摩根士丹利发表研究报告指出,基础模型持续扩展,得益于美国运算能力和中国工程效率。该行认为,近期代币使用量和定价能力的激增,预示著前沿模型的年度经常性收入(ARR)将呈现非线性增长,以及高智能密度(每代币成本)的前沿模型(如MiniMax-W(00100.HK) 、智谱(02513.HK) 、阿里-W(09988.HK) )更高的估值。该行称,最近DeepSeek-V4模型推出进一步证明国产模型...
Source Link摩根士丹利发表研究报告指出,基础模型持续扩展,得益于美国运算能力和中国工程效率。该行认为,近期代币使用量和定价能力的激增,预示著前沿模型的年度经常性收入(ARR)将呈现非线性增长,以及高智能密度(每代币成本)的前沿模型(如MiniMax-W(00100.HK) 、智谱(02513.HK) 、阿里-W(09988.HK) )更高的估值。该行称,最近DeepSeek-V4模型推出进一步证明国产模型...
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