以下文章来源于科创板日报 ，作者刘蕊 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 美东时间周六（11月1日），OpenAI首席执行官萨姆· 奥尔特曼 （Sam Altman）在一起播客节目中，反呛了外界有关OpenAI公司财务状况的批评。 他明确表示，公司的营收"远远超过"130亿美元，并且还在快速增长。 他还语气激烈地反击称，怀疑者完全可以抛售他们的股票——他肯定能找到买家。他甚至表示，他巴不得让批评者们赶紧对OpenAI下注做 空——不过目前这只是假设，因为该公司尚未上市，首次公开募股（IPO）仍遥遥无期。 "我很少希望自己成为一家上市公司，但有那么一次，我真的希望我们是家上市公司，那就是当那些人写那些荒谬的报道说 OpenAI 即将倒闭的时候。我很乐意告诉他们，他们可以赶紧做空这只股票，我也很乐意看到他们因此遭受损失。" 奥尔特曼 直 言。 奥尔特曼 表示，到目前为止，OpenAI的迅猛发展得益于其人工智能产品和服务的需求强劲，但要实现未来的目标，则需要达到前所未有的 业务扩张速度。 因此， 该公司正着眼于从人工智能云基础设施、专有设备以及自动化科学研究等方面获取新的收 ...

图片来源：Unsplash 一份本周突然曝光的法庭证词，炸出了OpenAI权力斗争中最隐秘的角落。 在10月1日旧金山的一次长达10小时的访谈中，苏茨克沃接受了马斯克与OpenAI律师的联合质询，内容涉及阿尔特曼被解雇的细节、他对 AGI 的观点，以 及他离开公司的真正原因。证词中的关键词——"说谎成性"——成为外界关注的焦点。 苏茨克沃透露，ChatGPT爆红后的一年内，OpenAI内部高层的关系急剧恶化，不信任与敌意蔓延。ChatGPT不仅让公司一夜成名，更吸引了微软100亿美 元的巨额投资，也让OpenAI在商业化与使命之间的平衡愈发脆弱。 OpenAI 联合创始人、前首席科学家 Ilya Sutskever首次开口，承认在Sam Altman被董事会闪电罢免后，竞争对手Anthropic曾主动推进合并，其CEO Dario Amodei甚至可能入主OpenAI，成为OpenAI的新掌门人。 达里奥和他的妹妹 Daniela Amodei（丹妮拉）早在2020年就因理念分歧离开OpenAI——他们认为AI技术的进步速度与潜在风险需要更加谨慎的平衡。这 次证词，为外界提供了一个罕见的窗口：在那段权力动荡的 ...

Core Points - The public feud between Elon Musk and Sam Altman has escalated, with Musk accusing OpenAI of theft, which has intensified their ongoing dispute [1][2] - Altman defended OpenAI's structure, claiming it is essential for its success and emphasized his role in transforming it into a significant non-profit organization [2][3] - Musk's accusations included references to internal conflicts within OpenAI's leadership, highlighting divisions among executives and criticizing Altman's management style [3][4] Group 1 - Musk's accusation of theft against OpenAI was a response to Altman's cancellation of a Tesla order, reigniting tensions between the two [1][2] - Altman stated he helped turn OpenAI into what should be the largest non-profit ever, countering Musk's claims [2][3] - The feud has included discussions about Tesla's handling of Altman's Roadster order and refund issues, further complicating their relationship [4][5] Group 2 - Musk referenced a deposition in his lawsuit against OpenAI, which alleges that Altman created divisions among executives and failed to address leadership conflicts [3] - The ongoing public exchanges between Musk and Altman reflect a broader rivalry in Silicon Valley, with both figures holding significant influence in the tech industry [4]

Core Points - The ongoing feud between Elon Musk and Sam Altman highlights the tensions surrounding OpenAI's transition from a non-profit to a profit-driven organization, with Musk expressing dissatisfaction over the original vision of OpenAI being compromised [8][10][12]. Group 1: Background of the Dispute - Musk and Altman co-founded OpenAI in 2015, with Musk emphasizing the need for a non-profit to counteract Google's dominance in AI [11]. - Musk left the board in 2018, citing potential conflicts of interest with Tesla, and subsequently withdrew promised funding, leading to financial difficulties for OpenAI [11][12]. - Musk has repeatedly criticized OpenAI for deviating from its original mission, claiming it has become a profit-oriented entity under Microsoft's influence [12][13]. Group 2: Recent Developments - Musk's recent public statements and social media posts indicate his ongoing frustration with OpenAI's direction, suggesting it has transformed into a "closed, profit-driven" organization [10][13]. - The feud escalated with Musk's legal actions against OpenAI, accusing it of betraying its founding principles and seeking to regain control over the organization [15][16]. - Altman has responded to Musk's criticisms, acknowledging Musk's contributions while asserting that the current direction of OpenAI is necessary for its success [13][14]. Group 3: Financial and Operational Implications - Musk's departure from OpenAI and subsequent criticisms have raised questions about the governance and operational strategies of both OpenAI and Tesla, particularly regarding talent acquisition and resource allocation [12][19]. - The legal battles and public disputes may impact investor confidence and the strategic partnerships that both Musk's ventures and OpenAI are pursuing [15][16].

