FinEvo: From Isolated Backtests to Ecological Market Games for Multi-Agent Financial Strategy Evolution

Conventional financial strategy evaluation relies on isolated backtests in static environments. Such evaluations assess each policy independently, overlook correlations and interactions, and fail to explain why strategies ultimately persist or vanish in evolving markets. We shift to an ecological perspective, where trading strategies are modeled as adaptive agents that interact and learn within a shared market. Instead of proposing a new strategy, we present FinEvo, an ecological game formalism for studying the evolutionary dynamics of multi-agent financial strategies. At the individual level, heterogeneous ML-based traders-rule-based, deep learning, reinforcement learning, and large language model (LLM) agents-adapt using signals such as historical prices and external news. At the population level, strategy distributions evolve through three designed mechanisms-selection, innovation, and environmental perturbation-capturing the dynamic forces of real markets. Together, these two layers of adaptation link evolutionary game theory with modern learning dynamics, providing a principled environment for studying strategic behavior. Experiments with external shocks and real-world news streams show that FinEvo is both stable for reproducibility and expressive in revealing context-dependent outcomes. Strategies may dominate, collapse, or form coalitions depending on their competitors-patterns invisible to static backtests. By reframing strategy evaluation as an ecological game formalism, FinEvo provides a unified, mechanism-level protocol for analyzing robustness, adaptation, and emergent dynamics in multi-agent financial markets, and may offer a means to explore the potential impact of macroeconomic policies and financial regulations on price evolution and equilibrium.

High-Fidelity Generative Audio Compression at 0.275kbps

High-fidelity general audio compression at ultra-low bitrates is crucial for applications ranging from low-bandwidth communication to generative audio-language modeling. Traditional audio compression methods and contemporary neural codecs are fundamentally designed for waveform reconstruction. As a result, when operating at ultra-low bitrates, these methods degrade rapidly and often fail to preserve essential information, leading to severe acoustic artifacts and pronounced semantic distortion. To overcome these limitations, we introduce Generative Audio Compression (GAC), a novel paradigm shift from signal fidelity to task-oriented effectiveness. Implemented within the AI Flow framework, GAC is theoretically grounded in the Law of Information Capacity. These foundations posit that abundant computational power can be leveraged at the receiver to offset extreme communication bottlenecks--exemplifying the More Computation, Less Bandwidth philosophy. By integrating semantic understanding at the transmitter with scalable generative synthesis at the receiver, GAC offloads the information burden to powerful model priors. Our 1.8B-parameter model achieves high-fidelity reconstruction of 32kHz general audio at an unprecedented bitrate of 0.275kbps. Even at 0.175kbps, it still preserves a strong intelligible audio transmission capability, which represents an about 3000x compression ratio, significantly outperforming current state-of-the-art neural codecs in maintaining both perceptual quality and semantic consistency.

Robust and Generalized Humanoid Motion Tracking

Learning a general humanoid whole-body controller is challenging because practical reference motions can exhibit noise and inconsistencies after being transferred to the robot domain, and local defects may be amplified by closed-loop execution, causing drift or failure in highly dynamic and contact-rich behaviors. We propose a dynamics-conditioned command aggregation framework that uses a causal temporal encoder to summarize recent proprioception and a multi-head cross-attention command encoder to selectively aggregate a context window based on the current dynamics. We further integrate a fall recovery curriculum with random unstable initialization and an annealed upward assistance force to improve robustness and disturbance rejection. The resulting policy requires only about 3.5 hours of motion data and supports single-stage end-to-end training without distillation. The proposed method is evaluated under diverse reference inputs and challenging motion regimes, demonstrating zero-shot transfer to unseen motions as well as robust sim-to-real transfer on a physical humanoid robot.

