The OpenClaw moment reminds me of DeFi summer:Early adopters experimenting with expensive tech and bad UX.Both have conviction that this changes everything. A community building open source stuff (smart contracts vs AI Skills now).But DeFi summer had a financial layer that let anyone capture value.Compound launched $COMP rewards. Uniswap let you LP and earn fees and a star dev Andre (vs P. Steinberger now) found ways to build on top.Every new protocol meant new tokens and new upside for retail.Many early ad ...

Core Insights - The two AI companies, Zhipu and MiniMax, have seen significant stock price increases, with Zhipu rising over 42% on the first trading day of the Year of the Horse, and MiniMax increasing over 14% on the same day, leading to market capitalizations exceeding 300 billion HKD [1][2][7] - Both companies have experienced substantial growth since their IPOs, with Zhipu's stock price increasing by 523% and MiniMax's by 487.88% within a month of their listings [1][7] - Despite their high valuations, both companies are currently operating at a loss, with a price-to-sales ratio (PS) exceeding 700, significantly higher than OpenAI's 65 [2][17] Company Performance - Zhipu's stock closed at 725 HKD per share, with a market capitalization surpassing 323.2 billion HKD, while MiniMax closed at 970 HKD per share, reaching a market cap of 304.2 billion HKD [2][11] - Zhipu's cumulative losses from 2022 to mid-2025 amount to approximately 6.238 billion CNY, while MiniMax reported a net loss of 512 million USD (around 3.605 billion CNY) for the first nine months of 2025 [17][20] Market Position - Zhipu and MiniMax's market capitalizations have surpassed those of major companies like Ctrip and Kuaishou, and are approaching the valuations of Pop Mart and Baidu [2][11] - The market's enthusiasm for these companies is attributed to their technological advancements and product breakthroughs, particularly in AI model development [12][19] Technological Advancements - Zhipu launched its flagship model GLM-5, which has shown over a 20% performance improvement compared to its predecessor, while MiniMax introduced M2.5, designed for full-stack programming development [12][13] - Both models have achieved significant performance metrics in industry benchmarks, with MiniMax M2.5 being the most called model in a recent week, reaching 3.07 trillion tokens [14][16] Pricing Strategy - Following the launch of GLM-5, Zhipu raised the prices of its coding plans by 30% in China and over 100% internationally, indicating strong demand for its services [12][19] - MiniMax's pricing for token usage is significantly lower than that of competitors like Claude Opus 4.6, making it an attractive option for users [14][15] Future Outlook - The market is betting on the future potential of these companies, as the demand for AI capabilities continues to grow, particularly in areas requiring high token consumption for complex tasks [19][20] - Analysts suggest that the transition of AI from simple tasks to more complex operations will drive up token consumption, positioning these companies favorably in the evolving AI landscape [19]

Core Insights - The upcoming podcast episode features Nikhil Kamath and Dario Amodei discussing the transformative impact of artificial intelligence (AI) on economics, geopolitics, and safety concerns [1][3][4] Group 1: Podcast Overview - The podcast will cover various topics including economics, geopolitics, and safety related to AI, emphasizing an unscripted and honest dialogue [3][4] - Dario Amodei, CEO of Anthropic, expresses the need to steer AI in the right direction, likening its potential impact to a tsunami [2][4] Group 2: Dario Amodei's Background - Dario Amodei is the CEO and co-founder of Anthropic, with a strong academic background including a PhD in Computational Neuroscience from Princeton [5][6] - His career includes roles at Google and OpenAI, where he focused on AI safety before co-founding Anthropic in February 2021 [6] Group 3: AI's Role in India - At the India AI Impact Summit 2026, Amodei highlighted India's crucial role in addressing challenges related to AI, including its autonomous behavior and potential misuse [7] - He noted the unprecedented capabilities of AI agents, which could lead to significant opportunities and concerns for humanity [8][9]

We recently published an article titled 12 Best Data Storage Stocks to Buy Right Now. On February 18, Citi lowered its price target on Snowflake Inc. (NYSE:SNOW) to $270 from $300 while maintaining a Buy rating. The firm attributed the stock’s 30% pullback following fiscal third-quarter results to a smaller-than-typical earnings beat and broader software sector concerns related to artificial intelligence spending. Citi characterized the decline as excessive, emphasizing Snowflake’s resilient, consumption- ...

