以下文章来源于东四十条资本 ，作者王满华 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 估值将飙升至290亿美元。 作者丨 王满华 来源丨 东四十条资本 这恐怕又将成为Y Combinator投资历史上的经典一役。 据The Information消息，Facebook的母公司Meta将以148亿美元（约合人民币1062.9亿元）收 购Scale AI 49% 的股权，这笔交易将成为Meta继190亿美元收购WhatsApp之后的第二大交易。 Scale AI是一家数据标注公司，谷歌、微软、OpenAI、xAI等Meta的直接竞争对手，都是Scale AI 的大客户。该公司去年新一轮融资后的估值约为138亿美元，而Meta入股后，其估值飙升至290亿 美元，直接实现翻倍。 近期，美国科技并购市场持续升温，一些明星AI项目都获得了来自买方的高溢价收购要约，这为项目 背后的早期投资人贡献了不少回报百倍的退出案例。 今年28岁的Alexandr Wang成长于美国新墨西哥州洛斯阿拉莫斯的一个华裔家庭，父 ...

更多精彩内容，敬请关注6月25日晚22：30在 东方卫视 、6月28日晚22:00在 第一财经 频道播出的 《两说》节目。 两说 Business Insights 近年来，人工智能领域每隔一段时间就会出现一个突破性进展。技术层面，通用人工智能（AGI）、 量子计算与脑机接口等领域已无现成经验可循，人类正在踏入一个个科技领域的"无人区"。产业层面，人 工智能在不同场景下，与不同技术的结合，正在为人类的未来带来无穷想象。技术狂飙下，我们应该如何 思考人类与人工智能的关系？在2025年世界人工智能大会即将在上海举行之际，《两说》推出一组系列对 谈，以"探索AI'无人区'"为题，邀请代表性嘉宾，就人工智能发展过程中的热点问题进行深入探讨。 本期节目，由第一财经主持人张媛对话2013年诺贝尔化学奖获得者、斯坦福大学结构生物学系终身教 授、复旦大学复杂体系多尺度研究院荣誉院长迈克尔·莱维特。迈克尔·莱维特教授是当前计算生物学领域 的权威学者，他的研究成果包括DNA和蛋白质的分子动力学模拟，研究领域横跨生物学、物理学、化学、 计算科学等多个学科；他开创性地为复杂的化学系统发展了多尺度模型，因此获得2013年诺贝尔化学奖。 ...

Core Insights - The article discusses the competitive landscape of the local life service market in China, highlighting the entry of major e-commerce platforms like JD and Alibaba into instant retail, while ByteDance is focusing on AI-driven solutions for this market [1][2][3] Group 1: Market Dynamics - The local life service market in China is projected to grow significantly, with online penetration increasing from 12.7% in 2021 to 30.8% by 2025, leading to an estimated market size of 35.3 trillion yuan [2] - Major players like JD and Alibaba are enhancing their operational efficiency and market presence through strategic adjustments, such as JD's announcement of over 25 million daily orders in its delivery business [1][11] Group 2: ByteDance's Strategy - ByteDance is launching an AI product named "TuanFan," which utilizes the Doubao model to provide users with intelligent food-related services, aiming to redefine the dining decision-making process [3][5] - The "TuanFan" product integrates various functionalities, including restaurant recommendations, menu suggestions, and direct ordering, creating a seamless user experience [4][5] Group 3: Competitive Positioning - The integration of AI into local life services is seen as a potential new traffic entry point for ByteDance, differentiating it from competitors who are primarily focused on traditional e-commerce [5][12] - The strategic moves by Alibaba, such as merging Ele.me and Fliggy into its e-commerce division, aim to enhance synergy within its ecosystem and meet diverse consumer needs more effectively [12]

伴随着AI的迅速发展，几乎每个劳动领域都面临冲击，像创意工作、数据分析等，只要能被量化的任务，都可能被自动化。对于那些引领组织穿越这场 动荡转型的领导者而言，应对方法很简单。支持那些投资回报率模糊的冒险赌注，奖励那些重新定义问题并勇于探索未知的团队。留出空闲时间，促进跨 团队交流，以激发意外发现和创意重组。将这些有意保留的模糊领域视为战略资产，而非负担。 AI无需如科幻作品那般升级，便能颠覆经济格局。当下的模型，以及正在研发中更廉价、性能更强的版本，几乎注定要冲击劳动力市场的各个角落。它 们在文本、图像和视频领域展现出的惊人表现，不仅可能改变作家、设计师、摄影师、建筑师、动画师和品牌广告商等创意阶层的工作模式，还会影响金 融分析师、顾问、会计师和税务申报员等处理电子表格的职业人群。就连法律、医学或学术等有着专业门槛的领域也难以幸免：AI能够筛选海量内容， 以如今几分之一的成本提供定制化建议或课程，且质量也在迅速提升，与人类不相上下。 关于AI工具究竟还能强大到何种程度，以及这一进程会有多快，目前仍存在诸多重大疑问。Anthropic的达里奥·阿莫迪（Dario Amodei）和OpenAI的山姆· 奥特曼（S ...