From Horizontal Layering to Vertical Integration: A Comparative Study of the AI-Driven Software Development Paradigm

This paper examines the organizational implications of Generative AI adoption in software engineering through a multiple-case comparative study. We contrast two development environments: a traditional enterprise (brownfield) and an AI-native startup (greenfield). Our analysis reveals that transitioning from Horizontal Layering (functional specialization) to Vertical Integration (end-to-end ownership) yields 8-fold to 33-fold reductions in resource consumption. We attribute these gains to the emergence of Super Employees, AI-augmented engineers who span traditional role boundaries, and the elimination of inter-functional coordination overhead. Theoretically, we propose Human-AI Collaboration Efficacy as the primary optimization target for engineering organizations, supplanting individual productivity metrics. Our Total Factor Productivity analysis identifies an AI Distortion Effect that diminishes returns to labor scale while amplifying technological leverage. We conclude with managerial strategies for organizational redesign, including the reactivation of idle cognitive bandwidth in senior engineers and the suppression of blind scale expansion.

Learning Physics-Grounded 4D Dynamics with Neural Gaussian Force Fields

Predicting physical dynamics from raw visual data remains a major challenge in AI. While recent video generation models have achieved impressive visual quality, they still cannot consistently generate physically plausible videos due to a lack of modeling of physical laws. Recent approaches combining 3D Gaussian splatting and physics engines can produce physically plausible videos, but are hindered by high computational costs in both reconstruction and simulation, and often lack robustness in complex real-world scenarios. To address these issues, we introduce Neural Gaussian Force Field (NGFF), an end-to-end neural framework that integrates 3D Gaussian perception with physics-based dynamic modeling to generate interactive, physically realistic 4D videos from multi-view RGB inputs, achieving two orders of magnitude faster than prior Gaussian simulators. To support training, we also present GSCollision, a 4D Gaussian dataset featuring diverse materials, multi-object interactions, and complex scenes, totaling over 640k rendered physical videos (~4 TB). Evaluations on synthetic and real 3D scenarios show NGFF's strong generalization and robustness in physical reasoning, advancing video prediction towards physics-grounded world models.

TeleStyle: Content-Preserving Style Transfer in Images and Videos

Content-preserving style transfer, generating stylized outputs based on content and style references, remains a significant challenge for Diffusion Transformers (DiTs) due to the inherent entanglement of content and style features in their internal representations. In this technical report, we present TeleStyle, a lightweight yet effective model for both image and video stylization. Built upon Qwen-Image-Edit, TeleStyle leverages the base model's robust capabilities in content preservation and style customization. To facilitate effective training, we curated a high-quality dataset of distinct specific styles and further synthesized triplets using thousands of diverse, in-the-wild style categories. We introduce a Curriculum Continual Learning framework to train TeleStyle on this hybrid dataset of clean (curated) and noisy (synthetic) triplets. This approach enables the model to generalize to unseen styles without compromising precise content fidelity. Additionally, we introduce a video-to-video stylization module to enhance temporal consistency and visual quality. TeleStyle achieves state-of-the-art performance across three core evaluation metrics: style similarity, content consistency, and aesthetic quality. Code and pre-trained models are available at https://github.com/Tele-AI/TeleStyle

Do Images Speak Louder than Words? Investigating the Effect of Textual Misinformation in VLMs

Vision-Language Models (VLMs) have shown strong multimodal reasoning capabilities on Visual-Question-Answering (VQA) benchmarks. However, their robustness against textual misinformation remains under-explored. While existing research has studied the effect of misinformation in text-only domains, it is not clear how VLMs arbitrate between contradictory information from different modalities. To bridge the gap, we first propose the CONTEXT-VQA (i.e., Conflicting Text) dataset, consisting of image-question pairs together with systematically generated persuasive prompts that deliberately conflict with visual evidence. Then, a thorough evaluation framework is designed and executed to benchmark the susceptibility of various models to these conflicting multimodal inputs. Comprehensive experiments over 11 state-of-the-art VLMs reveal that these models are indeed vulnerable to misleading textual prompts, often overriding clear visual evidence in favor of the conflicting text, and show an average performance drop of over 48.2% after only one round of persuasive conversation. Our findings highlight a critical limitation in current VLMs and underscore the need for improved robustness against textual manipulation.

