估值 66 亿美元，首个 1 亿美元 ARR 耗时 20 个月，而第二个 1 亿美元 ARR 仅用 10 个月。 AI 音频独角兽 ElevenLabs 可以说是欧洲发展速度最快的 AI 创企。 随着语音模态正在成为人与技术交互的重要接口，AI 语音赛道的竞争也尤为激烈，Murf.ai、Play.ht、 WellSaid Labs......尤其是在 OpenAI、Google、微软这些科技巨头的围攻下，ElevenLabs 能够「跑」出来 十分艰难。在初期融资阶段，ElevenLabs 几乎被所有接触的投资人拒绝；在验证市场需求时，挨个给 YouTuber 发了几千封邀请邮件，得到的肯定回复寥寥无几。 ElevenLabs 是如何从一家「小公司」快速成长为 AI 语音领域独角兽的？ElevenLabs 的 CEO Mati Staniszewski 在一场播客对谈中，回顾了其创业历程以及心得经验： 超 13000 人的「AI 产品市集」社群！不错过每一款有价值的 AI 应用。 邀请从业者、开发人员和创业者，飞书扫码加群： 当技术研发到一定阶段，最终都会走向商品化，仅靠研发优势是不够的，必须要靠产品力。11 ...

Investment Rating - The industry investment rating is "Overweight" [7] Core Insights - The report emphasizes that ARR (Annual Recurring Revenue) is a more suitable valuation anchor for high-growth AI businesses, with valuations typically around 50 times ARR for rapidly growing AI startups [5][6] - The report suggests that software companies with AI operations can be valued at 50 times ARR, assuming a compound annual growth rate of 100% for the next three years and a steady-state net profit margin of 30% [6][12] - The report highlights several AI companies and their respective valuations based on ARR, indicating significant growth potential in the AI sector [5][6] Summary by Sections Valuation Methods - ARR is identified as a key metric for evaluating high-growth AI businesses, focusing on subscription and API revenue while excluding one-time income [11] - The report provides examples of various AI companies and their valuations, such as OpenAI and Anthropic, which are valued at approximately 40-60 times ARR [5][16] Company Valuations - Anysphere (Cursor) is valued at approximately 40-65 times ARR, with a reported ARR exceeding $500 million [5][29] - Runway, a leader in AI video generation, has an ARR of over $90 million and is valued at around 55 times ARR [32][36] - ElevenLabs, specializing in AI voice synthesis, has an ARR exceeding $100 million and is valued at approximately 40 times ARR [39][43] - Perplexity AI, an innovative AI search engine, has an ARR of around $63 million and is valued at approximately 140 times ARR [45][51] - Glean, an enterprise AI search platform, achieved an ARR of $100 million and is valued at about 60 times ARR [54][60] - Clay, an AI-driven sales automation platform, has an ARR of $30 million and is valued at around 50 times ARR [62][67] - Mercor, an AI recruitment system, surpassed an ARR of $100 million and is valued at nearly 30 times ARR [69][71] - Abridge, focused on AI medical note-taking, has a significant market presence and is positioned for growth in the healthcare sector [73][78]

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][18]. Core Viewpoints - The overseas AI companies have frequently exceeded expectations, indicating the arrival of a resonant era between domestic and foreign AI sectors. This week, companies like Credo and Wistron reported better-than-expected Q1 results, while major players in the copper cable and AI application sectors, such as Amphenol and Palantir, continue to see stock price increases [5][14]. - The domestic AI sector is experiencing a rebound, driven by strong performance metrics, such as the monthly payment amount for Keling AI exceeding 100 million RMB for two consecutive months [5][14]. - The report suggests that the current AI market cycle will see continued valuation recovery in overseas chains, while domestic chains have a straightforward logic with strong upward expectations. Specific recommendations include focusing on Weichai Heavy Machinery, Kehua Data, Tonghe Technology, and others in the HVDC and server power supply segments [6][17]. Summary by Sections Investment Viewpoints - The report emphasizes that both overseas and domestic AI sectors are poised for significant growth, with specific recommendations for companies like Weichai Heavy Machinery and Kehua Data, which are expected to benefit from increasing market penetration and power enhancements [6][17]. Industry Dynamics - The report highlights recent advancements in AI, including the launch of the Qwen3-Embedding series by Alibaba, which has shown exceptional performance in text representation and ranking tasks [5][14]. - It also notes the ongoing developments in the education sector with the introduction of EduBench, a comprehensive evaluation benchmark for educational scenarios [20]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for several key companies, including: - Weichai Heavy Machinery (32.09 RMB, EPS: 0.56 in 2024, PE: 30.99) [19] - Kehua Data (43.5 RMB, EPS: 0.68 in 2024, PE: 42.35) [19] - Yingweike (26.72 RMB, EPS: 0.61 in 2024, PE: 66.43) - Buy rating [19] - Maigemi Te (47.21 RMB, EPS: 1.08 in 2024, PE: 43.71) - Buy rating [19] - Tonghe Technology (18.77 RMB, EPS: 0.13 in 2024, PE: 144.38) - Increase rating [19] - Oulutong (112.04 RMB, EPS: 2.65 in 2024, PE: 40.32) [19] - Shenling Environment (35.54 RMB, EPS: 0.43 in 2024, PE: 82.65) - Buy rating [19]

