Sou Hu Cai Jing·2025-10-21 04:42Core Insights - The AI sector has seen significant investment from major companies over the past two years, but the question remains: who is actually profiting from these investments? [1] - The industry is experiencing a divide, with a few companies leveraging AI for growth while many others are still in the investment phase, often operating at a loss. [1] Monetization Paths - There are four primary monetization models for AI: 1. Model as Product: Directly targeting consumers with AI applications, primarily through subscription services, but facing high competition and low user retention. [3] 2. Model as Service: Providing AI model access or custom development via cloud platforms, which is currently the most mature monetization path due to clear enterprise demand. [3] 3. AI as Function: Integrating AI into existing business operations to enhance efficiency, indirectly contributing to profits without generating direct AI revenue. [3] 4. "Selling Shovels" Model: Offering computational infrastructure, which requires substantial investment and has a long return cycle. [3] Market Segmentation - The market has formed a clear tiered structure based on commercialization progress: - First Tier: Companies like Baidu, Alibaba, Tencent, and Huawei, where AI has become a significant growth driver. For instance, Baidu's non-ad revenue grew by 40% year-on-year in Q1 2025, largely due to AI cloud services. [5] - Second Tier: Companies such as Kuaishou and Meitu, which have successfully utilized AI to enhance their core offerings, with Kuaishou's AI video generation tool generating over 150 million yuan in Q1. [5] - Third Tier: Companies like iFlytek and Kunlun Wanwei, which have AI products but are still in the investment phase, facing losses while seeking growth. [5] Investment Landscape - Despite some companies generating revenue from AI, the overall industry is characterized by investments significantly outpacing returns. Major firms like Tencent and Alibaba are investing hundreds of billions annually, with Alibaba planning to invest 380 billion yuan in AI and cloud computing over the next three years. [6] - The profitability of AI is challenged by the rise of open-source models, which are diminishing the premium advantage of closed-source models. Currently, few companies can achieve positive cash flow solely from AI operations. [6] Strategic Importance - AI is viewed as a critical competitive race, essential for companies to secure their future, even if it does not provide immediate financial returns. Companies are investing today to gain future opportunities, with the effectiveness of these investments only becoming clear over time. [8]