来源：爆财局商汤曾是 AI 界最耀眼的星，顶着 “AI 四小龙” 之首的光环登陆港交所，市值一度冲破 3000 亿港元；如今却缩水 80%，股价在 1 港元边缘徘徊。这颗明星的黯淡，像面镜子照出 AI 行业的集体困境：当算法专利数量全球领先，商业化却步履维艰；当技术论文刷屏顶会，营收报表仍靠政府补贴撑场。技术强如商汤，为何难填盈利黑洞？AI 的理想与商业的现实之间，究竟隔着怎样的鸿沟？黄金订单消退...
Source Link来源：爆财局商汤曾是 AI 界最耀眼的星，顶着 “AI 四小龙” 之首的光环登陆港交所，市值一度冲破 3000 亿港元；如今却缩水 80%，股价在 1 港元边缘徘徊。这颗明星的黯淡，像面镜子照出 AI 行业的集体困境：当算法专利数量全球领先，商业化却步履维艰；当技术论文刷屏顶会，营收报表仍靠政府补贴撑场。技术强如商汤，为何难填盈利黑洞？AI 的理想与商业的现实之间，究竟隔着怎样的鸿沟？黄金订单消退...
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