导（通过上海高信领智创业投资合伙企业持有张雪机车9.17%的股份）。上海高信领智的最终受益人为周建素。 根据公开信息显示，张雪机车目前张雪持股78.4%，为公司实控人；表决权占比超82.56%。 2026年3月，张雪机车完成9000万元的A轮融资，投后估值约10.9亿元。 这笔融资由金华浙创金义智控创业投资合伙企业、杭州浙创百舸创业投资合伙企业完成。两家均由浙江省创业投资集团（浙创投885413）担任执行事务合伙人。 完成A轮融资后，张雪机车股东如下： 张雪 73.394% 上海高信领智创业投资合伙企业 9.1743% 重庆张雪伙伴企业 9.1743%（张雪在此股权占比55%） 金华浙创 5.5046% 杭州浙创 2.7523% 卓越的张雪。

Over the past two weeks, our team XDO has been working closely with @worldlibertyfi — and honestly, it’s been a real surprise for me. 最近两周，我们团队XDO开始和 @worldlibertyfi 密切合作，狠狠的教育了我！ Tbh, I had my own stereotypes at the beginning. Trump-backing, access to top-tier global resources — I assumed the team would be the type like: big vision, endless resources, everyone coming to them instead of the other way around. I mean, you can easily afford to be a “laid-back” team with this level of privilege and prestige.😂 说实话，刚开始接触的时候我是有刻板印象的。总统家族背景，全球顶流资源，我assume团体风格会是：愿景很大、资源很多，一定是所有的资源去找他们。可以猜想这种有顶级资源的美国团队有多么躺。 But after two weeks of working with them, I was genuinely impressed — even humbled. 但接触下来非常惊喜，甚至教育到我。 On nye, co-founder @ZachWitkoff was still handling interviews job. By Jan 2nd — when most people were still in holiday mode — their entire team was fully back in action. Every sync was well-prepared, execution was fast, and nothing was half-hearted. Even though many team members didn’t come from a Web3 background, everyone was actively and intensely learning. In every discussion, they consistently identified the single most critical key to success, made fast decisions, and mobilized the entire team to execute. From @ZachWitkoff & @zakfolkman founding-team-level market strategy decisions to execution, implementation, and even contract reviews — all of that can happen within a single day. 新年当天，Co-founder @ZachWitkoff 还在处理这面试的工作。1月2号，当大多数人还在休假模式的时候，他们已经全员到岗火力全开了。每次对接，准备充分，执行迅速，一点不含糊。虽然，很多人之前没有Web3背景，但是每个人在饥渴的学习Web3的知识。并且每次探讨中，总是可以找到决定事情成功的最核心的KEY，然后快速决策并全团队响应执行。是的，从大市场战略的Founding team决策到对其执行到落地执行包括审核合同，一天足以。 This made me reflect: why is a team with such a background working even harder than many startup founders? 这让我开始反思：为什么有这种背景的团队，反而比很多一般的创业者还拼？ My guess? Because the whole world is watching. If a normal project fails, you pivot and start over. But WLFI is different — with this kind of background, success is expected. That expectation pushes the founding team to focus on how to succeed even more. That pressure forces them to put in 200% effort to prove that what they build goes far beyond what their so-called “background” could ever hand them. 我猜的——因为全世界都在看。普通项目失败了，换个赛道重来就是。但 WLFI 不一样，顶着这种背景，成功变成了是应该的。所以，整个创始团队更聚焦在如何可以更加成功！这种压力，逼着他们必须用 200% 的努力去证明自己可以做的事情要远远超过他们“所谓的背景”可以给予的。 Another detail I noticed: their execution logic is extremely clear. It’s not the “we have resources, let’s just throw money at it” mindset. They are deliberately building long-term value step by step. They value every partner and every dollar — while also knowing how to turn those into weapons for rapid market capture. And when it comes to critical decisions, they don’t hesitate to invest heavily. You can imagine what this combination can ultimately become: top-tier resources + top-tier execution + a massive market = Massive future for @worldlibertyfi $USD1 By the way, this also validates a thesis I shared in my previous article (link below): in 2025, stablecoins are increasingly becoming the bridge to mainstream assets. Sustainability at the business level matters — and this is exactly the direction we’ve been betting on. 而且我观察到一个细节：他们团队做事的逻辑非常清晰，不是那种「有资源就随便造」的心态，而是真的在一步步构建长期价值。珍惜每一个合作伙伴，珍惜每一分钱，但是同时这些也可以成为快速抢占市场的武器。对于关键事情上，丝毫不吝惜。我们可以想象这种组合——顶级资源 + 顶级执行力 + 超级大的市场 WLFI USD1可以成为什么样最终形态。顺便说一句，也验证了我在之前一篇长文里的思考，今年稳定币成为连接主流资产的趋势越来越明显了。业务本身的可持续性。这也是我们一直在押注的方向。 So YEP! My view on WLFI has completely changed. This is a team that genuinely takes execution seriously, and have the power to make all dreams come true. 所以我现在对 WLFI 的看法彻底改变了。至少从合作体验来说，这是一个认真做事并且有实现造梦能力的团队。 If people with backgrounds are working this hard, what excuse do those without one have to be laid-back?? 「Don't make excuses for not being where you want to be. It usually comes down to not trying hard enough, or focusing on the wrong things.」 「Jiayi never used to create anxiety. But from now on, anxiety and self-reflection start with Jiayi.」 有背景的人都在拼命，没背景的凭什么躺平？ 「不要给自己的不够优秀找借口。大多数就是自己不够努力，或者努力方向不对！」 「Jiayi之前不制造焦虑。但是从现在开始，焦虑和反思从Jiayi开始。」 Side note: after deeply engaging with the founding team, I started allocating heavily into $ALTS (already 100% in profit so far) and $WLFI. I’m happy to say that so far, the results have been very encouraging. 题外话： 正式因为深度的接触了创始团队后。我开始重仓WLFI的DAT股票 $ALTS (且翻倍了）和 $WLFI。很开心，目前为止，让我看到了好的结果。 LONG Crypto 🚀 LONG Stablecoin 🚀 LONG Myself

FOCS 101 就在婚礼前夕，她受到了她憎恨的前男友的威胁……尽管她很不情愿，但新娘还是选择了被灌精，而不是她的未婚夫_末广纯 @jmlt8com 假面论坛

《focs-261》一位美丽的护士被要求在医院协助她讨厌的前男友。尽管她已经订婚，但她还是无法抗拒男人鸡巴的污秽，最终与他发生了长达三个月的性关系。静香

捆绑轮操系列 穿裤袜被抽插中出，本片女优颜值高，无多余玩弄，从头到位就是绑着丝袜女优输出上下两洞，简单粗暴实在强烈推荐 JUFE-483 JUFD-778 SONE-338 ABW-324 JUFD-671 JUFD-778 JUFD-832 SSIS-927 JUFE-463 JUFD-937 JUFD-950 MVG-127 VDD-192 FOCS-244 MUDR-320 HTMS-098 兄弟们可一定要看