英伟达以129亿美元收购Hugging Face，制药公司对脱发治疗前景看好

早上好，欢迎收听《每日咖啡秀》。

Good morning, Brew Daily Show.

我是尼尔·弗莱曼。

I'm Neil Fryman.

我是托比·豪厄尔。

And I'm Toby Howell.

今天我们来聊聊，为什么治疗脱发可能成为制药业的下一个金矿。

Today, why balding treatments could be the next pharma gold mine.

接下来，特斯拉赛博出租车的正式发布，是让人惊艳还是失望？

Then did the official launch of the Tesla Cybercab wow or disappoint?

今天是9月4日，星期五。

It's Friday, September 4.

我们开始吧。

Let's ride.

早上好。

Good morning.

劳动节周末到了。

Labor Day weekend is here.

这美好的三天标志着从夏天到秋天的非正式过渡。

The glorious three days that mark the unofficial transition from summer to fall.

周一劳动节当天，Brew办公室关门，所以我们提前录制了一期特别访谈节目，让大家有内容可看。

The brew office is closed on Monday, Labor Day itself, so we've taped a special interview episode to tide you over.

记得收听，看看神秘嘉宾是谁。

Tune in to find out who the mystery guest is.

Toby，这个周末除了别的，还标志着大学橄榄球赛季全面回归。

Toby, among other things this weekend marks the return of a full slate of college football games.

我反正已经兴奋起来了。

And I for one am already hyped.

昨晚，我家乡的球队麻省大学打出了这项运动史上最伟大的冷门之一，尽管赛前被看好落后29分半，他们还是击败了罗格斯大学。

Last night, my hometown team of UMass pulled off one of the greatest upsets of all time in the sport, crushing Rutgers despite being 29 and a half point underdogs.

麻省大学去年一场比赛都没赢。

UMass did not win a single game last year.

看着你看到比分上涨的样子，就像小孩子进了糖果店一样。

Watching you see that score go up, it was like a kid in a candy shop.

你脸上满是喜悦。

You had so much joy in your face.

喜悦太多了，我都有点嫉妒了，因为我没有大学球队。

So much joy, in fact, that I got a little bit jealous because I do not have a college team

去

to

去支持。

to call my own.

众所周知，马凯特和布朗并不是什么橄榄球强校。

Famously, Marquette and Brown are not exactly powerhouse football programs.

所以过去几年，我一直让听众们帮我出主意，给我推荐一支好的大学橄榄球队来支持。

So the last couple of years, I have been asking our listeners to weigh in and give me a good college football team to support.

说实话，去年我支持的是印第安纳队，所以很难再达到那样的高度了。

Not gonna lie, last year, was on the Indiana bandwagon, so it's gonna be very difficult to live up to the highs of that.

但是拜托，请在评论区留言，给我们发邮件，或者在我的Instagram上私信我，给我一个支持你们大学橄榄球队的理由，我想我会在长周末之后公布我的选择。

But please, write it in the comments, email us, DM me on Instagram, give me a reason to root for your college football team, and I guess I will reveal my choice after the long weekend.

不过我今天就要你做出选择，因为不行。

I'm gonna make you pick though today because No.

你不能在比赛之后

You can't pick

再选。

after they play.

那是作弊。

That is cheating.

我需要大家先表明立场。

I need people to state their claims first.

到目前为止，我唯一关注的球队是犹他大学队。

The only team I've had my eye on so far is the Utes.

犹他大学队，不知道为什么。

The Utah Utes for some reason.

我们要去西部了。

We're going out west.

接下来是我们的赞助商美国运通带来的广告。

And now a word from our sponsor, American Express.

尼尔，你在哪里做过最难忘的一笔商务消费？

Neil, where's the most memorable place you've ever made a business purchase?

现在商务活动无处不在，比如在飞机上、火车上，甚至在朋友那场特别长的婚礼上。

Business happens everywhere these days, like planes, trains, or even during a friend's really long wedding ceremony.

那你应该知道，美国运通商务白金卡可以为你的商务旅程带来回报。

Well, you should know the American Express Business Platinum Card can reward your business journey.

通过amextravel.com预订航班和预付酒店，可以获得五倍会员奖励积分，在主要商务类别的合格消费以及单笔5000美元及以上的合格消费上，可以获得两倍积分，具体条款和条件适用。

You can earn five x membership rewards points on flights and prepaid hotels booked through amextravel.com and two x points on eligible purchases in key business categories, as well as on eligible purchases of $5,000 or more terms in cap apply.

这样，你可以在已有的商务消费上赚取积分，并在旅程中随时兑换使用。

So you can earn points on your business purchases you're already making and redeem them for wherever your journey takes you.

访问go.amex/morningbrew了解更多，看看你的欢迎礼遇，最高可达30万会员奖励积分。

Learn more at go.amex/morningbrew and find out your welcome offer, which could be as high as 300,000 membership rewards points.

网址是go.amex/morningbrew，优惠和福利条款适用。

That's go.amex/morningbrew offer and benefit terms apply.

两年前，埃隆·马斯克在好莱坞的一个摄影棚里首次展示了Cybercab。

Two years ago, Elon Musk unveiled the first ever Cybercab on a Hollywood studio lot.

昨天在得克萨斯州奥斯汀，马斯克承诺要向全世界推出大量这种车。

Yesterday in Austin, Texas, and Musk promised to release a storm of them to the world.

但实际情况更像是零星小雨，而不是倾盆大雨。

The reality was more like a sprinkle than a deluge.

这场庆祝Cybercab正式商业发布的华丽活动并不对公众开放。

The glitzy event to celebrate the official commercial launch of the Cybercap was closed to the public.

与会者大多是特斯拉的网红，而马斯克本人甚至懒得露面。

Attendees mostly consisted of Tesla influencers, and Elon himself couldn't be bothered to show up.

但这是埃隆·马斯克最古老梦想的第一章，一个他把公司整个未来都押上的梦想。

But it was the first chapter in one of Elon Musk's oldest dreams, a dream he's bet the company's entire future on.

