Investment Rating - The report maintains a positive outlook on the AI industry, particularly on companies like Alibaba, suggesting a strong financial outlook and valuation uplift for its cloud business [5]. Core Insights - The demand for large models is experiencing significant growth, with a notable 41% increase in weekly token call volume over the past two weeks, indicating robust demand in the AI sector [2]. - Chinese models are closing the gap with international counterparts, with DeepSeek's average daily token call volume reaching 75 billion, approximately 55% of Alphabet's, a significant increase from about 40% at the end of June [2][3]. - Alibaba's AI-related product revenue has consistently exceeded 100% growth for eight consecutive quarters, contributing to 20% of its external revenue [3]. Summary by Sections Large Model Demand - The weekly token call volume for large models reached 4.95 trillion, reflecting an 8% week-on-week increase and a 41% rise compared to the previous four weeks [2]. - The average daily token call volume for major players includes Alphabet at 135 billion, Anthropic at 101 billion, and OpenAI at 62 million, while Alibaba's recent average is 43 million, representing 32% and 70% of Alphabet and OpenAI's volumes respectively [2]. Company Performance - Alibaba's latest model, Qwen3-Max-Preview, has surpassed several benchmarks, indicating its competitive edge in the market [3]. - The company has committed to a substantial investment of 380 billion over the next three years in AI and cloud infrastructure, which is expected to accelerate its cloud revenue growth [3]. Competitive Landscape - Alphabet's recent launch of the image generation model Nano Banana has shown strong performance, integrating well with its existing product ecosystem [4]. - The report highlights the synergy between Alphabet's chip layout and model inference capabilities, which serves as a reference for Chinese cloud vendors [5].
大模型观察:模型调用量维持强劲增长
Guosen International·2025-09-09 11:37