摩尔线程，不想只做AI“卖铲人”

Core Viewpoint - Moore Threads has launched the AI Coding Plan, marking a significant evolution in the integration of domestic chips and large models in AI programming, aiming to overcome the software ecosystem barrier that has limited the penetration of domestic computing power [1][2]. Group 1: AI Coding Plan Overview - The AI Coding Plan is the world's first intelligent development solution built on a fully functional domestic GPU computing base, representing a "soft and hard integration, fully domestic" AI-assisted programming engine [2]. - The service leverages the MTT S5000 chip's full precision computing power, achieving a significant increase in computing efficiency through a collaborative architecture [2]. - It incorporates the top-tier code model, GLM-4.7, which outperforms peers in various coding scenarios, including function completion and vulnerability detection [2][3]. Group 2: Ecosystem and Market Impact - The AI Coding Plan allows seamless integration with mainstream programming tools, enabling developers to switch environments without changing their habits, thus creating a secure closed loop of self-controlled technology [3]. - The service aims to lower the learning curve and switching costs associated with domestic architectures, breaking existing bottlenecks in AI core productivity tools [4]. - The introduction of AI Coding Plan is expected to catalyze the explosion of domestic AI applications, providing a competitive edge for Chinese enterprises in the AI application layer [6]. Group 3: Business Model Transformation - The launch of AI Coding Plan signifies Moore Threads' transformation from a "chip hardware vendor" to a "soft and hard integrated ecosystem platform provider" [7]. - The service acts as an accelerator for hardware sales by stimulating development demand, which in turn boosts the market for underlying computing power chips [7][8]. - The subscription-based revenue model of the AI Coding Plan offers lower dependency on external factors, leading to higher profit margins and more stable cash flow compared to traditional hardware sales [8]. Group 4: Long-term Valuation Implications - The shift in identity may prompt the capital market to reassess Moore Threads' long-term value, as software companies typically enjoy broader revenue boundaries and more stable cash flows compared to hardware firms [9]. - The enhancement of software service capabilities is expected to elevate the company's growth ceiling and long-term valuation, potentially leading to a premium valuation associated with its role as an ecosystem platform provider [9].