文 | 我们可能想错了 xAI 在 2026 年 1 月宣布完成 200 亿美元 Series E 融资，并强调将用于扩张数据中心与算力基础设施、 推进 Grok 模型与产品。 更信号化的细节是它把算力规模写进核心叙事，称其 Colossus I/II 在 2025 年底 已拥有超过一百万 H100 等效 GPU。 这类口径值得被当作行业风向看待，大模型竞争正在从以模型为中心转向以交付为中心，模型决定上 限，但底座与入口决定谁能把上限规模化、产品化并沉淀为现金流。 这句话不是说模型不重要，模型仍然决定上限，也是入场券。变化在于，训练与推理成本抬升、能力扩 散加速之后，模型领先越来越难单独锁定份额。平台战争里，底座给的是供给确定性与单位成本，入口 给的是持续调用与现金流闭环，交付给的是稳定性、合规与企业可用性。xAI 把 200 亿美元砸向数据中 心和算力底座，并把 H100 等效规模写进叙事，本质是在把竞争重心从模型参数推向交付能力。 模型赛强调谁更强，交付赛强调谁更能把强变成规模，推动重心迁移的不是一句判断，而是三条约束同 时变硬。 第一条是成本曲线。前沿能力的边际提升越来越昂贵，训练资本开支上升，推理成本 ...

点击图片▲立即报名 1月7日，市场监管总局和国家网信办联合发布《网络交易平台规则监督管理办法》。《办法》明确不得利用平台规则对平台内经营者的自主经营 活动进行不合理限制，收取不合理费用、不合理的违约金或者损害赔偿金；不得利用平台规则排除或者限制消费者权利、减轻或者免除自身责 任、不合理加重消费者责任、实施大数据"杀熟"、提供会员服务时单方面随意变更平台规则损害会员权益等。 《办法》要求市场监管、网信部门加强部门协作，建立健全两部门线索移交、信息共享、会商研判等工作机制。规定两部门可依据职责对平台有 关负责人进行约谈，要求其说明情况，采取措施进行整改。（市监局官网） ｜点评｜ 两部门这次针对平台经济的一些"潜规则"做出了明确规定，推动各平台更加规范化、公开化。平台经济依托互联网迅速发展，但近年 来也出现了类似传统行业中"店大欺客"的现象，而且更加隐蔽。这次《办法》中，将平台经济针对顾客和商家的部分不合理"潜规则"详细列 出，进一步厘清平台的责任与义务，制定了相应的处罚措施，并为消费者和商家提供了清晰的维权途径，从而更有效地保障双方的合法权益。 不过，类似大数据"杀熟"的行为或许很难完全避免。平台可以根据用户画像 ...

OpenAI转身牵手AWS，苹果低头找谷歌续命，Meta开源翻车还内斗，马斯克直接把Macrohard挂上数据中心屋顶。2025年AI巨头们那些剪不断的纠葛。 全球AI看中美，中美AI看硅谷，硅谷AI就看那几家巨头。 如果历史学家要给2025年的AI发展做个总结，大概率不是什么创新之年、Agent元年，而是乱纪元的开始！ 用AI自己的话来说叫做：结构性纠缠之年（Structural Entanglement），正所谓我中有你，你中有我 看一张图就够了：曾经誓不两立的死敌对头们，现在正躺在一张床上数钱。 | | | | | | | | | ← Customer → | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Provider | Google | Microsoft | Amazon | OpenAI | Meta | xAI/Tesla | Nvidia | Apple | Anthropic | | → | | | | | | | | | | | Google | | | | | | | | | | | ...

人才两极化：裁员与抢人并行 咱们先把话说明白，2025年的硅谷AI圈，早就不玩拼论文、刷榜单那一套了。之前大家一门心思把大 模型往大了做，到最后发现越往后投入产出比越差，算力成本还一个劲往上涨。 企业这才猛然醒悟：光有漂亮的技术参数没用，能把技术落地变现，才是真本事。 硅谷有位投资人说过一句大实话："团队没有中国人，那活到底谁来干呀？" 这话听着糙，却戳中了行 业核心。 现在AI研发里最累、最核心的算法攻坚、模型落地活，大多都是华人工程师扛起来的。美国顶尖AI人 才中，毕业于中国高校的占比高达38%，比美国本土培养的还多，这就是实打实的实力证明。 你瞅瞅这反差有多离谱，硅谷正上演着一边裁员、一边抢人的魔幻戏码。一边是研究型的高层大佬集 体"失势"，另一边是能落地的工程型人才，被巨头们拿着天价薪酬疯抢。 其中Meta的操作最扎眼，10月份刚狠心裁掉600名FAIR实验室的老员工，连顶级研究员田渊栋都没能幸 免，转头就开启了"钞能力"挖人模式，一点不拖泥带水。 整个2025年，Meta在AI领域搞了6次并购，说白了就是靠买公司来挖核心团队。年底更是豪掷超20亿美 元，把华人团队创办的智能体公司Manus给买下了， ...

