EPISODE · Aug 11, 2026 · 12 MIN
AI产业链利润去哪了？中美大不同
from 深度
AI产业链利润分配中美差异显著：上游算力最赚钱，英伟达年入1937亿美元；中游模型层因开源追平陷入通缩，价格年降四十分之一；下游应用层红利取决于迁移成本，中国因付费低红利外溢但存“人头悖论”。
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AI产业链利润去哪了？中美大不同
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