东方港湾黄海平2025年年报与展望：进化的底色！AI应用的算力需求空间巨大 容得下GPU与TPU一起共治天下

Group 1 - The capital market continues to be influenced by AI bubble theories, but significant advancements in model capabilities have been observed, particularly with Gemini 3, which surpasses ChatGPT in various evaluations, especially in "multimodal interactive" capabilities [3][45] - The AI industry is experiencing a competitive landscape where companies like OpenAI, Meta, and XAI are racing to enhance their models, with OpenAI planning to release GPT 5.3 in early 2026 to regain its leading position [4][46] - The competition has led to a shift in the tech industry, where companies are increasingly undermining each other rather than collaborating, as seen with OpenAI's entry into advertising and e-commerce, and Google's integration of AI into its search engine [5][47] Group 2 - In 2025, AI capabilities have evolved significantly, with reasoning becoming standard across major language models, and the cost of processing tokens decreasing by 50% [9][50] - Long-term memory capabilities have emerged in AI models, allowing them to remember user interactions and improve task execution strategies, which is essential for developing personal assistant applications [10][50] - The concept of "craft intelligence" has developed, where AI is expected to deliver satisfactory results in various tasks, reflecting a shift from merely providing accurate answers to replicating human best practices [11][51] Group 3 - The economic value generated by AI is complex, with significant investments in AI data centers (AIDC) expected to reach nearly $500 billion in 2025, leading to substantial depreciation costs for companies [15][16] - The revenue generated from AI applications is difficult to quantify, as it is spread across cloud vendors and enterprises that utilize AI tokens for internal improvements [17][19] - Companies are increasingly purchasing AI applications rather than building them in-house, with 76% of enterprises opting for external solutions in 2025, indicating a rapid acceptance of AI applications in the market [19][21] Group 4 - The future of AI applications is expected to bring transformative changes, including significant improvements in model performance and the potential for traditional software paradigms to be disrupted [23][25] - The integration of multimodal capabilities in AI models is anticipated to redefine content creation, moving towards an "experience industry" where video and interactive content become prevalent [32][34] - The demand for computational power in AI is projected to grow exponentially, with GPU and TPU technologies competing for dominance in the market [36][38]