Core Viewpoint - Tencent's profit surged by 90% in Q4 2024, driven by its accelerated investment in artificial intelligence [1][3][4]. Financial Performance - Tencent's net profits for the three months ending December 31 reached 51.3 billion yuan ($7.1 billion), marking a 90% year-on-year increase [3]. - The company's revenue for the same period was 172.4 billion yuan, an 11% year-on-year rise, surpassing Bloomberg's forecast [3]. - For the entire year, Tencent reported total revenue of 660.3 billion yuan, an 8% increase from 2023, and net profits of 194.1 billion yuan, up 68% [4]. AI Strategy - Tencent's CEO, Pony Ma, attributed the double-digit revenue growth to enhancements in the advertising platform through AI, increased engagement on video accounts, and growth in the gaming sector [4]. - The company has reorganized its AI teams to focus on rapid product innovation and deep model research, alongside increasing AI-related expenditures [4]. - Tencent is trialing its AI reasoning model, "Hunyuan Thinker," aimed at providing a more professional and human-like writing style [8]. Market Context - The strong financial results followed a significant rise in Tencent's stock price, reaching its highest level in nearly four years [5]. - The surge in investor confidence in Chinese technology stocks, particularly in AI, was influenced by the emergence of local startup DeepSeek [2][7]. - Tencent has expressed respect for DeepSeek and is integrating its technology across multiple services [7][8]. Challenges - Despite the positive results, Tencent faces challenges such as a sluggish domestic economy and political pressure from the U.S., which has placed the company on a list of firms allegedly linked to Beijing's military [9].

Core Viewpoint - NVIDIA's recent GTC conference showcased the launch of its new generation of AI chips, emphasizing the importance of inference efficiency over sheer computational power, with DeepSeek emerging as a significant player in this landscape [2][4][6]. Group 1: AI Chip Developments - NVIDIA introduced the Blackwell Ultra chip, which is set to deliver 20 petaflops of AI performance and features 288GB of HBM3e memory, marking a significant upgrade from its predecessor [10][12]. - The Blackwell Ultra chip will support various AI tasks, including pre-training, post-training, and inference, making it a versatile platform [10][12]. - The upcoming Rubin chip, expected in late 2026, will offer performance improvements of up to 900 times compared to the Hopper architecture, with capabilities reaching 3.6 ExaFLOPS for inference tasks [19][20][23]. Group 2: Inference Efficiency - The conference highlighted that the future of AI competition will hinge on achieving the lowest inference costs and highest efficiency, rather than merely increasing model size [6][4]. - NVIDIA's DeepSeek-R1 model achieved a throughput of over 30,000 tokens per second, showcasing a 36-fold increase in throughput since January [49][50]. - The company aims to optimize its entire inference ecosystem, integrating advanced tools to enhance performance across various frameworks [50][58]. Group 3: Networking Infrastructure - NVIDIA introduced the Spectrum-X and Quantum-X silicon photonic switches to enhance AI factory connectivity, significantly reducing energy consumption and operational costs [30][32]. - The new networking technology is designed to support millions of GPUs across sites, addressing the growing demand for bandwidth and low latency in AI applications [29][34]. Group 4: AI Factory Concept - NVIDIA's vision for the future includes the concept of AI factories, where every industry will operate both a physical factory and an AI factory, with Dynamo serving as the operating system for these AI environments [36][35]. - The company is positioning itself as a leader in transforming GPU computing into a foundational infrastructure for various industries, moving beyond traditional chip manufacturing [54][58]. Group 5: Robotics and AI Integration - The conference featured the introduction of the Isaac GR00T N1, a humanoid robot model that utilizes advanced AI frameworks for real-world applications [41][43]. - NVIDIA's collaboration with Google DeepMind and Disney Research on the open-source physics engine Newton aims to enhance robotic capabilities and AI learning [45][46].

