2025年12月21日晚，国内大模型公司稀宇科技MiniMax（以下简称"MiniMax"）正式通过港交所聆讯，向IPO发起冲刺。彼时，距离智谱披露招股书仅隔 了48小时。 两家国内大模型"头部玩家"相继冲击IPO，意味着中国大模型竞赛迈出了关键一步，从"百模大战"的技术探索阶段迈入"商业化突围"的前夜。 值得关注的是，二者走上了截然相反的技术路径，MiniMax主要做C端生意，押注全球全模态；智谱以B端、G端服务为核心。 其中，增长迅速的MiniMax为大模型的To C路径提供了一个典型样本。招股书显示，仅2025年前9个月，MiniMax的收入就达到了5343.7万美元，超过了 2024全年总收入（3052.3万美元）。值得注意的是，招股书强调，MiniMax的C端产品已接近盈亏平衡。 不过，MiniMax亦有焦虑，"高增长与高风险并存"是其必须面对的挑战。招股书显示，2022年至2025年前三季度，MiniMax累计净亏损达12.5亿美元，研 发投入持续高企是亏损的核心原因。此外，MiniMax还面临着竞争加剧、版权诉讼、烧钱换量等诸多现实难题。 | Hugging Face | | Q Search ...

机器之心发布 本文作者为摩尔线程天使投资人、中国初代 AI 投资人王捷。他于今年 8 月发表了《浮现中的 AI 经济》一文，对即将到来的 AI 经济进行了 展望和解读。本篇文章是他近期对当前 AI 的思考的小结。 关于 AI 经济的四十个问题 《浮现中的 AI 经济》（以下简称 "文章"）发表以来，AI 行业继续发生了众多大事，OpenAI 牵头的千亿美金 "循环交易" 引发 "AI 泡沫论" 大讨论，模型公司估值 来到数千亿美金级别，而 Gemini 3 和 GPT5.2 等新发布模型版本又持续体现了能力进步，中国模型也持续在开源领域保持全球领先。 我们看到，与 AI 相关的历史事实，正继续以 " 非 线 性、非均匀 " 的特征往前发展：Scaling Law 并未收敛，AI 行业继续呈现加速发展的特点，与 AI 相关的经济 活动规模来到了前所未有的量级；同时，历史进程呈现出 "非均匀" 的面貌，虽然人们是在同一个时空下，但是与 AI 有关的经济社会活动，和与 AI 无关的经济社 会活动，看起来不在同一个历史进程中，前者正以强大的动能迅猛往前发展，而后者维持着我们所熟悉和习惯的、传统工业经济的节奏和特点。 ...

Acquisition Overview - Meta Platforms has agreed to acquire Manus, an AI firm based in Singapore, with the deal reportedly valued at over $2 billion [1][2] - The financial terms of the transaction have not been disclosed by Meta [1] Manus's Business and Technology - Manus specializes in developing autonomous general-purpose agents capable of performing various tasks such as market research, coding, and data analysis [1] - The company launched its general-purpose AI agent earlier this year, which can produce research reports and create websites using models from AI companies like Anthropic and Alibaba [3] Performance Metrics - Since its launch, Manus has served millions of users and businesses, processed over 147 trillion tokens, and generated more than 80 million virtual computers [3] - Manus reported reaching $100 million in annual recurring revenue just eight months after its release [4] Company Background - Manus was initially established as Butterfly Effect in 2022 and later moved its headquarters to Singapore after receiving investment from Benchmark [5] - The company raised $75 million in April prior to the acquisition talks, achieving a valuation of $500 million at that time [5] Leadership and Integration - Xiao Hong, co-founder and CEO of Manus, will join Meta and report to COO Javier Olivan following the acquisition [4] - Meta plans to continue operating and selling Manus's services while integrating its technology into its own product suite [2]

曾全网都在求"邀请码"的Manus，被Meta收购了！全球AI智能体赛道格局的重磅收购，在2025年末正式落定。 对于Meta而言，收购Manus不仅是技术层面的战略补位，更是其在通用智能体赛道实现弯道超车的关键一步。借助Manus的前沿技术积累，Meta有望在AI 应用落地的竞赛中抢占先机。 12月30日消息，Meta正式宣布收购AI Agent（智能体）公司Manus，以此加速其人工智能创新战略落地。据悉，本次交易对象为开发AI应用 Manus 的 Butterfly Effect（蝴蝶效应）公司，交易金额高达数十亿美元。这是 Meta 成立以来第三大收购，花费仅次于 WhatsApp 和 Scale AI 。 今年3月，因为一段长达4分17秒的演示视频，一款"Manus"的中国AI产品刷屏全球互联网。作为"全球首款通用智能体产品"，Manus上线4小时官网访问量 即突破千万量级。据统计截至12月初，Manus已处理超过147万亿个 token，并创建了超过8000万台虚拟计算机。 Manus 来自拉丁语Mens et Manus，就是手脑并用的意思。这款由多个独立模型驱动的智能体，能够自主完成深度研究、 ...

每经记者｜刘旭强 每经编辑｜刘艳美 一个越来越明显的共识是，AI产业正从早期的技术模型探索，进入以"应用创新""产业深耕"为核心的新阶段，深度赋能政务、医疗、工业制造、交通、能源 等关键领域，持续催生新业态、新模式。 破解算力难题 "AI PC"加速走进现实 "现在智算算力需求非常旺盛，租GPU做AI推理，得提前两个星期排队预约。"郑纬民表示，曾经由"模型训练"主导的算力需求，如今已经转向"推理"，简单 说就是AI从"学习成长"阶段，进入了"给人干活"的实用阶段，而这也催生出爆发式的算力缺口。 要让AI高效"干活"，选对芯片是关键。相较于CPU，更擅长高效矩阵运算和高速数据读写的GPU脱颖而出。 不过高效的GPU也面临"烦恼"，其内存主要用于存储两类数据，一是训练所得的模型参数，二是推理过程中产生的中间结果。随着Kimi等支持数百万字上下 文的模型走红，AI大模型趋向"数据更多、模型更大、上下文更长"，但这也带来了极高的推理负载，导致用户量激增时频繁宕机。 郑纬民以热门论文的推理需求为例，"十万个用户同时查询，如果每个用户都单独存储文章原文和推理中间结果，AI必然不堪重负。" 郑纬民提到，业内的破解思路是"公 ...