Code over Words: Overcoming Semantic Inertia via Code-Grounded Reasoning

LLMs struggle with Semantic Inertia: the inability to inhibit pre-trained priors (e.g., "Lava is Dangerous") when dynamic, in-context rules contradict them. We probe this phenomenon using Baba Is You, where physical laws are mutable text rules, enabling precise evaluation of models' ability to override learned priors when rules change. We quantatively observe that larger models can exhibit inverse scaling: they perform worse than smaller models when natural language reasoning requires suppressing pre-trained associations (e.g., accepting "Lava is Safe"). Our analysis attributes this to natural language encoding, which entangles descriptive semantics and logical rules, leading to persistent hallucinations of familiar physics despite explicit contradictory rules. Here we show that representing dynamics as executable code, rather than descriptive text, reverses this trend and enables effective prior inhibition. We introduce Code-Grounded Vistas (LCV), which fine-tunes models on counterfactual pairs and identifies states with contradictory rules, thereby forcing attention to logical constraints rather than visual semantics. This training-time approach outperforms expensive inference-time search methods in both efficiency and accuracy. Our results demonstrate that representation fundamentally determines whether scaling improves or impairs contextual reasoning. This challenges the assumption that larger models are universally better, with implications for domains that require dynamic overriding of learned priors.

Being-H0.5: Scaling Human-Centric Robot Learning for Cross-Embodiment Generalization

We introduce Being-H0.5, a foundational Vision-Language-Action (VLA) model designed for robust cross-embodiment generalization across diverse robotic platforms. While existing VLAs often struggle with morphological heterogeneity and data scarcity, we propose a human-centric learning paradigm that treats human interaction traces as a universal "mother tongue" for physical interaction. To support this, we present UniHand-2.0, the largest embodied pre-training recipe to date, comprising over 35,000 hours of multimodal data across 30 distinct robotic embodiments. Our approach introduces a Unified Action Space that maps heterogeneous robot controls into semantically aligned slots, enabling low-resource robots to bootstrap skills from human data and high-resource platforms. Built upon this human-centric foundation, we design a unified sequential modeling and multi-task pre-training paradigm to bridge human demonstrations and robotic execution. Architecturally, Being-H0.5 utilizes a Mixture-of-Transformers design featuring a novel Mixture-of-Flow (MoF) framework to decouple shared motor primitives from specialized embodiment-specific experts. Finally, to make cross-embodiment policies stable in the real world, we introduce Manifold-Preserving Gating for robustness under sensory shift and Universal Async Chunking to universalize chunked control across embodiments with different latency and control profiles. We empirically demonstrate that Being-H0.5 achieves state-of-the-art results on simulated benchmarks, such as LIBERO (98.9%) and RoboCasa (53.9%), while also exhibiting strong cross-embodiment capabilities on five robotic platforms.

Spectral Characterization and Mitigation of Sequential Knowledge Editing Collapse

Sequential knowledge editing in large language models often causes catastrophic collapse of the model's general abilities, especially for parameter-modifying methods. Existing approaches mitigate this issue through heuristic constraints on parameter updates, yet the mechanisms underlying such degradation remain insufficiently understood. In this work, we present a spectral analysis of sequential knowledge editing and show that a model's general abilities are closely associated with dominant singular directions of pretrained weight matrices. These directions are highly sensitive to perturbations and are progressively disrupted by repeated edits, closely tracking the collapse in both editing efficacy and general performance. Building on this insight, we propose REVIVE, a plug-and-play framework that stabilizes sequential editing by explicitly preserving the dominant singular subspace. REVIVE represents parameter updates in the spectral basis of the original weights and filters components that would interfere with the protected region. Extensive experiments across multiple models and benchmarks show that REVIVE consistently improves editing efficacy while substantially preserving general abilities under long-horizon sequential editing, including extreme settings with up to 20,000 edits.