智通财经APP获悉，国金证券发布研报称，字节跳动推出的AI视频生成模型Seedance2.0火爆出圈，大幅 降低了高质量视频内容的创作门槛，或成为AI影视发展的重要节点。元宝、千问等大模型新春活动加 速入口流量争夺。国内AI应用正加速向垂直领域渗透，形成技术与产业深度融合的新格局。在政策驱 动下，智能体技术成为核心增长引擎，已规模化应用于工业质检、医疗诊断等场景，推动AI从"感 知"向"决策"升级。展望2026年，将是AI应用从"技术验证"迈向"商业推广"的关键之年。 国金证券主要观点如下： AI应用产业趋势确立，2026年有望迎来双击 1)2026年应用是"必修课"。2026年无论是从算力的ROI诉求角度，还是互联网/软件/端侧公司做产品的角 度。 1)超级入口：大模型量收共振，流量枢纽地位确立。大模型已超越技术底座范畴，演进为AI时代具统治 力的流量入口。全球领军者商业化进程呈非线性加速：OpenAI ARR预计2025年底突破200亿美元，远 期锚定"数千亿美元"量级；Google Gemini 2025年10月单月Token使用量达1.3千万亿个，呈指数级跃 升；Anthropic Claude AR ...

Core Insights - The article discusses the challenges faced by AI startups, particularly those relying on LLM wrappers and AI aggregators, indicating a shift in market dynamics and investor sentiment [1][6]. Group 1: LLM Wrappers - LLM wrappers are defined as startups that build products or user experiences on top of existing large language models (LLMs) like Claude, GPT, or Gemini, aiming to solve specific problems [3]. - There is a growing impatience in the industry for startups that merely white-label existing models without offering substantial differentiation [4]. - Successful startups must develop a deep and wide competitive moat, rather than relying on superficial enhancements to existing models [4]. Group 2: AI Aggregators - AI aggregators are a subset of LLM wrappers that integrate multiple LLMs into a single interface or API, allowing users to access various models [6]. - Mowry advises against entering the aggregator business due to limited growth and progress in this area, as users prefer products with built-in intellectual property [6]. - The current landscape for AI aggregators mirrors the early stages of cloud computing, where many startups were eventually marginalized as major providers expanded their offerings [7]. Group 3: Future Opportunities - Mowry expresses optimism for "vibe coding" and developer platforms, predicting significant breakthroughs in these areas by 2025, with startups like Replit, Lovable, and Cursor gaining substantial investment and customer interest [7]. - There is an anticipated strong growth in consumer-facing technologies that empower users with powerful AI tools, such as Google's AI video generator Veo [7]. - Beyond AI, biotechnology and climate technology are seen as sectors ripe for investment, with the potential to create real value through unprecedented access to vast data [8].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：网易科技） 当美国市场陷入"AI恐慌交易"，投资者抛售软件公司和财富管理机构之际，中国投资者却在大举追捧人 工智能概念股。这种截然不同的市场情绪反映出两地投资者对AI技术的根本性分歧：美国担忧既有商 业模式被颠覆，中国则聚焦于增长机遇和降本潜力。 本月发布新模型或升级现有产品的国内公司成为投资者宠儿。MiniMax和智谱AI最为典型，两家公司股 价在2月均翻倍。摩根士丹利等华尔街投行的看涨评级进一步推高市场热情，纯AI概念股正从传统互联 网巨头手中抢夺资金。 这种市场分化背后是投资逻辑的差异。盛宝市场首席投资策略师Charu Chanana表示，中国市场仍专注 于AI能带来什么帮助，而非它会从现有企业手中夺走什么。美国投资者焦虑于丰厚利润池面临竞争威 胁，而中国关注的仍是市场渗透。 新上市AI股领涨 MiniMax和智谱AI受到投资者青睐，部分原因在于全球范围内构建大模型的上市公司稀缺。两家公司均 于1月在香港上市，智谱AI股价此后一度飙升524%，MiniMax大涨488%。相比之下，被视为行业先驱的 OpenAI和Anthr ...

