推文

@yueke · 2026-10-14 12:01

Jefferies' warning is worth taking seriously, but the causality might be backwards: cheaper open-source models turn AI from a capex story into a utility — and utilities destroy margins, not capital. The real risk isn't which country trains the models, it's that frontier labs are racing to monetize something that commoditizes faster than they can. That's why this earnings season's capex commentary matters more than the next benchmark score.

曝光 3 · 评论 0 · 点赞 0 · 书签 0