Investment Rating - The report does not explicitly provide an investment rating for the industry discussed Core Insights - The AI commercialization paradigm is shifting from a focus on "clicks" to "results," indicating a fundamental change in how AI products are valued and assessed by users [1][7] - Users are increasingly interested in whether AI products can deliver measurable business outcomes rather than just engagement metrics [2][8] - The transition from "usage" to "delegation" reflects a demand for AI solutions that integrate into business processes and demonstrate quantifiable results [2][8] Summary by Sections AI Commercialization Shift - At the 2025 Sequoia AI Summit, a consensus emerged regarding the shift in AI commercialization from "click logic" to "results logic," emphasizing the importance of delivering valuable outcomes [1][7] - This shift signifies a move away from measuring AI product value through user engagement metrics like clicks and usage duration [1][7] User Behavior and Engagement - ChatGPT's DAU/MAU ratio approaching that of Reddit in Q1 2025 indicates a transition in user behavior from "curious exploration" to "daily reliance" on AI tools [3][5] - The increased utility of AI tools in high-frequency tasks has led to greater user stickiness, suggesting that AI applications are becoming integral to daily workflows [3][4] Business Value Creation - The report highlights that the AI industry's evolution from a "traffic-centric mindset" to a focus on "commercial value orientation" is inevitable [4][11] - Future competition in the AI space will depend on the ability to deliver deeper closed loops and more solid outcomes rather than merely accumulating data [4][11]