同样在12月24日，来自人工智能领域传出两则利好，提振了市场。首先是美国特朗普政府可能至少在18 个月内不对中国芯片加征额外关税。其次是英伟达与人工智能初创企业Groq达成授权协议。巨头对初 创公司的投资仍在持续。 美国银行全球研究部日前也在报告中预测，明年投资者对人工智能如何重塑经济基本面拥有更清晰的认 识，届时美国和中国的经济增长将更强劲。该部门负责人Candace Browning表示，外界对泡沫即将破裂 的担忧纯属过度夸大。 尽管如此，马斯克的"丰满理想"也与"骨感现实"存在极大差距，会受限于基建和供应链体系，存在极大 风险。人工智能落地脚步可能会放缓，能源供应限制其扩展，新的监管法规形成障碍……任何一种情形 都会使整个时间表推迟。 今年早些时候，基于概念股估值显著高于实际业绩、商业化进展缓慢、企业级应用回报率低、数据中心 建设出现产能过剩等，各机构持续看空、做空人工智能行业。 世界首富全力押注人工智能，对该技术应用带来的经济加速效应表露出极大信心。 美东时间12月24日，马斯克在其社交媒体平台上预测，若将人工智能的落地应用视为经济增长的代理指 标，那么未来12到18个月内美国将实现两位数的GDP增长 ...

世界首富全力押注人工智能，对该技术应用带来的经济加速效应表露出极大信心。 美东时间12月24日，马斯克在其社交媒体平台上预测，若将人工智能的落地应用视为经济增长的代理指标，那么未来12到18个月内美国将实现两 位数（10%）的GDP增长，甚至在5年内实现3位数增长。 马斯克本人在人工智能领域的部署涉及多个公司，主要通过其旗下的xAI、SpaceX和特斯拉等项目推进，涵盖模型开发、太空计算和硬件基础设 施等方面。 本月早些时候，xAI与美国国防部达成协议，计划将Grok模型服务于超过300万军事和文职人员。此外，特斯拉FSD和人形机器人擎天柱将集成 Grok-3的多模态能力，用于提升环境理解与交互效率。 市场分析人士Eseandre Mordi指出，马斯克的逻辑是，随着人工智能工具以及自动化的普及，企业需要的人力锐减，被释放的现金可以用于其他领 域的增长。届时芯片、云服务、数据中心和能源基础设施将释放巨大需求。 尽管如此，马斯克的"丰满理想"也与"骨感现实"存在极大差距，会受限于基建和供应链体系，存在极大风险。人工智能落地脚步可能会放缓，能 源供应限制其扩展，新的监管法规形成障碍……任何一种情形都会使整个时间表 ...

来源：六里投资报 在近日华安基金投资策略会上，基金经理胡宜斌以"聚焦工程师红利，布局投资未来"为题，分享了他对 2026年的投资展望。 胡宜斌是投资报长期跟踪、较早向市场推荐的TOP30基金经理之一。 | 基金代码 | 基金名称 | 任职日期 | 基金规模 | | 任职回报 任职年化 | 今年以来 | | --- | --- | --- | --- | --- | --- | --- | | | | | (亿元) | (%) | (%) | (%) | | 001071.OF | 华安媒体互联网混合A | 2015-11-26 | 65.52 | 259.12 | 13.55 | 28.59 | | 006879.OF | 华安智能生活混合A | 2019-05-08 | 23.62 | 199.07 | 18.02 | 40.12 | | 007460.OF | 华安成长创新混合A | 2019-06-27 | 17.51 | 171.20 | 16.66 | 39.49 | | 001694.OF | 华安沪港深外延增长灵活配置混合A | 2022-01-26 | 34.26 | 17.14 | 4.15 ...

