Group 1 - The event "Rongyi Shang" organized by Chengdu's comprehensive service platform aims to facilitate communication between potential listed companies and the Shanghai Stock Exchange, focusing on the latest policies and IPO review dynamics of the Sci-Tech Innovation Board [1][3] - A variety of strategic emerging industries, including low-altitude economy, integrated circuits, biomedicine, artificial intelligence, and new consumption, were represented by several Chengdu-based companies participating in the event [3][4] - The Shanghai Stock Exchange introduced a series of reform measures in June to support unprofitable technology companies, enhancing the inclusiveness and adaptability of the financial system [7] Group 2 - The efficiency of the Sci-Tech Innovation Board's review process has significantly improved, with the fastest project taking only 88 days from acceptance to approval [8] - Companies were advised to choose the most clear and achievable listing standards to avoid issues related to industry adjustments or performance fluctuations [9] - Chengdu has established a comprehensive service system for companies, with over 700 potential listed companies and 154 listed companies, leading in the central and western regions of China [12]

OpenAI正积极规划其旗舰产品ChatGPT的广告商业化路径，旨在将其近9亿的庞大用户群变现。据知情人士透露，公司 内部已在讨论调整AI模型以优先展示赞助内容，并制作了侧边栏广告等多种形式的内部模型。此举若得以实施，将对谷歌 和Meta主导的万亿美元数字广告市场构成潜在挑战。 硬·AI 作者 | 龙 玥 编辑 | 硬 AI OpenAI正在悄然探索其旗舰产品ChatGPT的商业化新路径，计划通过引入广告来开辟新的收入来源，此 举可能重塑由谷歌和Meta主导的万亿美元数字广告市场格局。 12月24日，据The Information援引知情人士消息，OpenAI内部已在讨论调整其AI模型以优先展示赞助信 息，并已着手制作广告在ChatGPT中呈现方式的内部模型。这标志着该公司在探索广告业务方面已进入具 体细节的规划阶段。 这些讨论中的方案包括，当用户进行相关查询时，在ChatGPT的回复中优先植入赞助内容。同时，近几周 制作的内部模型展示了多种广告呈现方式，例如在主回复窗口的侧边栏显示赞助信息。此举旨在将 ChatGPT庞大的用户流量转化为直接收入，从而挑战现有数字广告巨头的市场地位。 OpenAI的一位发言 ...

Core Viewpoint - The event "Rongyi Shang" organized by Chengdu aims to enhance the understanding of the latest policies and IPO review dynamics of the Sci-Tech Innovation Board among potential listed companies from Chengdu [1][3]. Group 1: Event Overview - The event took place from December 23 to 24, 2025, in Shanghai, featuring participation from several Chengdu-based companies in strategic emerging industries such as low-altitude economy, integrated circuits, biomedicine, artificial intelligence, and new consumption [3]. - The event was co-hosted by the Sichuan Securities Regulatory Bureau, Chengdu Municipal Financial Office, and Shanghai Stock Exchange [3]. Group 2: Discussions and Training - A delegation from the participating companies engaged in discussions with experts from the Shanghai Stock Exchange regarding listing path planning and review key points [5]. - The Shanghai Stock Exchange introduced the current policy environment supporting technological innovation in the capital market, highlighting the "1+6" reform measures launched in June to better support unprofitable tech companies [7]. - The average review cycle for companies on the Sci-Tech Innovation Board has been reduced to approximately 120 days, with the fastest project completing the review in just 88 days [8]. Group 3: Company Insights - The delegation visited CloudWalk Technology Group, a leading company in the artificial intelligence sector, to understand its core technology and product platform [10]. - CloudWalk has developed a self-controllable, technologically advanced "CWOS" (CloudWalk Human-Machine Collaborative Operating System) architecture, aiming to create a core platform for human-machine collaboration [12]. - The "Rongyi Shang" capital market service platform in Chengdu has gathered over 700 potential listed companies and 2,900 high-growth enterprises, with a total of 154 listed companies in Chengdu, ranking first in the central and western regions [12].