Group 1 - OpenAI is set to release a powerful open-source model, GPT-5, which will be a significant step towards achieving full multimodal capabilities [2][3] - GPT-5 is expected to support various input types including voice, images, code, and video, enhancing user interaction and application development [3][4] - The cost of using AI models is rapidly decreasing, with GPT-3's costs dropping to one-fifth within a week, indicating a trend that will continue [5][4] Group 2 - This year is referred to as the "Year of the Agent," where AI agents are expected to perform tasks similar to entry-level employees, potentially replacing many computer-based jobs [6][8] - OpenAI's vision for AGI is categorized into five levels, with GPT-5 being a step towards achieving deeper reasoning and real-time content generation capabilities [9][27] Group 3 - Entrepreneurs are encouraged to seize the technological transformation opportunities, as this is considered the best time in tech history for startups [10][42] - Successful startups should focus on unmet market needs rather than replicating existing products like OpenAI's core chat assistant [11][32] Group 4 - The integration of AI into everyday life is evolving, with users beginning to treat ChatGPT as an operating system that connects various data sources [21][24] - The future of human-computer interaction is expected to minimize traditional interfaces, allowing for more seamless and intuitive user experiences [40][41] Group 5 - OpenAI aims to create a comprehensive model capable of reasoning and generating real-time video content, which would revolutionize computer interfaces [27][26] - The potential for robotics is highlighted, with expectations that humanoid robots will soon be able to perform useful tasks in the real world [28][29] Group 6 - The discussion emphasizes the importance of building defensible companies in the face of competition from larger entities like OpenAI, suggesting that unique and innovative approaches are crucial for success [30][33] - The conversation reflects on the rapid advancements in AI and the need for new infrastructure to support these developments, drawing parallels to the historical impact of the transistor [62][63]

证券研究报告|行业研究周报 [Table_Date] 2025 年 6 月 22 日 [Table_Title] [Table_Title] GPT-5 或于今夏面世，5 月国内游戏市场同比增长 近 10% 传媒行业周报系列 [Table_Title2]2025 年第 24 周 ► 市场行情回顾 [Table_Summary] 2025 年第 24 周（实际交易日为 2025.6.16-2025.6.20）上证 指数下跌 0.51%，沪深 300 指数下跌 0.45%，创业板指数下跌 1.66%。恒生指数下跌 2.25%，恒生互联网指数下跌 1.52%，行 业领先恒生指数 0.73pct。SW 传媒指数下跌 1.81%，落后创业 板指数 0.15pct，在申万一级 31 个行业涨跌幅排名中位列第 15 位。子行业中互联网服务、体育和广告营销位列前三位，分 别为上涨 1.48%、下跌 1.31%和下跌 1.97%。 ► 核心观点&投资建议 GPT-5 或将于今夏面世，AGI 目标更进一步。本周据新浪科 技，OpenAI 首席执行官阿尔特曼在首期播客节目中确认 GPT-5 将于夏季发布，该模型将整合 GPT-4o ...

Core Viewpoint - The article discusses the emergence and implications of the term "Vibe" in the AI industry, highlighting its transition from a technical term to a broader cultural phenomenon that emphasizes intuition and creativity over traditional technical skills [3][21]. Group 1: Vibe Coding - The term "Vibe Coding" was popularized by Andrej Karpathy, who described a new programming experience that emphasizes immersion and productivity through interaction with AI, suggesting a shift from traditional coding practices [5][6]. - "Vibe" redefines coding as an intuitive and creative process, making it more accessible to a broader audience beyond just technical developers [7][9]. - The popularity of "Vibe Coding" reflects a collective sentiment in the tech community, capturing a moment of excitement and potential in AI development [7][8]. Group 2: Vibe Marketing and Design - The concept of "Vibe Marketing" emerged as a new approach that relies on AI for rapid content generation and decision-making based on intuition rather than traditional analytical methods [11][12]. - "Vibe Design" aims to simplify the design process by allowing users to express feelings and concepts without needing technical knowledge, thus democratizing design [14]. - The shift towards "Vibe" in various fields indicates a broader trend of prioritizing emotional resonance and rapid iteration over meticulous planning and analysis [13][14]. Group 3: Criticism and Reflection - Critics within the tech community have raised concerns about the potential downsides of "Vibe Coding," suggesting it may lead to lower quality code and increased technical debt due to over-reliance on AI [16][17]. - Prominent figures, including Karpathy, have begun to clarify that effective AI-assisted programming still requires deep understanding and oversight, countering the notion that "Vibe Coding" eliminates the need for technical expertise [18][19]. - The term "Vibe" risks becoming a vague buzzword, losing its original meaning and becoming a form of industry jargon that lacks substance [22][23].