Core Insights - Saudi Arabia is transforming into the world's third-largest computing hub, following the US and China, as part of its "Vision 2030" strategy aimed at diversifying its economy beyond oil dependency [2][16] - The country is investing heavily in high-performance computing and advanced technology, attracting global tech giants like NVIDIA, AMD, Amazon AWS, xAI, and Microsoft to establish partnerships and projects in the region [2][6] Investment and Infrastructure - The Saudi Public Investment Fund (PIF) is the driving force behind the AI transformation, acting as both a fund provider and a major customer [4] - PIF's subsidiaries, Alat and Humain, are focused on building a dual-driven system of manufacturing and computing capabilities, with Alat concentrating on hardware and Humain on AI technology and infrastructure [4][5] - A notable collaboration includes a $2 billion partnership with Lenovo to establish a server manufacturing facility in Riyadh, expected to produce millions of devices annually by 2026 [4][10] Strategic Partnerships - Major tech companies are entering the Saudi market, with NVIDIA planning to build an AI factory utilizing advanced GPUs, and AWS investing over $5 billion to create an "AI Zone" data center [6][7] - The partnerships aim to develop AI infrastructure and applications, including Arabic language models, enhancing Saudi Arabia's position in the global AI landscape [7][14] Economic Impact - The AI sector is projected to significantly contribute to Saudi Arabia's GDP, with estimates suggesting it could account for 12.4% of the GDP by 2030, translating to a substantial economic impact of $320 billion across the MENA region [14][15] - The region's IT spending is expected to reach $169 billion by 2026, indicating a robust growth trajectory as countries like Saudi Arabia and the UAE transition from traditional energy economies to AI powerhouses [15][16] Market Expansion and Diversification - Lenovo aims to increase its revenue from the Middle East to approximately $6 billion, reflecting the strategic importance of the region for tech giants seeking growth opportunities amid saturated traditional markets [13][15] - The establishment of a comprehensive AI ecosystem in Saudi Arabia, covering computing infrastructure, AI models, and industry applications, is creating a new cluster effect for global tech companies [15][16]

Core Insights - Elon Musk's net worth surged to $491.9 billion, with a $150 billion increase in just nine months, solidifying his position as the world's richest person [1] - SpaceX announced plans for a historic IPO with a target valuation of $1.5 trillion and a fundraising goal of $30 billion, which would set a record for the largest IPO in history [2][3] - Musk's nine companies span across space, energy, AI, and life sciences, fundamentally reshaping industry norms and pushing the boundaries of traditional business [1][11] Space Infrastructure: $1.5 Trillion IPO and Cash Flow Engine - SpaceX's IPO is expected to launch in mid-2026, with a fundraising target exceeding $30 billion, surpassing the previous record held by Saudi Aramco [2] - Starlink, SpaceX's cash flow pillar, has 7.65 million active subscribers globally, contributing 43% of subscriptions from North America and 40% from emerging markets [2] - SpaceX's projected revenue for 2025 is $15 billion, increasing to $22-24 billion in 2026, with over 80% of revenue coming from Starlink [2] Ground Ecosystem: Tesla + Robots Reshaping Manufacturing and Energy - Tesla's stock price increased by 70.1% from March to December 2025, significantly contributing to Musk's wealth increase [5] - Tesla's market valuation of $1.5 trillion is equivalent to the combined market caps of Toyota, Volkswagen, and Ford, with a focus on electric vehicles and energy solutions [6] - Tesla has delivered over 6 million vehicles by 2024, capturing 22% of the global electric vehicle market [6] Future Layout: AI + Brain-Computer Interfaces - xAI, established in 2023, aims to create a top-tier AI system and has raised over $30 billion for its development [8] - Neuralink, founded in 2016, focuses on high-precision brain-computer interface technology and plans to start human clinical trials in 2025 [9] - The Boring Company and Hyperloop are also part of Musk's future vision, aiming to enhance human efficiency and expand living boundaries [10] Conclusion - Musk's wealth and IPO ambitions represent a gamble on technology reshaping commercial boundaries, with each of his companies challenging industry ceilings [11] - The potential for Musk's wealth to reach unprecedented levels hinges on the successful execution of SpaceX's IPO, Tesla's production goals, and breakthroughs in AI and brain-computer interfaces [12]

Group 1 - Disney has entered a three-year licensing agreement with OpenAI, allowing the use of over 200 characters and environments from Disney, Marvel, Pixar, and Star Wars for generating social short videos on the Sora platform. Disney will invest $1 billion in OpenAI and will utilize OpenAI's API and ChatGPT for new product development [5] - Elon Musk's xAI has partnered with the Salvadoran government to launch the world's first national AI education program, aiming to implement personalized AI tutoring across public schools in El Salvador over the next two years [6] - Eight leaders in the AI industry, including NVIDIA's CEO Jensen Huang and OpenAI's CEO Sam Altman, were named as "Persons of the Year" by Time magazine, highlighting their influence on the future of AI [7] Group 2 - SoftBank is exploring potential acquisitions, including data center operator Switch, with discussions ongoing regarding a valuation of approximately $50 billion for Switch [8] - Apple lost an appeal in its long-standing dispute with Epic Games, with the court ruling that Apple violated a lower court's order by charging developers a 27% commission on transactions outside the App Store [10] - OpenAI launched its advanced AI model GPT-5.2, which is expected to enhance user experience in various applications, while Google shares fell over 2% following the announcement [11][13] - NVIDIA plans to host a private summit addressing power shortages affecting data centers, indicating the impact of energy constraints on AI development [14] - Tesla's U.S. sales dropped to a near four-year low in November, despite the introduction of cheaper versions of its popular electric vehicles, with total sales declining nearly 23% year-over-year [15]