Core Insights - OpenAI is exploring new commercial paths for ChatGPT by introducing advertising, potentially reshaping the trillion-dollar digital advertising market dominated by Google and Meta [1][3] - The company is in the planning stages of how to integrate ads into ChatGPT, focusing on non-intrusive methods that respect user trust [2][4] Group 1: Advertising Strategy - OpenAI aims to create a new type of digital advertising that leverages detailed user interest data collected from conversations, ensuring ads are highly relevant to user intent [2] - Internal discussions emphasize non-intrusive advertising, with ads appearing only at specific stages of user interaction to avoid user annoyance [2] - An internal model suggests that when users request travel plans, relevant sponsored links may appear only if they seek more information, maintaining a balance between user experience and monetization [2] Group 2: Monetization Pressure and Market Opportunity - OpenAI faces significant monetization pressure, with ChatGPT's weekly active users nearing 900 million, but only about 5% are paying users as of October [3] - Introducing ads could generate substantial revenue from the large free user base, with projections estimating an average annual revenue of $2 per free user starting next year, increasing to $15 by 2030 [3] - The company anticipates total revenue from non-paying users could reach approximately $110 billion by 2030, with gross margins comparable to Meta's Facebook, estimated at 80% to 85% [3] Group 3: Balancing Trust and Commercialization - Advertising remains a sensitive topic within OpenAI, with concerns that it may undermine user trust in responses, conflicting with the company's goal of achieving artificial general intelligence (AGI) [4] - CEO Sam Altman previously viewed advertising as a last resort, but his stance has softened, acknowledging that while ads can be annoying, they are not entirely unfeasible [5] Group 4: E-commerce Integration and Early Stage of Advertising - OpenAI is laying the groundwork for commercialization by integrating shopping features into ChatGPT, collaborating with companies like Stripe, Shopify, Zillow, and DoorDash [6] - These e-commerce functionalities aim to cultivate AI shopping habits among users and provide valuable merchant data for future ad targeting [6] - Despite ongoing discussions about advertising, the initiative is still in its early stages, with a focus on enhancing ChatGPT's core features taking precedence over ad development [6]

2）顶尖的AI产品与平台公司：最可能的路径。OpenAI未能垄断AGI，但凭借其在模型性能、产品体验和生态建设上的优势，成为像苹果或微软那样的顶 级科技公司，通过ChatGPT等核心产品获得稳定、巨大的收入和利润。 3）被稀释的领先者：最悲观的路径。开源生态持续冲击，竞争对手在关键领域（如垂直行业、成本控制）实现超越，监管压力增大，内部治理问题频 发。OpenAI虽然仍是一流玩家，但领先优势被不断蚕食，最终成为多极世界中的一极，而非主宰者。 OpenAI的十年，是从理想主义的乌托邦，跌入商业现实的修罗场，再奋力攀登技术与商业双重巅峰的传奇历程。它不仅仅是一家公司的故事，更是这个 时代技术狂热、资本博弈、伦理困境和未来憧憬的集中表现，进而可预见的未来，OpenAI最有可能走向三种截然不同的命运： 1）AGI的先行者与AI大模型的垄断者：最乐观的路径。OpenAI率先实现可控的AGI，其智能体平台成为AI产业界的操作系统，OpenAI成长为堪比甚至超 越当今所有科技巨头总和的实体，深度参与并塑造人类文明的未来形态。 一场旨在打破垄断、以更安全方式引领AI发展的计划，在Rosewood酒店的晚宴上酝酿成熟。 Ope ...

知名科技博主犀利指出，各大实验室通过RL（强化学习），耗资数十亿美元让大模型"排练"Excel、网页操作等技能，恰 恰暴露其距真正AGI仍远。若AI真接近类人智能，就该像人类一样从经验中自主学习，而非依赖"可验证奖励训练"。而真 正突破在于"持续学习"能力，这一过程或需5-10年才能完善。 硬·AI 作者 | 龙 玥 编辑 | 硬 AI 在人工智能迈向通用智能（AGI）的竞赛中，当前最受追捧的强化学习（RL）路径，可能正将我们引向一 条歧路——RL越强，距离真正的AGI或许越远。 12月24日，知名科技博主、Dwarkesh Podcast博客主持人Dwarkesh Patel今日发布了一则引发行业深思 的视频，直击当前大模型发展的痛点。在硅谷普遍对Scaling Law（缩放定律）和RL（强化学习）持极度 乐观态度的背景下，Patel提出了一个反直觉的犀利观点： 对RL（强化学习）的过度依赖和投入，可能非 但不是通往AGI的捷径，反而是其远未到来的明确信号。 Patel的核心论点在于，当前顶尖AI实验室正耗费巨资，通过基于可验证结果的强化学习，为大模型"预 制"大量特定技能，例如操作Excel或浏览网页。然 ...

