当整个 AI 圈都在为 DAU（日活跃用户数）和融资额焦虑时，MiniMax 创始人闫俊杰却表现出一种近乎冷酷的淡漠。 坐在罗永浩对面的闫俊杰，并不像一位掌管着 AI 独角兽企业的技术新贵。 他拒绝谈论改变世界，反而坦承恐惧。那种恐惧不是来自商业竞争，而是来自技术本身——当模型的能力开始超越人类时，创造者反而成了最先感到不安 的人。 用 1/50 的筹码通往 AGI 在巨头环伺、算力短缺、热钱褪去的 2025 年，MiniMax 正在进行一场关于认知的修正：不再沿用移动互联网的逻辑，即通过大规模投放换取增长、通过 堆砌功能留住用户，而是回归本质： 把模型当作最重要的产品 。 在大模型时代，真正的产品其实是模型本身，传统意义上的产品更像是一个渠道。如果模型不够聪明，产品做得再好也没有用。 在罗永浩和闫俊杰这期对谈里，我发现 MiniMax 这家 AI 公司从创业第一天就选择了注定与主流背道而驰的技术路径。 当所有人都试图寻找中国的 OpenAI 和 Sam Altman 时，闫俊杰却在试图证明「非天才」的价值。MiniMax 的故事不是关于天才的灵光乍现，而是一场关 于如何在资源受限的缝隙中，通过极度理性地计算 ...

Core Insights - Nvidia responded to reports that Chinese AI startup DeepSeek is using smuggled Blackwell chips for its upcoming models, amid US export bans on these advanced chips to China [1][2][3] - The relationship between Nvidia and China has become a political focal point in the US, with President Trump stating that Nvidia can sell its H200 chips to approved customers in China, provided the US receives 25% of the sales [3] Group 1: Nvidia's Position - Nvidia has not seen evidence of "ghost data centers" allegedly built to deceive the company and its OEM partners, and it will investigate any leads on smuggling activities [1][3] - Nvidia has been a major beneficiary of the AI boom due to its development of GPUs, which are critical for training models and running large workloads [1][3] Group 2: DeepSeek's Developments - DeepSeek launched an inference model named R1 in January, which quickly topped app store and industry rankings, surprising the US tech community [2][4] - Analysts estimate that the development cost of R1 is significantly lower than that of similar models in the US [4] - In August, DeepSeek hinted at the imminent availability of next-generation chips to support its AI models, claiming that its V3 model was trained using Nvidia's H800 GPU, although some observers believe DeepSeek may possess more advanced computing capabilities [2][4]

Core Insights - The report indicates that the Chinese economy is expected to grow by 5.0% in 2025 and 4.5% in 2026 according to the IMF, reflecting a moderate recovery phase [5][8] - The A-share market is experiencing a phase of consolidation with potential upward movement supported by favorable policies and improved liquidity [9][12] - The semiconductor industry is in an upward cycle, driven by strong demand for AI computing hardware and significant capital investments from major tech companies [19][30] Domestic Market Performance - The Shanghai Composite Index closed at 3,900.50 with a slight decline of 0.23%, while the Shenzhen Component Index rose by 0.29% to 13,316.42 [4] - The average P/E ratios for the Shanghai Composite and ChiNext are 16.04 and 49.54 respectively, indicating a suitable environment for medium to long-term investments [12] Industry Analysis - The food and beverage sector saw a rebound in November 2025, particularly in pre-packaged foods and alcoholic beverages, although overall performance remains weak with a cumulative decline of 0.16% from January to November [14][15] - The semiconductor industry experienced a 5.10% decline in November, but year-to-date performance remains strong with a 38.02% increase [19] - The electric power and utilities sector showed resilience, with a 10.4% year-on-year increase in electricity consumption in October 2025, driven by the charging and swapping service industry [23][24] Investment Strategies - The report suggests focusing on sectors such as commercial retail, precious metals, and automotive for short-term investment opportunities [12][18] - In the semiconductor space, companies involved in AI chip production and infrastructure are recommended due to the ongoing demand and technological advancements [19][30] - The food and beverage sector is advised to consider investments in soft drinks, health products, and baked goods, with specific companies highlighted for potential growth [35][36]

Rebutting reports that China's AI startup DeepSeek is using smuggled Blackwell chips. They are considered Nvidia's most advanced AI chips. That was a report in the information.Nvidia shares falling today now down almost 8% over the last month. Let's get reaction from Fast Money friend Gene Muner, managing partner at Deep Water Asset Management. We will get into Nvidia and all that.Gene, but I got to ask you about Oracle, which is down 10% here. I don't know if you want to speak specifically about the Oracle ...