2024年，马斯克承诺要“全力以赴”推进自动驾驶，他称这一举措是“显而易见”的。

In 2024, Musk promised to go, quote, balls to the wall for autonomy, a move he called blindingly obvious.

那他的“全力以赴”到底是怎么个全力以赴法？

How to the walls were his balls?

嗯，Cybercab 是一款双座车，没有踏板，没有方向盘，没有后视镜，当然也没有司机。

Well, the Cybercab is designed to be a two seat car that has no pedals, no steering wheel, no side mirrors, and, of course, no driver.

埃隆承诺要大规模生产这款车，在每个城市投放车队，彻底改变我们熟悉的城市交通。

Elon has promised to mass produce the car, putting a fleet in every city and remaking urban transportation as we know it.

但到目前为止，它的无人驾驶出租车服务主要从去年六月开始在奥斯汀运营，用的是改装过的 Model Y，而且大部分时间运行得不错，只出了几次小事故。

But so far, its robotaxi service has mainly been operating in Austin since June of last year using modified Model Ys, and it's gone well for the most part with only a few minor incidents to speak of.

但令人担忧的是，去年夏天炒作之后，这个网络实际行驶的付费里程数在下降，这就把我们带回了昨天的活动。

But concerningly, after the hype of last summer, the number of paid miles actually being driven by the network is declining, which brings us back to yesterday's event.

这实际上是改装版 Model Y 向 Cybercab 的交接，Cybercab 配备了更先进的特斯拉全自动驾驶技术，而且根据马斯克的推文，它是为最高效的自动驾驶操作而设计和制造的。

It was really a handing of the torch from those modified Model Ys to the Cybercab, which has a more advanced version of Tesla's full self driving technology and is designed and built for maximally efficient autonomous operation according to a Musk tweet.

你知道，很多分析师指出，这是特斯拉的一个关键时刻，它终于证明了自己不仅仅是一家电动车公司，也证明了它那比接下来59家汽车制造商加起来还要高的估值是合理的。

You know, many analysts have pointed to this as a fork in the road moment for Tesla, where it finally shows it's a more than just an EV company and just ifies its gaudy valuation, which is more than the next 59 automakers combined.

这次展示够震撼吗？

Was this impressive enough?

好吧，我们拭目以待。

Well, we'll see.

它还有很多要追赶的地方。

It's got a lot of catching up to do.

目前，特斯拉在得克萨斯州和佛罗里达州的一些城市里，只有大约200多辆无人监督的自动驾驶出租车。

Currently, Tesla has just over 200 unsupervised robo taxis in a cluster of cities in Texas and Florida.

特斯拉的自动驾驶出租车，我在这里加个引号，大部分前排都坐着一位安全驾驶员。

Most of Tesla's robo taxi, and I'm putting those in scare quotes, network has a human safety driver in the front seat.

相比之下，Waymo才是这个领域的领头羊。

Compare that to Waymo, which is the leader in this space.

他们有超过4000辆无人监督的自动驾驶出租车，前排没人，也没有司机，覆盖14个城市。

They have more than 4,000 unsupervised robotaxis, no one in the front seat, no driver in 14 cities.

我真的很着迷于观察这个。

I'm just so fascinated to watch this.

这真是巨头之间的对决，也是两种实现自动驾驶的不同路径。

It's a real clash of the titans and two ways of going about autonomy.

因为从一开始，埃隆·马斯克就一直贬低激光雷达，而激光雷达是行业里其他公司都在用的技术。

Because from the very beginning, Elon Musk has talked down about LiDAR, which is what the rest of the of the industry uses.

那是用激光来测量距离，然后构建三维地图。

That's post laser light that measures distances, and you build three d maps.

所以Waymo和其他很多做自动驾驶的公司都用激光雷达。

So Waymo and a bunch of the other companies working on autonomy have used LiDAR.

这将会是对特斯拉路线、埃隆·马斯克路线的一次真正考验。

This is will be a real test of Tesla's approach, Elon Musk's approach.

他总是按自己的方式来，还说激光雷达太贵了。

He's always done things his own way and says that LiDAR way too expensive.

如果你见过Waymo的车，它周围全是各种传感器，而特斯拉的赛博车看起来更简洁，因为它只用摄像头和AI神经网络来导航。

If you've seen a Waymo, it has all these bells and whistles around the cyber cars much more sleek because it just used cameras and an AI neural net to get it around.

这是我们接下来要重点关注的，看看埃隆·马斯克这种非传统的自动驾驶路线能不能走通。

That's one of the big things that we'll be watching to see whether Elon Musk's unorthodox way of approaching autonomy will work out.

不只是车底下的技术，车内的设计也完全不一样，因为埃隆·马斯克把它描述成“车轮上的休息室”。

Not only is it the technology under the hood, the interior of the cabin looks entirely foreign because Elon Musk describes it as a lounge on wheels.

没有方向盘。

There is no steering wheel.

看起来很奇怪。

It looks bizarre.

你进去之后，就只有两把椅子和一个大屏幕。

You get in, there's just two chairs and a big screen.

他下这个赌注，是特斯拉做过的最大的商业风险，因为他在规则还没跟上之前就下了注。

The fact that he made this bet is the business biggest risk that Tesla has made because he made the bet before the rules have actually caught up.

美国汽车安全监管机构已经提议修改一些标准，以消除全自动驾驶汽车的监管障碍，但这些修改都还没有最终确定。

US auto safety regulators have proposed changing some standards to eliminate regulatory barriers for fully autonomous vehicles, but none of those changes has been finalized yet.

你不可能真的把一辆没有任何行业安全标准基础的车开上路。

You can't really bring a car onto the road that doesn't have any of the things that the entire industry has built the safety standards upon.

所以这是一个很大的风险。

So that is one big risk.

他们想绕过这个问题的方法，是另一家自动驾驶公司。

The way they think they'll get around it is another self driving company.

Zoox最终获得了联邦安全标准的豁免，得以部署其商用车辆。

Zoox ultimately received an exemption from federal safety standards that allowed it to deploy its commercial vehicles.

特斯拉也希望获得类似的豁免，但目前还没有。

Tesla is hoping for something similar, though it doesn't have that yet.

