没有商业模式，是DeepSeek最坚固的“护城河”

Core Insights - The article discusses the upcoming anniversary of DeepSeek and the expectations surrounding its new model release, emphasizing that the market should temper its expectations as the AI landscape has evolved significantly since last year [1][10]. Group 1: Business Model and Funding - DeepSeek's strongest competitive advantage is its unique model of zero external financing, allowing it to pursue its AGI dream without commercial pressures [2][15]. - The founder, Liang Wenfeng, prioritizes control over financial backing, making DeepSeek an outlier in a capital-driven AI industry [3][18]. - DeepSeek's funding comes from its profitable quantitative fund, Huanfang Quantitative, which generated over $700 million (approximately 5 billion RMB) in profit last year, allowing for investment in resources without external investor pressure [4][18]. Group 2: Market Position and Competition - The article warns that while DeepSeek previously led the market with its models, it is no longer the only or the most open player, as many competitors have emerged with open-source models [10][11]. - The expectation that DeepSeek will release a groundbreaking model is tempered by the reality that the market is now saturated with open-source alternatives, diminishing its unique position [10][14]. Group 3: Internal Dynamics and Research Quality - The absence of external funding allows DeepSeek to maintain a flat organizational structure, reducing internal competition and bureaucracy, which can hinder research quality [20][22]. - The article highlights that excessive funding can lead to "big company syndrome," where resources are mismanaged and research quality suffers, a situation DeepSeek avoids by self-funding [6][20]. - The focus on research quality over sheer computational power is emphasized, with insights from Ilya Sutskever suggesting that significant breakthroughs do not necessarily require vast computational resources [7][21]. Group 4: Investor Perspective - The author expresses a paradoxical desire to invest in DeepSeek while recognizing that accepting external funding would compromise its unique characteristics and mission [9][25]. - The article concludes that DeepSeek's lack of a commercial model is its enduring strength, allowing it to align its internal goals with its AGI research without external pressures [25].