Core Insights - OpenAI has become a significant player in the AI industry, with a valuation reaching $500 billion, despite not yet being profitable and generating only $13 billion in revenue this year [3][4]. - There are concerns about OpenAI's potential failure and its systemic risk to the U.S. economy, particularly if the expectations surrounding its AI capabilities do not materialize [2][9]. - The company is seen as a pivotal entity in the tech sector, with its influence likened to that of major corporations during past economic crises [2][7]. Company Overview - OpenAI's current valuation of $500 billion coincides with U.S. government efforts to promote AI development as a means to invigorate the economy [3]. - The company was initially founded as a non-profit in 2015 and has since evolved into a major player in the tech industry [3]. - OpenAI's CEO, Sam Altman, envisions that general artificial intelligence (AGI) could be crucial for solving significant global challenges, including cancer treatment [6]. Financial Structure and Market Position - OpenAI has undergone restructuring to simplify its corporate structure, facilitating private investment and potential plans for an initial public offering (IPO) valued at $1 trillion [5]. - Microsoft holds a 27% stake in OpenAI, and the partnership has contributed to significant market valuations for both companies [7][8]. - OpenAI's collaborations with tech giants like Nvidia and Oracle are seen as strategic moves to leverage high valuations for acquiring essential assets [8]. Industry Impact and Future Outlook - The AI sector is viewed as underestimating the potential of AI technologies, with calls for increased investment to match the anticipated advancements [8][9]. - Some industry leaders express optimism about the exponential capabilities that AI investments could unlock, potentially transforming various sectors [9]. - However, there are contrasting views that liken OpenAI's situation to historical economic bubbles, raising concerns about its long-term sustainability [9][10].

Core Insights - The conversation between Satya Nadella and Sam Altman highlights the significant partnership between Microsoft and OpenAI, focusing on their collaboration and future plans in AI technology [3][4][5] - OpenAI's ambitious commitment to invest $1.4 trillion in computing power over the next few years raises questions about its revenue model and growth potential [4][20][19] - The structure of OpenAI as a nonprofit organization with a for-profit subsidiary is designed to ensure that advancements in AGI benefit humanity while also generating substantial financial returns [13][12] Investment and Financial Structure - Microsoft has invested approximately $130 to $140 billion in OpenAI since 2019, acquiring a 27% stake in the company [11][12] - The partnership includes a revenue-sharing agreement where OpenAI pays Microsoft a portion of its income, which is expected to continue until AGI is achieved [16][21] - OpenAI's revenue is projected to grow significantly, with Altman asserting that the company is not limited to its current income figures [20][21] Computing Power and Infrastructure - The discussion emphasizes the critical need for computing power, with Nadella stating that the biggest challenge is not a surplus of computing resources but rather the availability of electricity and data center construction [24][26] - OpenAI plans to allocate $500 billion to NVIDIA, $300 billion to AMD and Oracle, and $250 billion to Azure for computing resources [19][20] - The conversation suggests that the demand for computing power will continue to grow, and the ability to scale effectively will be crucial for both companies [22][23] AGI and Future Prospects - The partnership aims to ensure that AGI is developed responsibly and benefits all of humanity, with a focus on health and AI resilience [13][14] - Altman expresses confidence in the future development of consumer-grade devices capable of running advanced AI models locally [28][20] - The potential for AI to revolutionize various sectors, including healthcare and scientific research, is highlighted as a key area of focus for both companies [35][36] Regulatory Environment - Concerns are raised about the fragmented regulatory landscape in the U.S., with both leaders advocating for a unified federal approach to AI regulation [31][32] - The potential impact of state-level regulations on innovation and competition is discussed, emphasizing the need for coherent policies [32][33] Market Position and Competitive Landscape - The partnership between Microsoft and OpenAI positions them as leaders in the AI space, with Nadella noting that OpenAI's growth is comparable to the emergence of a new Google [19][21] - The exclusive distribution of OpenAI's models on Azure is expected to attract customers who might have otherwise chosen AWS [45][46]