所以，不仅在激光雷达和计算机视觉方面存在分歧，在车辆设计本身也存在分歧。

So not only are is there a differing of approaches when it comes to the LIDAR or the computer vision of it all, but there's also a differing of approaches when it comes to how the cars themselves were designed.

好的。

Alright.

所以特斯拉的整个未来都押在这上面了。

So the Tesla's entire future hangs on this.

马斯克的财富取决于他们能否在未来几年大规模推出Cybercab。

Elon Musk's fortune hangs on whether they can roll out the cyber car in a mass capacity in the next few years.

至少在Polymarket上，人们并不看好这事会很快发生。

At least on Polymarket, people are not so bullish on this happening imminently.

Polymarket上关于特斯拉是否会在2026年以3万美元或更低价格出售Cybercab的问题，概率是15%。

The question will Tesla sell a Cybercab for $30,000 or less in 2026 is 15% on Polymarket.

目前，Cybercab还没有向公众出售。

Currently, Cybercabs are not for sale to the public.

接下来，英伟达并不满足于做芯片领域的霸主。

Moving on, Nvidia isn't content being the lord of the chipmakers.

现在它想统治整个AI王国。

Now it wants dominion over the entire AI kingdom.

为了进一步实现这个目标，这家全球最有价值的公司同意以129亿美元收购Hugging Face，一个拥有超过300万个开源AI模型的库。

To further that quest, the world's most valuable company agreed to pay $12,900,000,000 to buy Hugging Face, a library of more than 3,000,000 open source AI models.

这一举动自上周以来就有传闻，它巩固了英伟达扩张并控制整个AI生态系统的野心。

The move, which has been rumored since last week, cements Nvidia's ambition to expand and control the entire AI ecosystem.

Hugging Face不仅仅是一个AI库。

Hugging Face is more than just an AI library.

它是一个协作中心，工程师和机器学习专家在这里共同开发AI模型、数据集和应用。

It's a collaborative hub where engineers and machine learning experts work together on AI models, datasets and applications.

Hugging Face成立仅十年，总部位于纽约，最近一次估值是在2023年，达到45亿美元。

Just ten years old and based in New York, Hugging Face was most recently valued at $4,500,000,000 in 2023.

所以这几年它确实有了很大的提升。

So it's had a pretty major glow up in recent years.

当然，这也伴随着一些成长的烦恼。

That's gone with some growing pains.

不过，如果你觉得以前听过Hugging Face这个名字，那是因为今年夏天早些时候，那起轰动全球的黑客事件中，失控的OpenAI代理入侵的就是这家公司。

However, if you feel like you've heard the name Hugging Face before, it's because this was the same company that rogue OpenAI agents broke into in that hack heard around the world earlier this summer.

但Hugging Face没有因此退缩，反而利用这次事件发起了一场推广活动，大力宣传开源模型，而随着中国开源模型越来越受欢迎，这也成了一个关键的争议点。

But instead of going into a shell, Hugging Face used the incident as an opportunity to launch a promotional blitz touting open source models, which has been a key point of contention as Chinese open models become more popular.

正是在开源这个问题上，Hugging Face找到了英伟达这个盟友，英伟达也一直支持开源AI。

And it's on this open source question where Hugging Face has found an ally in Nvidia, which has also gone to bat for open source AI.

托比，这看起来真是天作之合啊。

Toby, this seems like a match made in bot heaven.

对我来说，Hugging Face是一家非常酷的公司，不仅仅是因为它有个有趣的名字，取自那个拥抱的表情符号。

Hugging Face is a very cool company to me, not just because it has a funny name that's named after the Hugging Face emoji.

回到十年前，三位法国企业家有了一个AI伴侣应用的想法。

Go back a decade ago, three French entrepreneurs had this idea for an AI companion app.

我找到了他们最初在Product Hunt上的发布页面。

I found their original Product Hunt listing.

Product Hunt是个发布科技项目的网站，他们当时被描述成——哦天哪，那个词怎么说来着，电子宠物？

Product Hunt is this site where you launch your tech projects, and they were described as the, Oh oh my gosh, how do you say Tamagotchi?

电子宠物？

Tamagotchi?

电子宠物。

Tamagotchi.

电子宠物。

Tamagotchi.

由人工智能驱动的电子宠物。

The Tamagotchi powered by artificial intelligence.

其中一位创始人的描述是，这是一个人工智能，它的目标不是有用或准确，而是有趣和情感化。

One of the founders' descriptions was that it was an artificial intelligence whose goal is not to be useful or accurate, but to be fun and emotional.

这就是最初的想法。

That was the original vision for this.

显然，这个想法没能流行起来，但在开发过程中，他们意外地打造了自己的自然语言处理工具，这让他们发现了更大的机会，那就是让开发者更容易获取和使用AI技术，于是就有了我们今天所知的Hugging Face。

Obviously, that failed to catch on, but while building it, they ended up creating their own natural language processing tools that led them to the much bigger opportunity of making AI technology easier for developers to access and to use, and now it's the Hugging Face that we know of today.

不过，显然早期有个人看中了他们，那个人就是凯文·杜兰特。

Clearly, one person saw something in them in the early days though, and that person is Kevin Durant.

KD在很早的时候向这家公司投入了大约25万美元，现在这笔股份很可能已经增长到超过6000万美元了。我找到了他投资后发的原始推文。

KD put around $250,000 very early into this company, and that stake has now likely grown to more than $60,000,000 I found his original tweet after he invested.

那是在2017年3月9日。

This was back on 03/09/2017.

他写道：对#Hugging Face的新版本感到兴奋，自豪的投资人，然后附上了网站的链接。

He goes, excited for the new release of hashtag Hugging Face, proud investor, and then put a URL to the site there.

所以KD在篮球场上赚了5亿美元，但他通过投资这家公司额外赚了6000万。

So KD has made $500,000,000 on the basketball court, but he made an extra 60,000,000 by investing in this company.

24000%的回报率。

A 24000% return.

不错嘛。

Not bad,

确实不错。

not bad.

