[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciod2fb50cc":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciod2fb50cc","硅谷AI圈的三个新信号，值得每个投资者警惕","\u002Fdoc\u002Fdciod2fb50cc","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>\u003Cspan>一位硅谷创业者最近与多位\u003C\u002Fspan>AI\u003Cspan>创始人、企业高管和投资人交流了\u003C\u002Fspan>48\u003Cspan>小时，分享了三个观察。我觉得，里面有些东西，比单纯讨论\u003C\u002Fspan>AI\u003Cspan>还能涨多久更值得关注。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>第一，\u003C\u002Fspan>AI\u003Cspan>产业链里，有些不起眼的生意正在赚大钱。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>他提到，有数据中介每周向\u003C\u002Fspan>AI\u003Cspan>实验室出售企业数据，收入竟然能达到\u003C\u002Fspan>200\u003Cspan>万美元。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这只是个别案例，还不能代表整个行业，但它提醒我们：\u003C\u002Fspan>AI\u003Cspan>的机会未必只在英伟达这样的芯片公司，或者\u003C\u002Fspan>OpenAI\u003Cspan>这样的模型公司身上。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>训练模型需要数据，企业使用\u003C\u002Fspan>AI\u003Cspan>也需要高质量的业务数据。真正稀缺、合法、难以替代的数据，可能成为产业链中的重要资源。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>不过，眼下能赚大钱，不代表未来还能一直赚。如果数据容易复制，竞争者不断涌入，今天的高利润很可能很快被压下来。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>第二，判断一家\u003C\u002Fspan>AI\u003Cspan>公司有没有护城河，可以问一个问题。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如果下个月出现一个更强的新模型，你的公司会变得更好，还是更糟？\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这个问题很尖锐。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如果一家公司只是套用第三方模型，做一个漂亮的界面，那么模型能力一旦升级，原本需要单独付费的功能，可能很快就被免费提供。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>但如果它掌握专有数据，深度嵌入客户的工作流程，积累了长期客户关系，那么更强的模型反而可能降低成本、提升产品价值。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>美股投资网认为，这才是研究\u003C\u002Fspan>AI\u003Cspan>公司的关键：它是在借用模型的能力赚钱，还是拥有一种模型进步也很难取代的优势？\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>两种公司的收入都可能增长，但长期价值可能完全不同。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>第三、收入涨得快，不代表生意真的做成了。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这位创业者还观察到，硅谷如今越来越看重\u003C\u002Fspan>AI\u003Cspan>公司能否在\u003C\u002Fspan>12\u003Cspan>个月内做到\u003C\u002Fspan>10\u003Cspan>亿美元收入，却很少有人认真讨论客户留存。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这恰恰是我认为最值得警惕的地方。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI\u003Cspan>产品可以凭借新鲜感和强大的功能迅速吸引客户，但客户试用之后会不会续费？使用量增加，推理成本会不会同步上涨？如果竞争对手推出更便宜、更好用的产品，客户会不会立刻转身？\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这些问题，决定了收入究竟有多少含金量。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>对我来说，研究\u003C\u002Fspan>AI\u003Cspan>公司不能只看收入增速，还要看客户留存、毛利率，以及收入最终能转化成多少现金。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI\u003Cspan>时代，增长可能很快，但真正的护城河没那么容易建立。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>数据生意能否持续赚钱，模型升级会不会摧毁产品优势，客户愿不愿意长期付费——这三个问题，可能比一家\u003C\u002Fspan>AI\u003Cspan>公司今年能做到多少收入，更能决定它未来值多少钱。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>$NVDA 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]