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [6][18]. Core Viewpoints - The overseas AI companies have frequently exceeded expectations, indicating the arrival of a resonant era between domestic and foreign AI sectors. This has catalyzed a rebound in the domestic AI sector [5][14]. - The report suggests that the valuation of overseas AI chains is likely to continue recovering, while the domestic chain logic is relatively straightforward, both showing strong upward potential [6][17]. - The report highlights the performance of key companies in the power equipment sector, recommending specific stocks based on their growth potential and market conditions [9][19]. Summary by Sections Investment Insights - The report emphasizes that the current AI market is witnessing a strong recovery in valuations, with specific recommendations for companies such as Weichai Heavy Machinery, Kehua Data, and others in the HVDC and server power supply segments [6][17]. Industry Dynamics - The report discusses the recent performance of the power equipment sector, noting a decline of 0.54% in the last week, ranking it 15th among 28 sub-industries [40]. - It also tracks the performance of various companies within the sector, highlighting significant gains for companies like Shun Sodium and Kehua Data [42]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including: - Weichai Heavy Machinery (EPS: 0.56 in 2024, 0.98 in 2025E, 1.52 in 2026E) [19] - Kehua Data (EPS: 0.68 in 2024, 1.3 in 2025E, 1.7 in 2026E) [19] - Yingweike (EPS: 0.61 in 2024, 0.64 in 2025E, 0.83 in 2026E) with a "Buy" rating [19] - Maigemi Te (EPS: 1.08 in 2024, 1.51 in 2025E, 2.07 in 2026E) with a "Buy" rating [19] - Tonghe Technology (EPS: 0.13 in 2024, 0.38 in 2025E, 0.69 in 2026E) with an "Increase" rating [19] - Shunling Environment (EPS: 0.43 in 2024, 1.05 in 2025E, 1.33 in 2026E) with a "Buy" rating [19]. Market Performance - The report notes that the power equipment sector has shown resilience, with a 1.38% increase in the previous week, outperforming the Shanghai Composite Index by 0.25 percentage points [40].

生成式AI 一、 OpenAI升级高级语音功能，更像真人，外加随身翻译官 1. ChatGPT高级语音功能升级，声音更自然，能表达情感和语调变化，使交流更具人性化； 2. 新增实时翻译功能，支持跨语言对话，可在国际环境中充当同声传译，无缝衔接对话； 3. 该功能已向所有付费用户开放，用户只需点击输入框中的语音图标即可使用。 https://mp.weixin.qq.com/s/E9NZu15JIlQA2mw9XKmGPQ 二、 独角兽ElevenLabs发布Eleven v3：狠狠拿捏情感控制 1. ElevenLabs发布新版TTS模型Eleven v3，支持70多种语言，声称是"迄今为止最具表现力 的文本转语音模型"； 2. 引入音频标签系统，可精确控制情感表达，包括情感标签、音效标签和特殊标签，标点符 号也影响情绪传递； 2. 采用双自回归架构和RLHF技术，支持13种语言，包括中英日等，在TTS-Arena排名第 一； 3. 定价每百万字节15美元(约0.8美元/小时)，适用于内容创作和配音领域，未来计划推出版 权音色注册与分成机制。 https://mp.weixin.qq.com/s/UbyYrm ...

一水 发自 凹非寺 量子位 | 公众号 QbitAI AI文本转语音已经进化到这种程度了吗？(⊙ˍ⊙) 莎士比亚戏剧腔、体育赛事激情解说、沉浸式有声书等诸多玩法简直轻松拿捏，而且听起来确实人机傻傻分不清楚~ 就在刚刚，专攻AI语音合成的独角兽ElevenLabs发布旗下最新版TTS模型—— Eleven v3 。 不仅支持70多种语言 （含中文） ，还能进行多人对话聊天，过程中每个人的情绪、语气等表现都非常生动。 官方自信表示，这是 "迄今为止最具表现力的文本转语音模型" 。 新模型发布不久即在AI圈引起热议，Reddit网友也齐聚一堂疯狂讨论。 RIP有声书配音。 对于英语为第二语言的人来说，根本无法区分AI和真人，唯一不足的是他们太热情了！ 目前Eleven v3仍处于内部测试阶段，API即将推出，实时在线版本正在开发中。 那么，新模型具体有哪些亮点？又是如何做到的呢？ 引入音频标签控制情绪 接下来我们结合官方提供的 「使用指南」 一步步拆解Eleven v3的 亮点及背后原理 。 首先需要提醒，提示词过短更容易导致输出不一致，因此官方建议文本字符最好超过250个。 如何选择想要的声音？ 一般拿到一段需要 ...