我们来聊聊英伟达为什么这么做。

Let's talk about Nvidia why it's doing this.

首先，它最近一直在疯狂花钱。

First of all, it's just been on this insane spending spree.

它投入了数千亿美元来支持数据中心和各种AI项目，因为它发现自己正处于AI世界的中心。

It's spending hundreds of billions of dollars backstopping data centers and all kinds of AI deals because it finds itself at the center of the AI universe.

它想做的，就像在真实宇宙中一样，是让这个中心不断扩张，因为它知道自己是AI运行的基础，尤其是开源AI。

And what it wants to do as in the real universe is make it expand because they know that they are the building blocks of everything that AI runs on, especially open source AI.

所以，如果它能资助更多项目，让更多基于其系统的AI模型问世，那它就能赚更多的钱。

So if they can finance more deals and get more AI models out into the world that run on its systems, then they just make more money.

当然，你可能会想，130亿？

And of course, you're thinking 13?

那可是129亿美元，真是一大笔钱。

What is it $12,900,000,000 That's kind of a lot of money.

但话说回来，英伟达赚的钱太多了，最近一个季度利润就有600亿美元，资产差不多有2000亿。

But I mean, Nvidia makes so much money, they made $60,000,000,000 in profits in their recent quarter, they have nearly 200,000,000,000 in assets.

所以他们明显是在主动出击。

So they are clearly on the offensive.

几年前，我们还只知道他们是一家增长飞快的芯片公司，他们做的加速器是所有模型运行的基础。

Couple years ago, we just knew them as this really fast growing chipmaker, they made the accelerators that all these all these models run on.

现在他们想成为整个AI星系里的太阳。

Now they just want to be the sun in the entire, AI galaxy.

我很高兴你刚才差点说成130亿，因为收购价具体是129亿3030万。

I'm glad that you almost said 13,000,000,000 because the acquisition price is very specifically 12 point 12,930,300,000.

这个数字很具体，我们知道是因为Hugging Face的联合创始人之一在推特上发了消息，说嘿。

That is a specific number, and we know that because one of the cofounders of Hugging Face tweeted out essentially, hey.

收购价里藏着一些彩蛋，一个跟我们有关，一个跟英伟达有关。

There's some hidden references in that acquisition price, one relating to us and one relating to Nvidia.

其实找到跟Hugging Face相关的彩蛋挺容易的，因为129303这个数字就是Hugging Face表情符号对应的Unicode码点的十进制表示。

It's actually pretty easy to find the Easter egg that references Hugging Face because the number 129,303 is the decimal representation of the Unicode point that represents the Hugging Face emoji.

我说过那很明显。

I said that was obvious.

对于在这些圈子里的人来说，这很明显。

It's obvious to the people that operate in these circles.

Nvidia那个彩蛋就有点难猜了。

The Nvidia one was a little harder to parse through.

有些评论者发现了'93'这个组合，指的是Nvidia的成立年份1993年。

Some commenters spotted the '93 combination, that's in reference to Nvidia's founding year, 1993.

还有人更进一步，把它拆成了1293和03。

And then other people went even further, they broke it down into 1293, and o three.

12指的是Nvidia的12美元IPO价格，顺便说一句，它上市时就是这个价，真是疯狂。

The 12 he says referenced Nvidia's $12 IPO price, which by the way, crazy that that's where it debuted at.

03则指向Nvidia的三位创始人，其中包括黄仁勋。

And then o three pointed to the Nvidia's three founders, Jensen Huang, amongst other people.

所以这就是对收购价格的深度解析。

So that was the that was the deep dive into this acquisition price.

我觉得吧

I feel like

这比直接写69更有创意，对吧。

It's a little more creative than than just going 69 Yeah.

20，但是

20 But

我也觉得收购价格应该基于事实、数字、收入这些，你懂的。

I also feel like you feel like acquisition prices should be, you know, based in facts, based in numbers, revenue, whatnot.

不。

Nope.

他们就是想把两家公司的彩蛋放进去。

They just wanted the Easter eggs that reference their two companies in there.

我喜欢这些技术宅。

I love nerds.

好吧。

Okay.

欢迎来到本周股票之星和本周狗股节目，在这里我们会选出一只像凯莉·克莱森那样高歌猛进的股票，还有一只怎么也唱不上去高音的股票。

Welcome to stock of the week dog of the week, where we pick one stock that sings like Kelly Clarkson, and another that just can't hit those golden high notes.

我在节目前的铁人三项中赢了，所以我可以先来。

I won the pre show triathlon, so I get to go first.

我选的本周股票之星，是所有那些试图修复你头顶上那块日渐稀疏的秃斑的公司。

And my stock of the week is all the companies trying to fix that fledgling bald spot appearing on your skull.

今年，治疗脱发的制药公司股票简直涨疯了，因为投资者们把目光投向了减肥革命的下一个风口——就是治脱发。

Stocks of drug makers attempting to treat baldness have gone nuclear this year as investors set their sights on the second coming of the weight loss revolution just for hair loss.

据彭博社报道，Veradermyx的股价，交易代码是MANE，也就是Maine，自二月份上市以来已经飙升了近500%。

According to Bloomberg, shares of Veradermyx, trades under the ticker m a n e or Maine, have jumped almost 500% since it went public in February.

与此同时，另一家研究这个问题的公司Abcab，股价也翻了一倍多。

Meanwhile, another company working on this problem, Abcab, more than doubled.

在美国，大约有五千万男性和三千万女性受到脱发的影响。

An estimated fifty million men and thirty million women are impacted by pattern hair loss in The US.

然而，近三十年来，几乎没有新药获批上市。

However, no new drugs have been approved in almost three decades.

投资者认为，这些制药公司正在研发的新疗法，就像彭博社报道的那样，是类似于GLP-1减肥药热潮的金矿。

Investors view potential new treatments like the ones being cooked up by these drug makers as a goldmine reminiscent of the boom in GLP one weight loss drugs Bloomberg reported.

因为现在，如果你正在脱发，你的选择很有限。

Because right now, if you're going bald, your options are limited.