（文/万肇生 编辑/张广凯） 把公司卖给美国人，蝴蝶已经扇动起了翅膀。 12月30日，备受关注的AI Agent（通用型智能体）应用Manus对外宣布，其团队即将加入硅谷巨头Meta。 对此， Manus公司蝴蝶效应（Butterfly Effect）背后的天使投资人、真格基金合伙人刘元，同一天发文祝贺，并称这是Meta成立以来第三大并购案，花费仅 次于 WhatsApp 和 Scale AI。 本土创始人逆袭Meta副总裁 据《晚点LatePost》援引刘元的说法称，Meta这次收购谈判在极短时间完成，前后不过十余天，"快到还怀疑过这是不是一个假的offer。" 刘元还提到，Meta 创始人、CEO 马克·扎克伯格和几位核心高管也是 Manus 的忠实用户。刚开始创始团队比较纠结，但最终被扎克伯格开出的条件和愿景 打动。 虽然蝴蝶效应和Meta双方并没有公布详细的财务条款。但部分知情人透露，在Meta主动联系Manus时，后者正以20亿美元估值进行新一轮融资。 在收购完成后，蝴蝶效应将在公司、团队和产品层面继续保持独立运营，同时与Meta旗下核心全球消费级产品，进行深度整合。而蝴蝶效应创始人肖弘也 将出任M ...

Core Viewpoint - Meta is acquiring Manus, a Singapore-based startup, to enhance its artificial intelligence (AI) agent offerings, with the deal reportedly valued at over $2 billion [2][3]. Group 1: Acquisition Details - Manus serves millions of users and businesses globally, having launched its first general AI agent earlier this year, processing over 147 trillion tokens and creating more than 80 million virtual computers [2]. - The acquisition is noted as a significant instance of a U.S. tech giant purchasing an AI product from Asia's startup ecosystem [3]. - Manus has gained traction and support from the Chinese government, particularly after showcasing an AI agent capable of generating detailed research reports and custom websites [3]. Group 2: Meta's Strategic Shift - The acquisition represents a new direction for Meta as it invests heavily in AI to compete with companies like OpenAI, Microsoft, and Google [4]. - Meta has previously acquired Limitless, a maker of AI-powered wearables, and invested $14.3 billion in Scale AI, with Scale AI's founder joining Meta as the new chief AI officer [4]. - Meta is shifting its AI strategy from open-source development to commercial, revenue-oriented AI offerings, focusing on proprietary models [7][8]. Group 3: Market Positioning - With the acquisition of Manus, Meta aims to integrate its services into its social media platforms, strengthening its position in the AI agent market [6]. - The company is recalibrating its approach to AI investments, moving towards monetized closed models rather than open-source research [8].

Core Insights - The traditional approach to thematic investing in funds typically focuses on a single theme, while some ETFs provide exposure to multiple intersecting themes, such as AI and robotics [2] Group 1: ETF Overview - The Global X Robotics & Artificial Intelligence ETF (NASDAQ: BOTZ) has a market size of $3.16 billion and has been operational for 9 years, making it one of the older AI ETFs [4] - The fund's weighted average market capitalization of its holdings is $521.8 billion, with Nvidia currently comprising about 11.4% of its weight, which is expected to decrease to 8% during the annual rebalancing in March [5] Group 2: Investment Potential - The ETF's significant exposure to the tech sector, with approximately 41.7% of its weight in tech stocks, positions it well for potential growth driven by the AI sector [6] - The evolving technology of agentic AI is anticipated to be a major growth driver, particularly in online shopping, where AI-powered bots enhance user experience through product recommendations [7] Group 3: Long-term Growth Catalysts - Expanding use cases for artificial intelligence are seen as catalysts for the fund's growth, while its exposure to robotics also presents additional investment opportunities [8]

Group 1 - Meta Platforms is acquiring AI start-up Manus to enhance its capabilities in autonomous agents [1] - The acquisition reflects Meta's strategic focus on integrating advanced AI technologies into its social media offerings [1] - This move is part of a broader trend in the tech industry where companies are investing in AI to stay competitive [1]

记者丨 陈归辞 编辑丨卜羽勤 "全球大模型第一股"来了！ 北京智谱华章科技股份有限公司（下称"智谱"）今起招股，预计2026年1月5日结束，并计划于 2026年1月8日正式以"2513"为股票代码在港交所主板挂牌上市。 基石投资者认购近7成 本次IPO，智谱吸引多家国际长线基金、知名产业资本及投资机构作为基石投资者，包括JSC International Investment Fund SPC 、 JinYi Capital Multi-Strategy Fund SPC 、 PerseverancAsset Management、上海高毅、WT Asset Management、泰康人寿、广发基金、 3W Fund Management、雾凇、Optimas Capital Limited及凌云光技术国际有限公司等11家投 资机构。 基石投资者共拟认购29.8亿港元，基石占比近7成（假设超额配股权未获行使），以较高的确 定性锁定了上市后的交易基本盘。 全球公开发售文件显示，智谱拟发行3741.95万股H股（视乎发售量调整权及超额配股权行使 与否而定），其中，香港公开发售187.1万股H股，国际发售3554. ...