Token 出海，将中国电力卖给全世界

Core Insights - The significance of the undersea cable network lies not in transmission speed but in the power structure it creates, where those who lay the cables can control information flow [1][2] - In 2026, Chinese AI models are capturing a significant share of the global developer market, with Chinese models accounting for 61% of token consumption on the OpenRouter platform [3][4] Group 1: AI Model Migration - As of February 24, 2026, the top ten models on OpenRouter consumed approximately 8.7 trillion tokens, with Chinese models dominating at 5.3 trillion tokens [4] - The leading model, MiniMax M2.5, consumed 2.45 trillion tokens, followed by Kimi K2.5 and Zhiyu GLM-5, all from China [4] - The introduction of OpenClaw, an open-source tool, has enabled AI to perform complex workflows, leading to exponential increases in token consumption for developers [6][9] Group 2: Cost Structure of Tokens - The cost structure of tokens primarily consists of computing power and electricity, with a single NVIDIA H100 GPU costing around $30,000 and consuming approximately 700 watts [11] - The process of a developer's API request involves data traveling from the U.S. to a Chinese data center, where GPU clusters operate, showcasing the cross-border flow of value through tokens [12][13] - China's electricity prices are about 40% lower than those in the U.S., contributing to the competitive advantage of Chinese AI models [15] Group 3: Strategic Implications - The migration of developers to Chinese models is driven by significant cost differences, with MiniMax M2.5 costing $0.3 per million tokens compared to $5 for Claude Opus 4.6 [8][9] - The transition to Chinese AI models is occurring globally, with developers increasingly relying on these models for their workflows, raising concerns about data sovereignty and compliance [28][30] - The competition in AI models and tokens is becoming a new strategic battleground between the U.S. and China, akin to the semiconductor and space races of the past [30][31]