OpenAI的十年，是从理想主义的乌托邦，跌入商业现实的修罗场，再奋力攀登技术与商业双重巅峰的传奇历程。它不仅仅是一家公司的故事，更是这个 时代技术狂热、资本博弈、伦理困境和未来憧憬的集中表现，进而可预见的未来，OpenAI最有可能走向三种截然不同的命运： 风暴的前夜 2010年代中期的硅谷，AI人才争夺战已进入白热化阶段。谷歌在2014年以6.5亿美元收购DeepMind，此举震撼了整个行业。与此同时，Facebook（现 Meta）也在不遗余力地网罗AI专家。谷歌与DeepMind的联盟在强化学习等领域展现出强大统治力，而Facebook则深耕于计算机视觉和社交网络AI应 用。 这种"双寡头"格局引起了硅谷其他力量的不安。埃隆·马斯克多次公开表达对人工智能失控风险的担忧。在他看来，将关乎人类命运的技术集中于少数几 家以利润为导向的商业公司手中，是极其危险的。与此同时，时任著名创业孵化器Y Combinator（YC）总裁的山姆·奥特曼正凭借对技术趋势的敏锐嗅 觉和强大的资源整合能力，在硅谷精英网络中建立起独特的影响力——他既看到了AI的巨大潜力，也洞悉了现有格局的弊端。 一场旨在打破垄断、以更安全方式引领 ...

以下文章来源于腾讯科技 ，作者值得关注的 腾讯科技 . 腾讯新闻旗下腾讯科技官方账号，在这里读懂科技！ 来源丨 腾讯科技 （ID：qqtech） 作者丨陆陆 编辑丨 徐青阳 图源丨 midjourney 过去一年，一个令人费解的现象在OpenAI内部蔓延： 即便ChatGPT推出了能在国际数学奥赛摘金、 在顶级编程竞赛夺冠的"最强大脑"，但普通用户们似乎并不买账 。 据外媒报道和OpenAI 9月发布的数据显示，多数用户使用ChatGPT可能只是询问相当简单的问题， 根本无需动用那些耗费巨大计算资源、需要"思考"半分钟的推理模型。 这一刺眼的数据，指向了OpenAI在巅峰之下隐藏的深刻危机：一场由CEO山姆·奥特曼亲自推动的战 略扩张正引发严重的深层危机，包括组织架构割裂、多线作战导致资源分散，以及技术路线与用户需 求严重脱节，这正将其王牌产品ChatGPT拖入竞争泥潭。 核心矛盾：前沿研究与大众需求的 "性能过剩"鸿沟 OpenAI的核心矛盾，根植于其研究部门与产品团队日益扩大的目标分歧。 公司内部一个超过千人、相对独立的研究团队，近年来将重心押注在追求"推理模型"和"通用人工智 能"（ AGI ）这一终极 ...

一群年轻人的"AI探险"，生而为全球化。 ©️懂财帝出品 · 作者｜嘉逸 进击AGI（通用人工智能）时代，中美"双核"领跑。 近期，xAI、OpenAI、Anthropic相继曝出新一轮融资计划，与此同时，二级市场也即将迎来一家中国 AGI领军公司。 据悉，MiniMax（稀宇科技）已通过证监会备案和港交所聆讯，并已经披露IPO招股书。 它极致年轻，2022年初成立，员工平均95后。但AI技术极其硬核，是全球唯四的全模态AI大模型企 业，其语音模型甚至力压OpenAI、ElevenLabs等海外AI巨头，登顶全球。 若IPO成功，有望创下全球AI公司从成立到上市的最快速度。 MiniMax拥有极致的效率，过去4年仅用约5亿美元——还不到OpenAI总研发费用（约550亿美元）的 1%，以及国内部分互联网大厂5个月的投流成本，就做出了全球领先的全模态AI公司。 同时，其员工仅385人，但已狂揽全球2.12亿个人用户和13万企业用户。 它还率先形成了"技术创新-产品全球化-商业可持续"的闭环，今年前三季度，营业收入5343.7万美元， 约合人民币3.76亿元，同比大幅增长174.68%。其中，海外收入占比达到73 ...

当MiniMax（稀宇科技）等中国通用人工智能企业加速冲刺上市、国内互联网大厂在AI Agent（人工智 能智能体）领域密集落子，全球AI产业正从"模型竞赛"迈入"落地深水区"。 "AI Agent落地已进入产业拐点，编码开发提效与生产力升级成为两大核心场景。"亚马逊云科技大中华 区解决方案架构总经理代闻近日在接受《每日经济新闻》记者采访时表示，当前企业对AI的需求已 从"用不用"转向"怎么用"，组织流程重构与工具赋能协同成为落地关键。 "当前Agent落地已形成两大高共识场景——编码开发提效与生产力升级。"代闻表示，这一判断背后， 是明确的市场需求。 亚马逊云科技正试图用内部超4万个Agent应用的实践验证这一逻辑。但面对中国市场的独特生态， 其"模型出海+本地方案"的双线策略，能否与国内玩家共同推动产业进入规模化落地新阶段，仍需时间 检验。 编码开发提效与生产力升级，Agent双线落地 三年前，行业热议AGI（通用人工智能）何时到来；如今，企业已清晰认识到模型的局限性与差异化价 值。 AI Agent的产业价值已得到市场阶段性验证。Lang Chain发布的《AI Agent工程状态报告》显示，57.3% ...