Tags

2 pages

Computing Power

The current wave of model competition has escalated to pricing and chips.

Scrolling through the model updates tonight was genuinely mind-boggling.

My current judgment is straightforward: this round is no longer merely a wave of model releases. It involves three fronts working simultaneously—model capabilities, API pricing, and chip stack ownership. Anyone who focuses on only one of these aspects will likely have a biased view. And it is precisely because these three dimensions are intertwining that the large model sector appears so intensely competitive.

Computing Power Hegemony and Valuation “Bubble”: We are entering a costly new era.

Recently, I’ve been observing discussions within the industry, and it seems there’s been a fundamental shift in the definition of “growth.”

Previously, when we discussed the internet, we talked about “four ounces moving a thousand pounds” – writing a few lines of code, renting a few cloud servers, and leveraging excellent interaction and operations to unlock hundreds of millions of users. However, as of 2026, this “low-asset” illusion is being completely shattered by large models.