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麦当劳（MCD.US）正式发布 2025 财年全年业绩报告——该财年，麦当劳全球实现营业收入268.85 亿美元（约合人民币 1868 亿元），同比增长 4%；归母净利润85.63 亿美元（约合人民币 595 亿元），同比增长4%，整体表现符合市场预期。
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英伟达的股价困境，不是AI行业的终点，而是市场对AI产业从“宏大叙事”回归“微观盈利”的必然调整：当投资者不再追问“模型参数有多大”，而是开始关注“每个Token能赚多少钱”时，AI行业真正的价值投资才正式开始。
This is complicated by growing measures of regulation from countries around the world. Australia passed landmark legislation in 2024 barring minors under 16 from having accounts on social media platforms like Facebook, TikTok, and YouTube. Domestically, 32 states have introduced age verification legislation, and that is only intensified in externalities that are yet to be seen after the Federal Trade Commission announced last week it would exercise “enforcement discretion” regarding the Children’s Online Privacy Protection Rule (COPPA). This would allow social media companies to collect children’s data without parental consent—but solely for age verification purposes.
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