Group 1: Financial Performance - Tencent reported a fourth-quarter revenue of 172.4 billion yuan ($23.9 billion), exceeding the expected 168.9 billion yuan, marking an 11% year-on-year increase [9] - Profit attributable to equity holders was 51.3 billion yuan, surpassing the expected 46.03 billion yuan, reflecting a 90% increase compared to the same period in 2023 [9] Group 2: Gaming Revenue - Domestic games revenue in China rose 23% year-on-year to 33.2 billion yuan in the fourth quarter, attributed to a low base from the previous year and growth in popular games like Honour of Kings and Peacekeeper Elite [2] - International games revenue increased by 15% year-on-year to 16 billion yuan, driven by Tencent's expansion efforts overseas, particularly with games like PUBG Mobile [3] Group 3: AI Developments - Tencent has launched its Hunyuan3D-2.0 model, capable of converting text or images into 3D graphics, and previously introduced Turbo S, an AI model for rapid user query responses [4] - The company's AI initiatives are part of a broader competitive landscape among China's tech giants, with rapid advancements from companies like Alibaba and Baidu [5][6] - Tencent is integrating its AI models, including its in-house chatbot Yuanbao, with technologies from rivals like DeepSeek to enhance products such as WeChat's search features [7]

2020 年，阿里旗下蚂蚁集团的 IPO 被监管机构紧急叫停，蚂蚁的上市本来有机会成为全球有史以来募资规 模最大的 IPO，阿里的股价也一度超过 300 美元。但是在被叫停后，阿里的股价开始一路下跌，2022 年， 阿里的市值只有巅峰期的 1/5。阿里的创始人马云也逐渐淡出公众的视野，长期旅居在国外。去年阿里的市 值几次被拼多多超越，但是现在，阿里的股价已经翻了一倍。有金融从业者在接受财经的采访时表示，市 场反应高涨主要是因为 AI 业务， 由于 DeepSeek 大热，中国科技股的价值被重新评估。 ▲ 阿里巴巴五年来的股价变动 | 图源：雅虎财经 科技媒体「品玩」的分析认为，不同代际的开源千问模型，多次登上 HuggingFace 多个大模型榜单，说明了 千问模型的性能。更重要的是，千问推出了不同参数大小的开源模型，可以更好满足各行各业的需求，开 发者用脚投票，纷纷来下载使用千问模型。最近，意外获得众多关注的 Manus 表示将会推出中文版的 AI Agent，而且 Manus 中文版将和通义千问达成战略合作，基于通义千问的开源模型，在国产模型和算力平台 上实现 Manus 的全部功能。 ▲ Qwen与Ma ...

聚集源头工厂的 1688 因低价吸引消费者。2023 年 11 月，阿里将 1688 列为四大 "战略级创新业务" 之一，并称其将以 3 - 5 年为周期持续投入。2024 年，1688 活跃买家数同比增长 55%。截至 2025 年 2 月，1688 年度活跃买家数（AAC）超过 1 亿。 巴菲特增持 5 家日本商社股票，4 家持股比例超过 9%。 巴菲特的公司伯克希尔·哈撒韦 3 月 17 日的财务文件显示，公司已增持 5 家日本商社（三井物产、 三菱商事、住友商事、伊藤忠商事和丸红）股票，在其中四家持股比例超过 9%。公司曾说，自己 持有的日本股票总价值 "远超伯克希尔持有的美国以外任何其他国家的股票总价值"，并计划 "长 期" 持有，比例可能高达 9.9%，但需要董事会特别批准。巴菲特今年 2 月在致股东信中说到，五 大商社同意对伯克希尔 "适度放宽" 持股比例 10% 以下的限制。 松绑 "仅退款" 的平台又多一家。阿里旗下 B2B 电商平台 1688 将于 3 月下旬取消仅退款政策。 此前，买家因质量问题发起仅退款申请后，平台会介入，进行退款，无需商家同意。仅退款政策取 消后，再发生类似情况，平台 ...

Core Viewpoint - The article discusses the paradox of open-source large models in the AI industry, questioning how these models can generate revenue despite being freely available. It emphasizes that profitability is essential for business operations and suggests various monetization strategies that can be employed by companies in this space [5][8][41]. Group 1: Open Source Models and Revenue Generation - Open-source models have become mainstream, but there is skepticism about their ability to generate revenue [4][7]. - Companies can monetize open-source models through several strategies, such as charging for usage rights of certain models [12][18]. - Successful examples from the open-source world, like Red Hat, illustrate that companies can provide paid solutions around open-source products [9][10]. Group 2: Monetization Strategies - Companies can charge for customized B2B model deployments, which is a significant revenue source [20][33]. - Selling computational power, as demonstrated by DeepSeek, is another viable revenue stream, with reported daily profits of $470,000 and a profit margin of 545% [22][23]. - Open-source products often generate more revenue from services rather than direct product sales, creating an ecosystem that supports monetization [28][30]. Group 3: Market Dynamics and Challenges - The AI industry is still evolving, and many companies are struggling to achieve profitability, with significant investments in GPU resources yielding limited returns [45]. - The article highlights that the current focus for AI companies should be on gaining attention and user engagement rather than immediate profitability [47]. - The competitive landscape necessitates that companies adopt open-source strategies to remain relevant and avoid being overshadowed by leaders like DeepSeek [47][48].