你可以选择米诺地尔，也就是大家熟知的落健，或者非那雄胺，品牌名为保法止。

You could go the minoxidil route, better known as Rogaine or Finasteride branded as Propecia.

但这两种药都有不小的副作用。

But both have considerable side effects.

如果Veradermics、Abcai或者这个领域的另一个大玩家Cosmo能推出一个吸引人的新药，那我们可能就要看到下一个重磅消费药物了，因为以我的经验来说，这是一个巨大的市场。

If Veradermics or Abcai or another major player in the space, Cosmo, can add a compelling new entrant, then we might be looking at the next big blockbuster consumer drug because speaking from experience, this is a massive market.

让我们深入了解一下这三家值得关注的公司，以及它们各自独特的治疗脱发的方法。

Let's dive into these three companies to watch and their unique approaches to, hair loss.

Cosmo想要在毛囊层面阻断激素。

Cosmo wants to block the hormone at the follicle lever level.

他们正在研发——天哪，这个故事对我来说有点难讲，因为有很多很长的医学术语——他们正在研发的是克拉考特酮，他们确实认为可以通过直接针对导致脱发的激素来治疗男性型脱发。

They are developing God, this is a tough story for me, because there's a lot of really long medical words, but classcoterone, and they do think that it can treat male pattern baldness by going after the hormone directly that causes hair loss.

这些治疗方法可能还要一年才能在美国上市。

Those treatments are still likely a year away from US elves.

然后是Veradermyx，他们想把米诺地尔做成药片形式。

Then you go to Veradermyx, wants to turn minoxidil into a pill form.

他们特别针对男性和女性型脱发。

They are uniquely going after both male pattern and female pattern hair loss.

如果获得FDA批准，那将是美国第一款治疗女性型脱发的药片。

If they are approved by the FDA, that would be the first pill for female pattern hair loss in The US.

还有AbbVie，他们动作很大。

And then, AbbVie, are going crazy.

他们有一种AI设计的注射剂。

They have an AI designed shot.

所以这其实最像GLP-1注射剂，是一种治疗型脱发的注射疗法。

So it's actually most akin to the GLP-one shots where it's a injectable treatment for pattern hair loss.

所以这就是目前最受关注的三个名字，三种完全不同的方法。

So those are kind of the three biggest names right now, three very different approaches.

但话说回来，这个市场太大了，回报也太丰厚了，所以他们都在全力以赴。

But again, the pie is so big, the prize is so great that they are going, all out for this.

分析师们对此非常看好，因为这影响到的人太多了。

And analysts are just so bullish on this because it just affects so many people.

我是说，美国总共有八千万人受脱发影响，而且需求确实存在。据尼德姆的分析师吉尔·布鲁姆说，人们甚至会飞到土耳其去植发。

I mean, that's 80,000,000 people collectively in The United States, and the demand is there because according to Gil Blum, who's an analyst at Needham, said people will fly all the way to Turkey to have some hair moved around on their head.

你能想象如果不用做植发手术就能解决脱发问题吗？

Can you imagine if you could do that without getting a hair transplant?

你需要指出的一个重大区别是，肥胖问题和脱发问题不一样，秃顶并不一定算健康危机。

The big difference that you need to point out with the obesity situation and the hair loss situation, going bald, not necessarily a health crisis.

GLP-1类药物大多由保险覆盖。

GLP ones have been mostly covered by insurance.

但你的脱发治疗几乎不可能由保险来支付。

There is probably no chance that your hair loss treatment will be covered by insurance.

所以这仍然需要自费。

So it's going to be an out of pocket expense still.

分析师认为，你知道，如果这些治疗方法真的能推出的话——就像我说的，几十年都没出过新的了——那人们肯定会疯狂追捧。

Analysts think that, you know, if these treatments come down the pipe, we haven't had one, like I said, in decades, then people are just gonna go crazy for it.

好的，我们稍作休息，马上回来继续我们的“狗狗一周”节目。

Alright, we're gonna take a quick break and come back with our dog a week right after this.

托比，鞋子。

Toby, shoe.

你想让我走吗？

You want me to leave?

不，我想让你聊聊超级跑鞋。

No, I want you to talk about shoes from ultra running.

它们的设计就是为了给脚趾留出空间，让你舒适、平衡，还有力量。

They're They're designed to give you room for your toes for comfort, balance, and strength.

Ultra的鞋子给脚趾留了更多空间，这样脚趾可以舒展开，脚也能保持自然姿势。

Ultra has more room for your toes so they can spread out and your feet can stay in a natural position.

Ultra确实会做那种形状像脚的鞋子。

Ultra does actually make shoes shape like feet.

这想法真不错。

What a concept.

使用促销代码 Morning Brew 10，在 ultrarunning.com/morningbrew 购买你的第一双超跑鞋，可享受九折优惠。

Use promo code Morning Brew 10 for 10% off your first pair of ultra running shoes at ultrarunning.com/morningbrew.

网址是 altrarunning.com/morningbrew。

That's altrarunning.com/morningbrew.

每年电商促销季，都会迎来一波首次购买的顾客。

Every year during ecommerce stores welcome a wave of first time buyers.

但怎么才能让这些新顾客一年到头都持续光顾呢？

But how do you keep those first timers coming back all year long?

WooCommerce 邀请了来自 Klaviyo、丝芙兰和 Fanatics 的营销负责人来回答这个问题。

WooCommerce brought together marketing leaders from Klaviyo, Sephora, and Fanatics to answer that question.

在最近的一次网络研讨会上，他们讨论了如何在即将到来的假日季建立忠实的客户关系。

In a recent webinar, they discuss how to build loyal customer relationships during the upcoming holiday season.

他们还分享了为什么信任比折扣更重要，第一方数据如何推动有意义的互动，以及更多内容。

They also share why trust matters more than discounts, how first party data powers meaningful interactions, and more.

你可以在woocommerce.com/loyalty观看点播网络研讨会，并下载免费的现代客户营销手册。

You can watch the on demand webinar and download the free modern customer marketing playbook at woocommerce.com/loyalty.

网址是woocommerce.com/loyalty。

That's woocommerce.com/loyalty.

