Sora 2 brings the GPT-3.5 moment for AIGC video and forms a commercial model loop of "content platform driving demand (Sora) - payment channel support (Stripe) - e-commerce platform product supply (Shopify/Etsy)" through the "Agentic Commerce Protocol" (ACP), constructing a new business model for the AI era with enormous commercial potential. Three key beneficial directions are recommended: Sora 2 will further drive the AI infrastructure "arms race" among tech giants, upgrade opportunities for traffic distribution platforms, and the blue ocean market of IP licensing and compliance.

**Sora 2 Brings Upgrade Opportunities for Traffic Distribution Platforms**

Sora APP's immediate climb to the top creates upgrade opportunities for traffic distribution platforms' business models. Under the requirement that users must have invitation codes from others to use the app's features, Sora topped Apple's US App Store rankings on October 3rd local time. Meanwhile, videos generated by OpenAI's "Sora 2" new model can be seen across many other social media platforms.

Sora APP primarily introduces two revolutionary AIGC social functions: Cameo and Remix. 1) Cameo: The core working principle of Cameo derives from the world simulation models that OpenAI is building. This function can deeply understand a subject's appearance, dynamics, and characteristics by observing a short video clip of that subject (such as a person or pet). Once understood, this subject can be injected into any prompt like a text token. This means users only need to provide simple video material to "transport" themselves or friends to ancient Roman coliseums, futuristic cyberpunk cities, or any imaginable scene, allowing natural activity and interaction within these environments. 2) Remix: This is a core interactive mechanism of Sora App. When users see a video they like, they can click the Remix button to create derivative content. For example, seeing a perfume advertisement, users can input new prompts like "turn it into a hat advertisement with giant feathers," and Sora will generate a completely new video related to the original. This function significantly lowers the threshold for participating in popular trends and storylines, enabling everyone to easily participate in AIGC production.

OpenAI forms a commercial model loop of "content platform driving demand (Sora) - payment channel support (Stripe) - e-commerce platform product supply (Shopify/Etsy)" through the "Agentic Commerce Protocol" (ACP), constructing a new business model for the AI era. OpenAI recently announced the launch of the new "Instant Checkout" function, allowing users to complete product purchases directly through AI chatbot ChatGPT content, marking OpenAI's deep integration with e-commerce and enabling ChatGPT to easily achieve a complete loop from "product recommendation" to "direct payment." For payment technology implementation, OpenAI collaborates with payment company Stripe to develop the "Agentic Commerce Protocol" (ACP), enabling features like pre-filled payment information and one-click checkout. ChatGPT subscription users (Plus/Pro) can automatically call bound payment information. Currently, ChatGPT product recommendations are based on global network data, with rankings solely dependent on relevance such as price, quality, and user needs. When users complete transactions through ChatGPT, OpenAI will collect commissions, though specific rates have not been disclosed. ChatGPT's current recommendations are not influenced by OpenAI partnerships. If future developments can further balance recommendation algorithm transparency and avoid controversies arising from partnerships, users' e-commerce shopping behavior may naturally shift toward AI-driven "conversational shopping." With further expansion of merchant coverage and payment capabilities, "conversational shopping" might disrupt traditional e-commerce traffic distribution rules.

**Sora 2 Opens New Blue Ocean Market for IP Licensing and Compliance Management**

OpenAI is building a new AIGC ecosystem driven by IP around video generation through refined control and revenue sharing. Following Sora 2's successful launch, addressing market concerns about copyright issues, OpenAI CEO Sam clearly stated in his personal blog: 1) OpenAI will provide copyright holders with more granular control rights, allowing more precise management of character generation, similar to a "portrait consent" model but with additional control options; 2) OpenAI plans to experiment with sharing part of the revenue with copyright holders who want users to generate their characters.