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: Nvidia CEO Jensen Huang has touted artificial intelligence being built into real-world creations such as robots as being among promising markets for the technology powered by his company's chips. Nvidia chief Jensen Huang is expected to showcase cutting-edge chips for artificial intelligence (AI) and quantum computing on Tuesday ...

Core Viewpoint - Baidu is launching new AI models to regain its competitive edge in the AI market, particularly focusing on reasoning capabilities and open-source strategies [1][2][9] Group 1: New AI Models - Baidu has introduced its first reasoning-focused AI model, ERNIE X1, which claims to match the performance of DeepSeek's R1 model at half the cost [4] - The new models are part of Baidu's strategy to catch up with competitors who have already released advanced AI models [5][6] Group 2: Competitive Landscape - Baidu's Ernie chatbot has struggled to gain widespread adoption, falling behind competitors like Alibaba and ByteDance [6][7] - Experts indicate that Baidu's slow innovation pace and reliance on proprietary models have hindered its competitiveness [5][7][8] Group 3: Shift in Strategy - Baidu is shifting towards an open-source model strategy, which contrasts with its previous proprietary approach [9] - This shift is seen as a response to the success of open-source models from competitors like DeepSeek, Alibaba, and Tencent [9] Group 4: Advantages and Future Outlook - Baidu maintains advantages due to its extensive user base and popular applications, which can support its AI initiatives [11] - The company possesses significant data resources, which are crucial for AI development, as highlighted by its CEO [12]

Core Insights - Baidu's shares increased by 10.7% following the release of two new AI models, indicating positive investor sentiment towards the company's advancements in artificial intelligence [1][3] - The newly released models include an updated version of the "Ernie" model and a new reasoning model that Baidu claims rivals DeepSeek's R1 model [2][4] - Baidu's strategy has shifted to open-sourcing its AI models, aiming to regain its competitive edge in the AI market and strengthen its influence within the AI community [7][8] Company Developments - The new ERNIE X1 reasoning model is claimed to deliver performance comparable to DeepSeek's R1 at half the cost, showcasing Baidu's focus on cost-effective solutions [4] - Baidu's previous proprietary model strategy has been altered to open-source, allowing for broader access and potential modifications by the community [7] - Analysts suggest that Baidu's future competitiveness will depend on the actual performance and cost advantages of its new models in a rapidly changing AI pricing landscape [6][7] Industry Context - DeepSeek has emerged as a strong competitor in the AI space, having quickly surpassed Baidu despite Baidu's early entry with its Ernie Bot [5][6] - The AI market in China is characterized by fluid pricing and intense competition, with other tech giants like Alibaba and Bytedance also gaining traction [6][7] - The shift towards open-source models reflects a broader trend in the industry, where companies seek to establish their technologies as standards to capture market share [8]

对"强制跟投"的介绍，请见上一篇《 投资人的收入有多低 》 （一） 请问尊敬的合伙人：目前只有投资团队有跟投机制。您说，因为项目是投资团队找的。 那么，基金里面，募资团队是不是也要跟一点？因为 lp 是募资团队找的呀。 如果 lp 的落地、对赌等条款，导致我们投不到好项目，进而导致我们投的项目退不出来，是不是应该 lp 也负责？募资团队也负责？ 但是现在呢，募资团队每年拿的募资奖励，金额比投资团队的投成奖多多了，还没有什么跟投。合伙 人，你能不能给我解释解释？ （二） 尊敬的合伙人，感谢您没有设置强行跟投机制。几个老员工常说，感谢合伙人，一定 996 工作，为公司 奋斗到死。 难道 … 不是因为您给的薪资太低了，如果再强制跟投，根本就招不到人了？ 然后，因为不强制，所以我入职至今，一个项目都没有参与过跟投。 您那天还问我，怎么不跟？我现在回答您：因为你们这家机构投的项目都不行。 您可能又会问，但是项目不是我挖掘，我推进的么？ （四） 尊敬的合伙人，我想请问： 您觉得，假如我们有投资 DeepSeek 、宇树的机会，员工会不会踊跃跟投？如果我们每个项目都是 DeepSeek 、宇树这种档次，还有必要"强制"跟投 ...