文 | 极点商业，作者 | 杨 铭，编辑 | 刘珊珊 算力即国力，不是一句口号。全球地缘和科技争夺加剧、人工智能快速迭代的当下，已经成为全球AI 竞速赛的冰冷现实。 以美国为例，正通过芯片禁令、生态绑定与资本优势，构建"算力霸权"——川普就在签署的《赢得AI竞 赛:美国AI行动计划》中，用30项举措和100余条具体政策行动，应对中国AI竞争，"实现并保持全球技 术领域无可争议、无可挑战的主导地位。" 面对算力竞争的日益白热化，中国必须回答一个根本性问题：中国算力核心竞争力究竟来自哪里？是复 制烧钱军备竞赛，还是开辟一条更高效、更普惠、更可持续的智算新路？ 答案，正在浮出水面。 两大头部人工智能国家队——北京信息产业发展投资基金与北京市人工智能产业投资基金就罕见联手， 近日联合领投人工智能基础设施与智算云提供商九章云极，成为近期资本市场最受关注的交易之一。 业界普遍认为，这笔2025年中国算力领域"收官之作"的投资，更是一场关乎算力主权、产业效率与创新 公平的战略抉择：中国投资算力战略重心，正从追求规模，转向推动普惠，从"建多少算力"转向"用好 每一度算力"。 它要回答的，是中国已建成全球第二大规模算力背景下， ...

Core Viewpoint - The cloud computing industry, particularly in intelligent computing, faces challenges such as underutilization of computing power and the inefficiencies of traditional leasing models, necessitating innovative operational strategies to optimize resource usage and costs [3][4][6]. Group 1: Industry Challenges - The average utilization rate of computing power in the industry is below 30%, leading to significant waste [3]. - The traditional bare metal leasing model locks clients into fixed time and resource boundaries, making it difficult for smaller companies to access necessary resources [3][16]. - Many companies in the industry are struggling with issues like project arbitrage and short-term profit chasing due to immature business models and regulatory environments [7]. Group 2: Operational Strategies - Computing power should be viewed as an operational service rather than a one-time product delivery, emphasizing continuous usage and consumption [4][9]. - The introduction of the "Alaya NeW" intelligent computing center operating system aims to optimize hardware management and support a diverse ecosystem, enhancing cost efficiency [6][10]. - The focus on flexible and elastic computing power services is crucial for meeting the diverse needs of clients, particularly in the context of increasing demand for AI applications [13][19]. Group 3: Market Dynamics - The competition in the intelligent computing market is intensifying, with major cloud providers needing to maintain cost competitiveness while developing robust ecosystems [23]. - The shift towards a retail model for computing power, where clients pay based on actual usage rather than fixed leases, is gaining traction [11][15]. - The demand for inference computing power is expected to grow significantly, driven by the increasing application of AI across various industries [26][27]. Group 4: Future Outlook - The intelligent computing industry is at a crossroads, with opportunities for innovation in service delivery and resource management [29]. - The evolution towards multi-modal AI applications indicates a trend towards more integrated and versatile computing solutions [28].

Core Viewpoints - The AI computing cloud industry is transitioning from technological exploration to a value explosion phase, with significant investments in infrastructure and operational costs [1][4] - The Chinese intelligent computing cloud market is experiencing explosive growth, with the infrastructure service market expected to reach 12.41 billion yuan in the second half of 2024, a year-on-year increase of 57.7% [2] - The emergence of "one degree of computing power" as a standardized measurement by companies like Nine Chapters Cloud is revolutionizing the billing model for AI services [3][20] Market Dynamics - The global GPU cloud market is projected to grow from $3.17 billion in 2024 to $47.24 billion by 2033, with a compound annual growth rate of approximately 35% [4] - Major players in the Chinese IaaS market include Alibaba Cloud with a 23% market share, followed by Huawei Cloud and Volcano Engine [2] - The traditional general-purpose computing services model is inefficient, leading to low resource utilization and high costs for small and medium enterprises [2] Company Insights - Nine Chapters Cloud, founded by Fang Lei, focuses on providing a comprehensive AI infrastructure platform, emphasizing the integration of big data and algorithms [6][8] - The company has completed multiple funding rounds, with significant investments from state-owned enterprises and venture capital, reflecting its potential in the AI infrastructure sector [10][15] - Nine Chapters Cloud's innovative approach includes a Serverless architecture and reinforcement learning to enhance computing efficiency, distinguishing it from traditional cloud service providers [20][21] Competitive Landscape - CoreWeave, a notable player in the vertical AI cloud market, has shown explosive revenue growth but remains in a loss-making position, highlighting the industry's rapid cash conversion potential [19][20] - Nine Chapters Cloud differentiates itself by focusing on specific AI training and inference needs, positioning itself as a "hidden champion" in the AI infrastructure space [22] - The valuation logic for Nine Chapters Cloud is expected to differ from that of general cloud giants like Alibaba Cloud, as it leverages its specialized technology and market depth [21][22]