The rapid development of AIGC is expected to drive rapid growth in IP copyright protection demand. Taking VOBILE GROUP (03738) as an example, the VDNA video fingerprint recognition technology built by VOBILE GROUP is one of the industry's leading video content authentication technologies. The system extracts film and television materials into unique "fingerprints," establishes a complete content database, and enables identification of content uploaded to platforms. Upon successful identification, it can trigger copyright management mechanisms on platforms like YouTube, assisting rights holders in applying for "video retention and revenue sharing," ensuring content creators' freedom of expression while achieving content owners' revenue recovery. VOBILE GROUP is also one of the few independent copyright protection technology service providers globally with deep API access permissions to platforms including YouTube, Facebook, Instagram, and SoundCloud, maintaining industry-leading identification efficiency and accuracy.

**Sora 2 Expected to Again Catalyze Cloud Demand, with Cloud Overseas Expansion Likely to Benefit First**

Under OpenAI's powerful AI closed-loop ecosystem, Sam indicates that OpenAI's computing center scale could reach 250GW by 2033, representing over 100-fold expansion compared to the end of 2025. Sam Altman stated in Slack: "OpenAI's computing infrastructure consumed approximately 230 MW of electricity at the beginning of this year, and this number is expected to exceed 2 GW by the end of 2025. OpenAI has set an ambitious long-term goal: ensuring 250 GW of electricity supply by 2033 to support its future AI business."

Sora 2's popularity is expected to drive accelerated overseas deployment of AIGC products, thereby promoting internet giants' cloud overseas expansion. Taking Alibaba Cloud as an example, leveraging Alibaba Cloud's AI infrastructure, Shenshu Technology's video generation application Vidu has covered over 200 countries and regions, with B-end customer numbers and call volumes growing 300% month-over-month. Based on Alibaba Cloud's global network, Shenshu Technology has created unified technical architecture for domestic and overseas markets: Alibaba Cloud's cross-regional, cloud-edge-end integrated elastic resource pool helps Vidu smoothly handle traffic peaks and valleys; based on Alibaba Cloud's inference acceleration technology (DeepGPU), Vidu's video generation speed at different resolutions improved 10%+ compared to equivalent IDC computing power; with Alibaba Cloud's high-performance storage bandwidth, container service ACK, and image repository ACR service capabilities, Vidu model warm-up time shortened by 50%; based on Alibaba Cloud's global coverage and stable, efficient, flexible cross-regional networking capabilities, nearby access can reduce latency by over 40%, providing high-availability global networks for Vidu.

**Investment Recommendations**

Sora 2 brings the GPT-3.5 moment for AIGC video and forms a commercial model loop of "content platform driving demand (Sora) - payment channel support (Stripe) - e-commerce platform product supply (Shopify/Etsy)" through the "Agentic Commerce Protocol" (ACP), constructing a new business model for the AI era with enormous commercial potential. Three directions are recommended:

Direction 1: Sora 2 will further drive the AI infrastructure "arms race" among tech giants. Sora 2 marks the starting point for consumer-level AI application platformization. The enormous traffic siphon effect of super AI applications (Sora 2's rapid climb to app rankings top) will compel major companies to further engage in AI investment "arms race" to address Sora 2's impact on traditional giants' cash flow businesses including social media, e-commerce, and advertising.

Direction 2: Upgrade opportunities for traffic distribution platforms. The "AIGC + video distribution + payment + e-commerce loop" model has significant market potential, giving global internet technology giants an opportunity to challenge TikTok.

Direction 3: Blue ocean market for IP licensing and compliance. OpenAI clearly stated in their blog: "We plan to experiment with sharing part of the revenue with copyright holders who want users to generate their characters." Considering that AIGC video volumes will be enormous, both IP licensing and compliance tracks face new opportunities.

**Risk Warnings**

1) AIGC technology implementation falling short of expectations: Due to AIGC technology's uncertainty, if related AIGC technology's subsequent commercial implementation results fall short of expectations, it may adversely affect related companies' business development.

2) Intensifying competition in the AIGC industry: The AIGC field has numerous competitors, and future competition in market and technology aspects may continue to intensify as companies seek larger shares in subdivided sectors.