Daily Papers

With the rise of 'Metaverse' and 'Web3.0', NFT ( Non-Fungible Token ) has emerged as a kind of pivotal digital asset, garnering significant attention. By the end of November 2023, more than 1.4 billion NFT tokens have been minted across various blockchain platforms. To effectively locate a satisfactory NFT token, conducting searches within the extensive array of NFT data is essential. The challenge in NFT retrieval is heightened due to the high degree of similarity among different NFT tokens, in terms of regional and semantic aspects. Achieving accurate and efficient retrieval within the large-scale, highly similar NFT data presents a formidable challenge for both the academic and industrial communities. In this paper, we will introduce a dataset named 'NFT Top1000 Visual Text Dataset'(henceforth, NFT1000), containing 7.56 million image-text pairs, and being collected from 1000 most famous PFP NFT collections by sales volume on the Ethereum blockchain. Based on the dataset, we test the CLIP (Contrastive Language-Image Pretraining) models as a baseline. Additionally, we also propose a concept of Comprehensive Variance Index (CVI in short), which is a robust metric designed to assess the similarity and retrieval difficulty of visual-text pairs data.

Evaluation benchmarks are the cornerstone of measuring capabilities of large language models (LLMs), as well as driving progress in said capabilities. Originally designed to make claims about capabilities (or lack thereof) in fully pretrained models, evaluation benchmarks are now also extensively used to decide between various training choices. Despite this widespread usage, we rarely quantify the variance in our evaluation benchmarks, which dictates whether differences in performance are meaningful. Here, we define and measure a range of metrics geared towards measuring variance in evaluation benchmarks, including seed variance across initialisations, and monotonicity during training. By studying a large number of models -- both openly available and pretrained from scratch -- we provide empirical estimates for a variety of variance metrics, with considerations and recommendations for practitioners. We also evaluate the utility and tradeoffs of continuous versus discrete performance measures and explore options for better understanding and reducing this variance. We find that simple changes, such as framing choice tasks (like MMLU) as completion tasks, can often reduce variance for smaller scale (sim7B) models, while more involved methods inspired from human testing literature (such as item analysis and item response theory) struggle to meaningfully reduce variance. Overall, our work provides insights into variance in evaluation benchmarks, suggests LM-specific techniques to reduce variance, and more generally encourages practitioners to carefully factor in variance when comparing models.

Clinical personality assessment screens response validity before interpreting substantive scales. LLM evaluation does not. We apply the validity scaling framework from the PAI and MMPI-3 to metacognitive probe data from 20 frontier models across 524 items. Six validity indices are operationalised: L (maintaining confidence on errors), K (betting on errors), F (withdrawing consensus-endorsed items), Fp (withdrawing correct answers), RBS (inverted monitoring), and TRIN (fixed responding). A tiered classification system identifies four models as construct-level invalid and two as elevated. Valid-profile models produce item-sensitive confidence (mean r = .18, 14 of 16 significant). Invalid-profile models do not (mean r = -.20, d = 2.17, p = .001). Chain-of-thought training produces two opposite response distortions. Two latent dimensions account for 94.6% of index variance. Companion papers extract a portable screening protocol (Cacioli, 2026e) and validate it against selective prediction (Cacioli, 2026f). All data and code: https://github.com/synthiumjp/validity-scaling-llm

Portfolio risk assessment ordinarily relies on reliable estimates of cross-asset return covariances, which are difficult to obtain in short, high-dimensional panels. We show that firm-level distribution-valued characteristics can instead provide one-sided certificates of portfolio risk. Under maintained links from characteristics to systematic exposures and from exposures to returns, multi-firm Wasserstein-2 dispersion yields a sharp upper bound on systematic portfolio variance and a corresponding bound for standardized returns. A weighted pairwise relaxation produces an objective that is convex under a checkable condition and requires marginal volatility scales but no cross-asset return covariances. With zero firm-specific slack, the common-map scale changes the certified variance reduction but not the normalized allocation, which depends only on observed information geometry. In a 52-firm panel from 2018-2022, an allocation constructed from Qwen3-Embedding-8B news representations lies between the 0.69th and 1.33rd in-sample variance percentiles across four prespecified capped portfolio populations; equal risk weighting lies between the 21.1st and 28.6th percentiles. The lower in-sample variance ranking relative to equal risk also appears across the reported frozen language-model representations. The framework therefore distribution-valued firm information into a coherent risk bound and an implementable allocation rule constructed without cross-asset return covariances.

Large multimodal reasoning models have achieved rapid progress, but their advancement is constrained by two major limitations: the absence of open, large-scale, high-quality long chain-of-thought (CoT) data, and the instability of reinforcement learning (RL) algorithms in post-training. Group Relative Policy Optimization (GRPO), the standard framework for RL fine-tuning, is prone to gradient vanishing when reward variance is low, which weakens optimization signals and impairs convergence. This work makes three contributions: (1) We propose Variance-Aware Sampling (VAS), a data selection strategy guided by Variance Promotion Score (VPS) that combines outcome variance and trajectory diversity to promote reward variance and stabilize policy optimization. (2) We release large-scale, carefully curated resources containing ~1.6M long CoT cold-start data and ~15k RL QA pairs, designed to ensure quality, difficulty, and diversity, along with a fully reproducible end-to-end training codebase. (3) We open-source a family of multimodal reasoning models in multiple scales, establishing standardized baselines for the community. Experiments across mathematical reasoning benchmarks demonstrate the effectiveness of both the curated data and the proposed VAS. Comprehensive ablation studies and analyses provide further insight into the contributions of each component. In addition, we theoretically establish that reward variance lower-bounds the expected policy gradient magnitude, with VAS serving as a practical mechanism to realize this guarantee. Our code, data, and checkpoints are available at https://github.com/LengSicong/MMR1.