OpenAI一位发言人表示，该公司封禁了鲁特塞拉尔的账户，但确定其活动并不符合向执法部门报告的标准，"向执法部门报告的标准是构成对他人造成严 重身体伤害的可信和迫在眉睫的风险"。 据央视新闻，当地时间2月21日，美国开放人工智能研究中心（OpenAI）表示，加拿大不列颠哥伦比亚省塔布勒岭校园枪击案发生前几个月，枪手曾与公 司旗下的ChatGPT聊天机器人互动，OpenAI曾考虑提醒执法部门。 知情人士透露，枪手杰西·范·鲁特塞拉尔在2025年6月使用ChatGPT时，描述了涉及枪支暴力的场景，并被自动审查系统标记。 OpenAI一些员工将鲁特塞拉尔的行为解释为潜在现实世界暴力的迹象，并敦促公司领导提醒加拿大执法部门注意，不过OpenAI领导最终决定不联系当 局。 警方表示，没有证据表明枪手针对特定受害者，而是"狩猎"式的无差别攻击。警方还称，18岁的鲁特塞拉尔患有精神健康问题。他先在家中杀害了其39岁 的母亲和11岁的继弟，之后前往学校枪杀了一名39岁女教师、3名12岁女学生以及2名分别为12岁和13岁的男学生，随后自杀身亡。 嫌疑人为单独作案，尚不确定作案动机，不便公开调查的具体细节。 案发当日（10日）晚 ...

来源：投行圈子 6000亿美元的"妥协背后"：OpenAI突然砍掉一半算力预算，这场AI军备竞赛要转向了？ 这两天科技圈却被一条消息炸得人仰马翻。 OpenAI告诉投资者，到2030年，它的总算力支出"仅"为6000亿美元。 等等，几个月前奥特曼不还在嚷嚷着要砸1.4万亿美元搞基建吗？这砍掉的可不是小数目——8000亿美 元，相当于少建了3个特斯拉或者5个宁德时代。 消息一出，评论区立刻分成两派。一派高呼"AI泡沫要破了"，另一派则忙着解释"这是两个口径，不能 简单对比"。 但无论怎么解读，有一点是确定的：那个曾经喊着"给我钱，别的甭管"的OpenAI，终于开始算账了。 从1.4万亿到6000亿，这不仅仅是数字的变化。它可能意味着整个AI行业的游戏规则，正在发生一次根 本性的转向。 今天，我们就来聊聊这6000亿美元背后，到底藏着什么信号。 01 奥特曼的"妥协" 先说清楚这6000亿到底怎么回事。 去年11月，奥特曼公开画了一张大饼：未来8年投入约1.4万亿美元，用于AI基础设施建设，主要砸向数 据中心和计算资源。这个数字有多大？相当于再造一个苹果的市值。 当时整个硅谷都倒吸一口凉气。1.4万亿，这已经不是 ...

Core Viewpoint - The recent launch of Anthropic PBC's AI tool, Claude Code Security, has triggered a significant sell-off in cybersecurity stocks, raising concerns about AI's potential to disrupt traditional threat detection markets [1][5]. Group 1: Market Reaction - On February 20, major U.S. stock indices rose, but cybersecurity stocks experienced a sharp decline, with SailPoint down 9.44%, Okta down 9.18%, Cloudflare down 8.05%, and Crowdstrike down 7.95% [3]. - The Global X Cybersecurity ETF fell nearly 5%, marking its lowest closing record since November 2023 [3]. - The sell-off erased billions in market value for the cybersecurity sector in a single trading day [5]. Group 2: AI Tool Impact - Anthropic PBC's Claude Code Security can identify vulnerabilities in code that have gone unnoticed for decades, which may undermine the long-term value of existing enterprise security suites [5]. - The tool's ability to shift the focus from passive monitoring to proactive automated remediation has raised concerns among market participants [5]. - The emergence of AI-native tools is expected to fundamentally change the competitive landscape, as they may reduce demand for traditional products and impact growth, margins, and pricing power of related companies [5]. Group 3: Industry Analysis - Analysts note that the current AI wave is causing skepticism in the software sector, similar to past technological shifts, but the narrative of "AI eliminating software" lacks logical support [6]. - Despite macroeconomic challenges and slow AI adoption, there is potential for a gradual shift in market sentiment towards the software sector as AI revenue contributions increase [6]. - Investors are advised to focus on leading application software companies with strong balance sheets and foundational software and information security firms with positive fundamentals [6].