近期 Claude Code 推出的 Excel 功能非常惊艳，我们认为 Excel 可能成为继 Coding 之后，下一个迎来"aha moment"、并快速爆发的高价值领域。 本文是 Altiemeter 合伙人 Freda Duan 对 Coding 和 Excel 这两个 AI 垂直领域的深度解读，原文发布于她的 Substack Robonomics。 简单来说，正如 Coding 凭借庞大的市场规模、向相邻场景自然延展的能力以及以产品驱动的 GTM 模式，迅速崛起为最强势的 AI 应用之一，Excel 也具 备同样的条件： Coding 已经证明了这条路径下的爆发力，而 Excel 很可能是体量更大的下一站。 Intro Coding 以超出所有人预期的表现，成为至今为止最强势的 AI 垂直应用之一。它同时具备三种罕见的特质：极其庞大的 TAM、自然延展到相邻使用场景 的切入口，以及以产品驱动为核心的 GTM 模式，几乎不需要传统的销售和市场推广。 具备这种组合特征的垂直领域非常少，Excel 是其中之一。它的 TAM 甚至更大，从某种角度看，软件行业的很大一部分都可以被视为一层层叠加在 Exce ...

作者：Freda Duan （Partner@Alitmeter） 编译：Haozhen 近期 Claude Code 推出的 Excel 功能非常惊艳，我们认为 Excel 可能成为继 Coding 之后，下一个迎 来"aha moment"、并快速爆发的高价值领域。 本文是 Altiemeter 合伙人 Freda Duan 对 Coding 和 Excel 这两个 AI 垂直领域的深度解读，原文发布 于她的 Substack Robonomics。 简单来说，正如 Coding 凭借庞大的市场规模、向相邻场景自然延展的能力以及以产品驱动的 GTM 模式，迅速崛起为最强势的 AI 应用之一，Excel 也具备同样的条件： • 全球电子表格的 MAU 约为 15–16 亿； • Excel 可以延展至金融、运营、分析等场景，从某种角度看，大部分软件都可以被视为一层层叠加 在 Excel 之上的"Excel wrappers"； • Excel 可以通过用户自助完成快速采用（self-serve adoption）。 Coding 已经证明了这条路径下的爆发力，而 Excel 很可能是体量更大的下一站。 In ...

Core Insights - The listing of Zhipu on the Hong Kong Stock Exchange marks the dawn of a new industry centered around large models, coinciding with the upcoming 2026 China Real Estate Asset Management Summit and the Fourth Smart Low-Carbon Industry-Finance Summit [2] - Zhipu's IPO was oversubscribed by 1159.46 times, attracting 11 cornerstone investors, including national capital and leading financial institutions, indicating strong market confidence [3] - Zhipu's flagship model, GLM-4.7, has achieved significant recognition, outperforming competitors in various global assessments, showcasing the competitiveness of Chinese large models [3] Financial Performance - Zhipu's revenue surged from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, reflecting a compound annual growth rate of 130%, with a staggering 325% year-on-year increase in the first half of 2025 [3] - The company's MaaS platform has attracted over 2.7 million enterprises and developers, including nine of the top ten internet companies in China, highlighting its market penetration [3] Industry Transformation - Zhipu's successful listing signifies a pivotal moment for Chinese AGI companies, transitioning from a "technology follower" to a "global competitor" in the large model industry [4] - The upcoming summit aims to explore the entire lifecycle value of new industries, focusing on the integration of technology, scenarios, and capital to foster growth [4]

Summary of Datadog Conference Call Company Overview - **Company**: Datadog - **Industry**: Cloud Monitoring and Observability Core Business and Long-term Drivers - Datadog is a modern platform designed for monitoring and observing cloud workloads, particularly in production environments, enabling organizations to see software performance and troubleshoot issues [7][8] - The long-term growth driver for Datadog is the migration of applications from legacy systems to modern cloud architectures, with a focus on digital delivery [7] - The platform has expanded from infrastructure monitoring to include various products such as APM, logging, digital experience monitoring, and security solutions, increasing its value and customer base [8] Recent Performance Highlights - Datadog reported a strong second quarter with notable top-line acceleration, attributed to increased investments in product development and market expansion [11][12] - The company has successfully onboarded significant customers, with 12 customers exceeding $1 million in revenue and 80 customers over $100,000 [14] - Datadog's security segment has crossed the $100 million mark, indicating strong growth in this area [14] AI Integration and Opportunities - Datadog is actively integrating AI into its offerings, with a focus on monitoring AI applications and enhancing its platform using AI technologies [19][20] - The company is exploring how to leverage AI for internal productivity improvements and to enhance customer solutions [22] - There is a growing trend of enterprises moving from AI experimentation to production, which Datadog aims to capitalize on through its monitoring solutions [23] Go-to-Market Strategy - Datadog is prioritizing investments in its go-to-market strategy, particularly in the enterprise segment, where it sees significant growth potential [41][45] - The company is working on consolidating its observability stack and expanding its presence in underpenetrated markets [43][44] - Datadog's penetration in the enterprise market remains low, indicating substantial room for growth as many enterprises are still transitioning from legacy systems [42] Competitive Landscape - The competitive environment remains stable, with Datadog continuing to outperform open-source alternatives in revenue growth [48] - The company is considering how to address on-premise deployments to better serve large enterprises [46][47] Financial Outlook - Datadog aims for long-term margins of over 25%, with a focus on balancing growth investments and profitability [50][51] - The company is committed to identifying and prioritizing investments that can drive top-line growth while maintaining profitability [51] Additional Insights - Datadog is exploring monetization strategies for its AI capabilities and is currently testing pricing models for new features [25][26] - The company is learning from past optimization cycles to better support its customers as they scale [28][30] - Datadog's approach to mergers and acquisitions focuses on enhancing product capabilities rather than merely consolidating customer bases [38][39]