当Hydro Jug的需求放缓时，Amazon Ads的新星Hayden Wadsworth做出了调整。

When demand slowed for Hydro Jug, Amazon Ads rising star Hayden Wadsworth pivoted.

当我们的银行账户几乎归零时，我哥哥Jake和我只有最后一次机会来拯救Hydrojug。

When our bank account hit near zero, my brother Jake and I had one last shot to save Hydrojug.

所以我们设计了The Traveler，一款防漏、适合杯架的旅行杯。

So we engineered The Traveler, a leak proof, coupler friendly tumbler.

Amazon Ads能让企业扩大产品线，因为你可以获得更高的曝光度和覆盖面。

Amazon Ads enables a business to be able to expand their product shelf because of the visibility and the reach you can get.

每周，我们的新品牌客户大约占我们所有销售额的95%。

Each week, our new to brand customers make up about 95% of all of our sales.

在advertising.amazon.com/risingstars观看Hydro Jug的故事。

Watch Hydro Jug's story at advertising.amazon.com/risingstars.

本周的“狗”是火人节，参加者年龄越来越大，而且看不到Z世代的年轻人加入。

My dog of the week is Burning Man, which is seeing its attendees get older with no Gen Z reinforcements in sight.

这个在内华达沙漠举办的大型节日，燃烧者们聚在一起狂欢一周，既是锐舞派对又是艺术展，如今参与者的平均年龄却在逐年上升。

The big festival in the Nevada Desert where burners gather to revel in a week long rave slash art show is seeing its age inch up.

根据每年由参与者组织的普查，现在五十多岁的燃烧者比二十多岁的还多。

There are more burners in their fifties these days than in their twenties according to a census organized every year by attendees.

这个活动在2010年代末随着千禧一代的成长达到了顶峰，而且似乎随着千禧一代步入四十多岁，它依然最受他们欢迎。

The event reached peak popularity with the millennial generation in the late twenty tens, and it seems like it's still the most popular with the millennial generation as they age into their forty's.

去年受访者中只有10%是二十多岁，相比2015年的30%以上，下降幅度很大。

Just 10% of those surveyed last year were in their twenty's, a steep decline compared to the more than 30% back in 2015.

它变成“燃烧老人节”的部分原因是钱。

Part of the reason it's turned into burning older man is cash.

超过四分之一的受访者表示，参加费用是最大的障碍，还有16%的人说请假或翘课也很难。

More than a quarter of respondents said that the cost of attendance was their largest obstacle, while 16% said getting time off from work or school was tough as well.

现在门票要550美元，外加165美元的车辆通行证。

Tickets will now run you $550 plus a $165 vehicle pass.

再加上装备、食物和水，火人节简直就像在烧钱。

Plus factor in gear, food, and water, and Burning Man can feel like lighting money on fire.

尼尔，总的来说，感觉火人节已经失去了一些光彩。

Neil, just in general, it feels like Burning Man has lost a bit of its luster.

托比，你讲得不错，但我觉得《纽约邮报》可能说得更生动一些，他们的标题是：数据显示，火人节已经变成了一个满是皱纹的、中年男性扎堆的香肠派对。

Toby, you did a good job, but I think the New York Post might have put it a little more colorfully, which is their headline on this was Burning Man has become a wrinkled sausage fest of aging millennial men data shows.

我想先说说“数据显示”这一点，因为火人节的组织者记录做得非常详细。

I want to focus on that data shows thing first, because the Burning Man people keep incredible records.

太厉害了。

Amazing.

对吧？

Right?

他们的普查非常精细，不仅有年龄之类的信息，还有收入、宗教信仰等，非常详细地了解谁去参加火人节。

Like the census is so sophisticated, doesn't just have age and stuff like that, but as income and religious breakdown and and just like very detailed to see who is going to Burning Man.

这真的很有意思。

It's pretty fascinating.

你提到参加活动的人年龄越来越大。

You talked about the age of people getting older.

而且，这些人通常也更有钱了。

And with that, people just have more money.

让我印象很深的一点是，黑岩市——也就是火人节举办的那个临时城市——在当下其实是全美最富有的城市。

One of the things that stood out to me is that Black Rock City, which is this temporary city where Burning Man takes place, is in fact the world's the country's richest city at this moment in time.

那里的个人平均收入超过12.3万美元，远超现实世界中其他城市的排名，尤其是在火人节不举办的时期。

The average personal income of people there is more than $123,000 previous first place like in the real world when Burning Man is not happening.

收入最高的城市或都会区是圣何塞，中位数收入刚超过八万美元。所以现在，黑岩城成了全美最富有的城市。

The top richest city or metro area is San Jose at a median income of just over $80,000 So right now, Black Rock City, richest richest city in the country.

所以这就是火人节。

So it is Burning Man.

没错，名字就是这么叫的。

That's the name.

不过这个名字也很贴切地描述了参与者构成，因为历史上男性一直多于女性，而且这个趋势还在持续。

But it's also descriptive of who goes there because men have always historically outnumbered women, and the trend is still holding up.

男性占参与者的56%。

Males make up 56% of burners.

所以正式名称可能应该是“燃烧的富人”，因为你说得对。

So the proper name is probably burning rich man, because you are right.

一半的参与者年收入超过10万美元。

Half of the festival goers make over $100,000 per year.

实际上，如果把它摊平并调整通货膨胀，曲线并没有你想象的那么陡。

Actually, if you flatten that out and adjust it for inflation, it's not as steep of a curve as you would think.

比如，以前是半富的人去，现在是非常富的人去，但总的来说，这一直是一群有钱人。

Like, it used to be, semi rich people, now it is very rich people going, but still, in general, this has always been a wealthy collection of people.

不过，很多参与者说，年轻一代根本不适合这个。

A lot of attendees, though, say that the younger generation just isn't cut out for this.

再说回那篇《纽约邮报》的文章，他们采访了阿德里尔·奈特。

Again, reading that New York Post article, they talked to Adriel Knight.

她41岁。

She's 41.

