搜狐不做AI基础设施，“沉迷物理”的张朝阳很清醒

Core Viewpoint - Zhang Chaoyang, founder of Sohu, emphasizes a cautious approach to AI, viewing it as an efficiency tool rather than a strategic core, while the industry rushes into AI investments [1][3][5] Group 1: AI Strategy - Sohu has not fully engaged in AI infrastructure and prefers to observe rather than invest heavily in AI models [1][3] - Zhang believes that the essence of social interaction should be prioritized over the pursuit of AI, advocating for rational cash flow management [3][5] - The company has historically avoided the hype surrounding AI, opting instead to consider purchasing applications from successful developers [3][5] Group 2: Company Performance - Sohu's revenue for Q4 2023 was $135 million, with total annual revenue reaching $598 million, and a net loss of $100 million [5][8] - The company has struggled to maintain relevance in the internet space, with its peak occurring during the 2008 Beijing Olympics [5][8] - Sohu's gaming business, primarily reliant on the aging title "Tianlong Babu Online," is declining, raising concerns about its sustainability [8][10] Group 3: Market Position and Future Outlook - Sohu's attempts to innovate through knowledge live streaming have not gained traction in a competitive market dominated by platforms like Douyin and Kuaishou [6][10] - The company lacks the resources to develop AI models from scratch, with a cash reserve of $1.32 billion insufficient for significant AI investments [8][10] - Sohu may benefit from integrating existing AI models rather than competing directly in the AI space, which could be a risky endeavor [10]