Core Insights - The investment landscape is shifting towards companies with technological barriers and self-sustaining capabilities, as evidenced by significant funding rounds for firms like Songyan Power and LiblibAI, and the initiation of IPO guidance for several aerospace companies [1][2] Group 1: Investment Trends - Funding is increasingly concentrated on leading projects, with top-tier companies able to secure substantial investments, as highlighted by Star River Power's completion of a 2.4 billion yuan financing round despite having 1 billion yuan in cash [2][7] - The overall number of startups is declining, but the quality of projects is improving, with a shift from early-stage funding to more mature and technologically advanced ventures [3][4][5] Group 2: AI and Technology Development - The competition in the AI sector has narrowed to a few major players, with the focus now shifting to the application layer, particularly AI Agents that can deliver verifiable commercial results [2][9] - The integration of AI hardware and software is becoming a new trend, with products that enhance user experience and generate revenue being prioritized [2][10] Group 3: Entrepreneurial Landscape - The barriers to entry for startups have increased, leading to a decrease in university student-led ventures, while experienced teams of scientists and entrepreneurs are becoming the new driving force [5][6] - The concept of "unicorns" is evolving, with a preference for "unicorn tigers" that demonstrate strong self-sustaining capabilities and a focus on customer orders rather than mere valuation [6][10] Group 4: Market Dynamics - The current entrepreneurial environment in China resembles a "wolf pack" strategy, with multiple companies competing in every sector, driving down costs and expanding markets [11][12] - The HICOOL competition has attracted a diverse range of international teams, indicating a growing interest in the Chinese market and the potential for collaboration and investment opportunities [12]

Group 1 - The AI application sector continues to show positive momentum, with the Xinchuang ETF (562030) experiencing a price increase of 0.35%, indicating a bullish trend over the past nine trading days, with six days of gains [1] - Key stocks within the ETF, such as Xinghuan Technology and 360, have seen significant price increases, with gains exceeding 7% and 6% respectively [1] - The report from QuestMobile indicates that the number of monthly active users for AI applications on mobile devices in China has surpassed 700 million, reaching 729 million by September 2025 [3] Group 2 - The Xinchuang industry is transitioning from being policy-driven to a dual-driven model of policy and market, with significant growth expected in the market size, projected to reach over 2.6 trillion yuan by 2026 [4] - The Xinchuang ETF tracks the Zhongzheng Xinchuang Index, which encompasses core segments of the Xinchuang industry, including hardware, software, and information security, highlighting its high growth and elasticity characteristics [7] - The investment logic for the Xinchuang industry includes geopolitical factors, increased local debt efforts, technological breakthroughs by domestic manufacturers, and the critical timing of procurement standards [7]

归根结底还是电力缺口。 作者丨 蒲凡 来源丨 投中网 什么样的公司能够股价暴涨？ 即使你不是一位老股民，应该也能本着基础经济学常识给出答案，比如实现了重大技术突破、迎来了重大政策利好、拿到了震 撼行业的大合同、创造了超预期的业绩表现，进而让投资者集体"虎躯一震"。前不久的甲骨文就是个好例子，由于在 9 月 10 日公布的财报显示公司的未完成订单（即剩余履约义务，可以简单粗暴理解为计划内的远期收入）总规模达到了史无前例的 4550 亿美元，甲骨文股价盘中最高暴涨 42% ，让创始人拉里・埃里森（ Larry Ellison ）短暂地当了一把全球首富。 但最近，美股却诞生了一个极端反例。 这家公司至今收入为 0 ，也没有任何实际的商业落地场景，甚至成立 10 多年来一直 处于 " 技术转化阶段 " ，每年需要也纯粹的研发端投入超过 1 亿美元，却能够在 2025 年 10 月 20 日之前的 12 个月里 暴涨 900% ，市值一度突破了 230 亿美元（约合人民币 1635 亿） 。 这家公司叫做 Oklo ，一家由 OpenAI 创始人萨姆 · 奥特曼参与孵化的公司，目的是推进模块化小型核反应堆的研发和建 设 ...

特斯拉(TSLA.O)CEO马斯克与OpenAI联合创始人山姆·奥尔特曼（Sam Altman）之间的口水战在周末继 续升级。这两位科技巨头再次互相指责对方行为不道德。 起因是上周奥尔特曼发帖称，由于特斯拉Roadster多年未交付，他决定取消预订并申请退款。奥尔特曼 分享了一封2018年7月的邮件截图，确认他支付了4.5万美元，用于预订下一代特斯拉Roadster。另一张 截图显示，他后来要求退回5万美元，但邮件被退回，因为负责预订的邮箱地址似乎已经失效。 随后，马斯克在周六发帖回应道："你偷走了一个非营利组织。"此言直指OpenAI近期转为营利结构一 事。这一举动引发了包括马斯克在内的多方质疑，认为该公司已背离最初的使命。 针对奥尔特曼晒出特斯拉退款邮件出错的截图，马斯克回击说，奥尔特曼"故意省略"了特斯拉在24小时 内就已退款的事实，并讽刺道："这很符合你的本性。" 马斯克与奥尔特曼于2015年与伊利亚·苏茨克维尔（Ilya Sutskever）和格雷格·布罗克曼（Greg Brockman）共同创立了OpenAI，当时这是一家非营利性AI研究公司。但此后，两人的关系逐渐恶化， 在社交媒体与法律文件中多 ...