她2023年去过，当时火人节遭遇了暴雨，她回忆说有个网红讲，这跟科切拉完全不一样。

She attended back in 2023 when a bunch of rainstorms hit Burning Man, and she recalled one influencer saying, this is not like Coachella at all.

然后她接着说，也许千禧一代和那些坐喷气机来的人对不适的容忍度更高。

And then she went on to say, maybe millennials and jet actors have a higher tolerance for discomfort.

所以现在火人节确实存在代际间的紧张，因为可能他们就是受不了内华达沙漠里的艰苦生活。

So there's definitely some generational tension right now going on at Burning Man because maybe they're just not cut out for, the rough life out in the in the Nevada Desert.

对。

Yeah.

而且不只是你一个人觉得火人节可能跟以前不一样了。

And you're not the only one saying maybe Burning Man isn't exactly what it used to be.

火人节九十年代初的联合创始人约翰·劳在《旧金山标准报》上发表了一篇专栏文章，说火人节跟他们几十年前创建的那个相比，几乎认不出来了。

A co founder of Burning Man back in the early nineties, John Law, he published this this op ed in the San Francisco Standard saying that Burning Man was, quote, barely recognizable from what they created a couple decades ago.

他说，那是一个嘉年华，一个为有钱人打造的梦幻迪士尼乐园，却一直把自己包装成一个基于哲学原则的严肃艺术事业。

He said, it is a carnival, a fabulous Disneyland for the well heeled, all the while presenting itself as a serious artistic enterprise grounded in philosophical principles.

这就是火人节的故事。

So that is the Burning Man story.

这事儿还在继续呢。

It's still going on.

而且如果你在那儿的话，你大概不会在听这个。

And if you're there, you're probably not listening to this.

所以我想你可以补上所有MBD的节目。

So I guess you can catch up on all your MBD episodes.

我觉得我什么都愿意试试，但就是没什么特别的兴趣。

I think I'm down to try pretty much everything, but I just don't really have any particular interest.

你不太适合这个，兄弟。

You're not good out for it, man.

你说得对。

You're right.

钱不够啊。

Don't have enough money.

好了，咱们冲刺到最后，来看几条最后的头条新闻。

Alright, let's sprint to the finish with some final headlines.

美国最著名的女权主义者斯坦因，于周三在纽约的家中去世，享年92岁。

America's most famous feminist, Steinem, died at 92 at her home in New York City on Wednesday.

几十年来，斯坦因一直是女权运动的象征，作为记者、活动家、组织者、编辑和飞行员太阳镜的引领者，她推动着平等。

For decades, Steinem was the symbol of the women's movement, pushing for equality as a journalist, activist, organizer, editor, and aviator sunglasses influencer.

她无处不在，无所不能，同时兼顾所有。

She was everything, everywhere, all at once.

她是《女士杂志》的联合创始人，这是第一本完全由女性拥有和运营的杂志；她是一位演讲者，激励着全球的听众；她写了近十本非虚构类书籍；而她的核心，是一位倾听者，让其他人也能发出自己的声音。

A co founder of Miss Magazine, the first magazine to be owned and run entirely by women, a speaker who rallied audiences all over the globe, an author of almost a dozen non fiction books, and at her core, a listener who empowered others to make themselves heard.

晚年，随着数字通信的普及，斯坦因大力提倡面对面交流。

In her later years, as digital communications takeover, Steinem was a big promoter of gathering in real life.

她邀请数百人到家中参加谈话圈，并曾对美联社说，你不能通过电话或网络做到这一点。

She invited hundreds of people into her home for talking circles and once told the Associated Press, you can't do it on the phone or on the web.

你必须用全部五种感官亲自到场。

You have to be there with all five senses.

很明显，除非我们在同一个房间里，否则人们无法真正理解彼此。

It should be obvious that people can't empathize with each other unless we're in the same room.

这句话说得真好，而且她这个人本身就特别有金句。说到她的工作，

A great quote and just a very quotable person in general, on her work.

她说过，人们问我是不是要传递火炬了。

She said people ask me if I'm passing the torch.

我总是解释说，不，我要留着我的火炬。

I always explain that no, I'm keeping my torch.

非常感谢，而且我要用我的火炬去点亮别人的火炬。

Thank you very much, and I'm using it to light the torches of others.

还有一句经常被归到格洛丽亚·斯泰纳姆头上的名言，就是，女人需要男人就像鱼需要自行车。

Also, a very famous quote that's often attributed to Gloria Steinem is, oh, women need men like fish need a bicycle.

其实这句话不是她说的。

She didn't actually say it.

这句话其实是澳大利亚作家艾琳娜·邓恩写的，斯泰纳姆经常得纠正别人这一点，不过这句话确实挺符合她的理念的。

It was actually written by the Australian writer Irina Dunn, and Steinem often had to correct people about that, but it would just kind of fit into her ethos a little bit.

最后，还有一句她关于《女士》杂志成功的名言，这本杂志是她在1972年创办的。

And then finally, her her quote on the success of Miss Magazine, which she launched back in 1972.

这是因为让女性彼此坦诚相待，不再假装我们都是白人、苗条、美丽，而且只对101种不同的汉堡做法、当超级女强人什么的感兴趣。

It's a result of letting women tell the truth to each other and not pretending that we're all white, skinny, beautiful, and that we're only interested in 101 different ways to cook a hamburger, being superwoman or whatever.

所以这基本上就是她的写照，不过确实，她的人生很鼓舞人心。

So kind of sums her up as a person, but yes, an inspiring life.

她的最后一部回忆录《意外的生命》将于本月晚些时候出版。

Her final memoir, An Unexpected Life, is due out later this month.

接下来，如果你同事昨天早上的产出突然变成了零，那是因为三大AI模型和Grok都同时出现了故障。

Moving on, if your coworker's output suspiciously went to zero yesterday morning, it's because three major AI models and Grok all suffered overlapping outages.

Down Detectors显示，OpenAI、Anthropic、Google和xAI在上午10点到11点半左右都出现了问题激增。

Down detectors showed OpenAI, Anthropic, Google, and x AI all had spiking problems around ten to 11:30AM.

