Token出海：把中国的电，炼成世界的油

Core Viewpoint - The balance of AI competition between China and the US has shifted towards China following the rise of the open-source project "Dragon" (OpenClaw), indicating a new phase in AI development driven by electricity demand and cost advantages in China [4][5]. Group 1: Token Consumption and Market Dynamics - The total token consumption on the OpenRouter platform reached approximately 8.7 trillion, with Chinese models accounting for 5.3 trillion, representing a significant 61% share [4]. - The emergence of "Dragon" has led to a surge in demand for electricity, positioning China favorably in the global AI landscape due to its extensive power grid and lower electricity costs [5][6]. - The trend of "Token going abroad" is expected to continue, driven by the need for cost-effective AI solutions, as overseas developers increasingly turn to Chinese models to reduce operational costs [6][11]. Group 2: The Role of Electricity in AI Development - Electricity is becoming a critical factor in AI competition, with the cost structure of AI shifting from chip-based to electricity-based as the demand for computational power increases [13][15]. - The cost of electricity, which currently accounts for about 30% of AI operational costs, is projected to become a decisive factor in the future as the demand for AI services grows exponentially [15][16]. - By 2030, data centers are expected to rank among the top four sources of new electricity demand globally, highlighting the increasing importance of power infrastructure in AI development [17]. Group 3: Competitive Landscape and Market Opportunities - Companies like MiniMax, Zhiyuan AI, and Moonlight have already begun to benefit from the surge in demand for Chinese models, with MiniMax reporting that about 70% of its revenue comes from overseas markets [24]. - The rapid growth in API demand has led to significant expansions in teams responsible for these services, indicating a shift in business models within the AI industry [24]. - The competition is reshaping the global AI cost structure, with Chinese models offering significantly lower token costs compared to their US counterparts, prompting a shift in developer preferences [11][12]. Group 4: Geopolitical and Market Implications - The geopolitical landscape is influencing AI development, with European companies increasingly recognizing the value of Chinese models as they seek alternatives to US technologies [26][27]. - The strategy of "open-source + low-cost" is accelerating the transition to a new era of digital employees, where AI agents are expected to take on more complex roles beyond simple assistance [28][29]. - The ongoing competition between the US and China in AI is characterized by a race to enhance power infrastructure in China while the US focuses on maintaining its chip technology advantage [22][23].