图片来源：Unsplash 在宣布以143亿美元投资人工智能初创公司 Scale AI，并挖走其创始人 Alexandr Wang 后，Meta CEO 马克·扎克伯格显然才刚刚开始他的 AI 人才收割战。 据知情人士透露， 扎克伯格的 AI 豪掷计划已进一步瞄准了 Safe Superintelligence 的 CEO、前苹果高管 Daniel Gross，以及 GitHub 前 CEO Nat Friedman。 这本不是扎克伯格最初设想的合作方式。 消息人士称，今年早些时候，Meta 曾试图直接收购 Safe Superintelligence——这家由 OpenAI 联合创始人 Ilya Sutskever 创立的公司，在今年4月的一轮融 资中估值达到了320亿美元。然而，Sutskever 不仅拒绝了收购提议，也婉拒了 Meta 对其本人的挖角邀请。 在与 Sutskever 谈判破裂后不久，扎克伯格便转向与 Gross 展开接洽。据悉，Gross 除了领导 Safe Superintelligence 外，还与 Friedman 共同创办了风投机构 NFDG（取自两人姓名首字母）。 消息称， G ...

Core Insights - OpenAI's acquisition of Jony Ive's hardware company for $6.5 billion highlights a shift towards physical AI terminals, coinciding with Chinese companies pushing for standardized AI terminal classifications [1][3] - The evolution of AI is moving from theoretical capabilities to practical applications, emphasizing the need for AI to integrate into everyday user experiences [1][4] - Chinese companies are fostering a collaborative ecosystem to enhance AI deployment, contrasting with the competitive approaches of Western tech giants [4][10] Group 1: AI Development and Standards - OpenAI's five-level roadmap for achieving AGI (Artificial General Intelligence) has become a global reference, with predictions of reaching L3 this year and L4 next year [3] - The focus on "implementation capability" in AI is becoming crucial, with challenges in user adoption needing to be addressed [3][4] - Honor's initiative to establish a standardized classification for AI terminals aims to enhance the competitiveness of Chinese AI smartphones [4] Group 2: Collaborative Ecosystem - Honor's call for an open AI terminal ecosystem alliance during MWC Shanghai emphasizes collaboration among AI model companies, operators, and internet firms [4][10] - The proposed "AI Terminal Ecosystem Alliance" is structured as a pyramid, promoting unity, openness, co-creation, and sharing as foundational principles [4][5] - The alliance aims to address the three major barriers to AI implementation: trust, performance, and scenario integration [6][7] Group 3: Technological Innovations - Honor's upcoming AI foldable flagship, the Magic V5, is positioned as a lightweight device with advanced AI capabilities, showcasing the company's commitment to AI integration [6] - Key technologies for closing the AI application loop include a comprehensive personal knowledge base, collaborative AI agents, and interconnectivity across devices [6][7] - The Magic V5 aims to resolve user pain points in data retrieval, presentation creation, and file sharing, enhancing the overall user experience [7] Group 4: Global AI Landscape - The collaboration between Honor and China Mobile aims to create an open and innovative AI terminal ecosystem, enhancing user experience through intelligent and efficient AI services [10] - The contrasting approach of Honor's ecosystem compared to Western firms reflects a more inclusive strategy, potentially reshaping the global AI development paradigm [10] - The collaborative efforts of Chinese tech companies are seen as a key factor in overcoming fragmentation and fostering a more integrated AI landscape [10]

2025年是AI（人工智能）技术跨越式发展的一年，从春节期间爆火的DeepSeek到Manus、Genspark等智 能体的集中爆发，AI已从单纯的信息识别处理生成阶段，进化为能自主感知、推理、规划、反思并执 行任务的智能体，因此今年也被广泛视为"智能体元年"。 荣耀终端股份有限公司CEO李健在相关论坛上表示，当前AI落地尚存在场景、性能、信任未形成有效 闭环等挑战，比如端侧的算力不足和内存偏低，导致难以支撑7B以上的模型和复杂的推理需求，并存 在幻觉、隐私和伦理等信任问题，用户数据权限、数据价值等方案仍未形成统一的标准。未来AI的竞 争不是比拼谁的模型参数更大、模型能力更强，而是让用户能够日常使用起来，才能真正释放AI的潜 力。 IDC预计，到2025年，全球人工智能市场规模将突破2000亿美元大关，而亚太地区将贡献超过35%的份 额。 中经记者陈佳岚上海报道 当前，全球AI产业正朝通用人工智能（AGI）的目标演进。 一年一度的上海世界移动通信大会（MWC2025）正在火热进行中。《中国经营报》记者留意到，AI也 是本届大会关注焦点之一，华为、移动、中兴、中国信科、联发科等厂商展出相关产品。 不过，关于"A ...