[Guolian Minsheng Computer] AI Main Line Investment Strategic Focus May Shift Toward Applications

English summary

Accelerating AI application development is key to solving whether current AI capital expenditures can generate sufficient positive industrial capital inflows, and it will become the focus of the entire industry. The leap of open-source model capabilities to world-class levels greatly promotes AI application development: the open-source models we primarily recommend, such as Zhipu, MiniMax, and Kimi, are approaching the capabilities of the world's top closed-source models, achieving global AI capability parity and significant cost reductions, greatly boosting AI applications. The Kimi K3 License model activates the commercial space for open-source models, realizing a positive cycle of "open-source models + cloud/computing power leasing," and Token factories will ignite sparks. K3 uses a custom license; inference service providers with annual revenue exceeding $20 million must sign commercial agreements, and the revenue share for cloud/computing power providers may reach 30%. It is expected that computing power leasing vendors will accelerate the adoption of Token revenue-sharing models in Q3. Token factory key focuses: iSoftStone, Hongjing Technology, Jizhi Shares (ARM Token factory), Xiechuang Data, Xingyun Technology, Zhiwei Intelligent, etc. ...