奇怪的是，那些运营互联网基础设施的公司，比如亚马逊网络服务、Azure或Cloudflare，都没有显示任何问题。

The weird thing was that the companies that run the plumbing of the Internet, like Amazon Web Services, Azure, or Cloudflare, showed no issues on their end.

虽然AI模型偶尔会宕机，但现在这种情况已经很少见了。

And while AI models go down occasionally, it's gotten pretty rare these days.

据Ars Technica报道，Claude在过去90天内的正常运行时间为99.4%，而OpenAI报告ChatGPT的正常运行时间为99.63%。

According to Ars Technica, Claude reports 99.4% uptime over the last ninety days, while OpenAI reports 99.63% uptime for ChatGPT.

看到它们同时出问题，而且原因不明，感觉肯定是有某个共同的第三方服务商出了问题，但奇怪的是，没有一家公司提到外部原因，尼尔。

To see them all go down at the same time for unexplained reasons, it feels like some shared third party provider had to be involved, and yet no company cited an external source, Neil.

你知道吗，托比，你早上还在Slack上聊得火热，邮件发个不停，结果一到十点左右，你突然就没动静了。

You know, Toby, so you were you were Slacking and emailing up a storm in the morning, and then all of a sudden around 10:00 hits, and then you go kinda silent.

我就没你的消息了。

I don't hear from you.

你人还在办公室。

You're still there in the office.

我就在想，你的工作效率怎么突然就没了。

I'm just wondering what happened to your productivity.

是不是出什么事了？

Did something happen?

这比有些人说的那种情况好多了，比如突然之间，我那个从没见过面的女朋友或男朋友不给我发消息了。

It's better than people who said, like, suddenly my girlfriend or boyfriend who I've never met stop texting me.

如果大语言模型一挂，你的女朋友突然就沉默了，那才是更糟糕的结果。

That would be a worse outcome if LLMs go down and suddenly your girlfriend goes silent.

不过确实有点奇怪，我们不太清楚到底发生了什么，因为看起来是同时发生的。

But yes, a bit bizarre that we don't really know exactly what happened here because it appeared to be simultaneous.

Rock和xAI说他们在孟菲斯的计算中心出了故障。

The Rock, XAI said there was an outage at their Memphis Compute Center.

Anthropic说是基础设施问题，OpenAI说是路由问题，但通常当这些AI服务或者任何科技平台出问题时，都能找到原因。

Anthropics said it was an infrastructure issue, open AI or routing issue, but usually you can identify a source when all these AI things go down or just any tech platform in general.

不过，托比昨天确实没怎么干活。

But yeah, Toby not doing a lot of work yesterday.

我好奇为什么。

I wonder why.

好吧，你可以在疫情期间创立一个通心粉奶酪品牌，然后把它卖给世界上最大的面食公司。

Okay, you can just start a mac and cheese brand during the pandemic and sell it to the largest pasta company in the world.

Goodles就做到了。

Goodles did it.

这家新兴的通心粉奶酪制造商同意被意大利面食巨头Barilla收购，具体金额未公开。

The upstart mac and cheese maker agreed to be acquired by Barilla, the Italian pasta giant for an undisclosed amount.

在2023年的一轮融资中，Goodles的估值达到了8800万。

Back in a 2023 funding round, Goodles was valued at 88,000,000.

这真是一飞冲天。

It's been a stunning rise.

Goodles于2021年首次推出，提供富含蛋白质和纤维的健康通心粉和奶酪，后来又扩展到其他意面产品。

First introduced in 2021, Goodles offered a healthy for you mac and cheese with protein and fiber, then branched out into other pasta noodles.

大家纷纷上网搜索。

And people googled it up.

该品牌在美国货架稳定通心粉和奶酪市场中的份额，从三年前的0.8%增长到今年6月的7.8%。

The brand share of US spending of shelf stable mac and cheese went from point eight percent three years ago to 7.8% this June.

Toby，你吃Goodles吗？

Toby, do you goodle?

你觉得他们推出面条时的标语“面条更好”怎么样？

What do you think about their tagline when they launched noodles gooder?

那就是Goodles的标语。

That's Goodles right there.

那个口号可能会让你翻白眼，但我尝过他们的产品。

So that one might make you roll your eyes, but I have sampled their wares.

我算是盒装通心粉和奶酪的品鉴专家了，我觉得他们还是比不上卡夫，但比薇尔薇塔好。

I'm a bit of a boxed mac and cheese, shelf stable mac and cheese connoisseur, and I would put them below Kraft still, but above Velveeta.

我不知道大家会不会同意我的看法，但他们的特色就是口味更高端。

I don't know if people are going to argue or agree with me on that, but kind of their thing is that they have more upscale flavors.

不只是通心粉和奶酪。

It's not just mac and cheese.

他们还有松露味的。

They also have truffle infused.

他们有很多不同的面条形状和口味。

They have a lot of different kind of noodle shapes and flavor profiles.

所以，是的，如果你想在盒装通心粉上犒劳自己，那就选Goodles。

So, yeah, it's kinda one of those things if you feel like treating yourself when it comes to boxed mac and cheese, that's where Goodles comes in.

而且很明显，他们做得很好，因为他们在从大品牌那里抢市场份额。

And clearly, it's doing well because it's taking market share from the big boys.

这不就是梦想吗？

Isn't that the dream, though?

你就像，我，哦，对。

You're just like, I Oh, yeah.

做通心粉奶酪然后卖给百味来，可能超过一亿美元。

Make mac and cheese and then sell it to Barilla for probably over a $100,000,000.

我是说，这真的是我们都在这里的原因。

I mean, that is really what that's why we're all here.

他们称之为蛋白质浪潮。

And they they called the protein wave.

聪明的地方在于，他们甚至在它成为过去几年最大的营养趋势之前就抓住了，2021年算是早了一点，但他们显然选对了浪潮。

That was, like, the smart part is that they were even before it's become just the the biggest nutrition trend of the, you know, the last couple of years, 2021 was early to that wave a little bit, and they clearly picked the right one to ride.

我爱通心粉奶酪。

I love mac and cheese.

好的。

Okay.