Group 1 - Nvidia is testing software that can track the location of its AI chips amid rising reports of smuggling into China [1] - The location verification technology will first be available for Blackwell chips and is optional for customers [2] - Nvidia has not found evidence of smuggling or "phantom datacenters" related to its chips [3] Group 2 - The news follows Nvidia receiving approval from the U.S. Government to sell H200 AI chips to approved customers in China, but this does not include Blackwell chips [4]

Jensen Huang, chief executive officer of Nvidia Corp., outside the US Capitol in Washington, DC, US, on Wednesday, Dec. 3, 2025.Nvidia on Wednesday refuted a report that the Chinese artificial intelligence startup DeepSeek has been using smuggled Blackwell chips to develop its upcoming model. The U.S. has banned the export of Nvidia's Blackwell chips, which are considered the company's most advanced offerings, to China in an effort to stay ahead in the AI race. DeepSeek is reportedly using chips that were s ...

The Information：DeepSeek使用了英伟达的Blackwell 芯片来开发下一款AI模型。据说这些芯片经由第三国进入中国，而装有这些芯片的服务器在抵达中国前已被拆解。 https://t.co/kGPjKjjRYQ ...

Chinese AI startup DeepSeek has relied on Nvidia chips that are banned in the country to develop an upcoming AI model, according to a new report in The Information https://t.co/bRBP8na4Jv ...

专题：2025《中国企业家》影响力企业家年会 12月5日-7日，由《中国企业家》杂志社主办的"2025（第二十三届）《中国企业家》影响力企业家年 会"（原中国企业领袖年会）在北京举行，主题为"涌现·无限——共创智能商业新形态"。著名品牌战略 专家李光斗出席并演讲。 作为企业家，2026年如何穿越周期？李光斗指出，要了解几大转变： 第一，2026年将是中国的AI应用元年，每一个人都应该有自己的数字分身，如果我们没做好自己的数 字分身，可能未来都会被时代所抛弃；第二，从规模到效益，以前是规模优先，现在是效益优先；第 三，从投资导向到消费导向；第四，从提高产能到提高收入；第五，从人海战术到"一人公司"，例如 DeepSeek，作为中国大模型行业的一家先进企业，年初仅有5人交社保，但即便如此，依旧带来 了"DeepSeek时刻"；第六，从县域经济到品牌出海；第七，从洋货到国潮；第八，从"车房经济"到"谷 子经济"，以前是固定资产时代，现在是周边经济和虚拟经济的时代；第九，从跟随战略到破坏性创 造。 他提到，自己花了三年时间重新阅读了《西游记》，发现它蕴含着真正的中国东方商业智慧。要认清现 实，把握局势，跟对人，走正道 ...

专题：2025《中国企业家》影响力企业家年会 12月5日-7日，由《中国企业家》杂志社主办的"2025（第二十三届）《中国企业家》影响力企业家年 会"（原中国企业领袖年会）在北京举行，主题为"涌现·无限——共创智能商业新形态"。著名品牌战略 专家李光斗出席并演讲。 作为企业家，2026年如何穿越周期？李光斗指出，要了解几大转变： 第一，2026年将是中国的AI应用元年，每一个人都应该有自己的数字分身，如果我们没做好自己的数 字分身，可能未来都会被时代所抛弃；第二，从规模到效益，以前是规模优先，现在是效益优先；第 三，从投资导向到消费导向；第四，从提高产能到提高收入；第五，从人海战术到"一人公司"，例如 DeepSeek，作为中国大模型行业的一家先进企业，年初仅有5人交社保，但即便如此，依旧带来 了"DeepSeek时刻"；第六，从县域经济到品牌出海；第七，从洋货到国潮；第八，从"车房经济"到"谷 子经济"，以前是固定资产时代，现在是周边经济和虚拟经济的时代；第九，从跟随战略到破坏性创 造。 他提到，自己花了三年时间重新阅读了《西游记》，发现它蕴含着真正的中国东方商业智慧。要认清现 实，把握局势，跟对人，走正道 ...