EPISODE · Aug 2, 2026 · 9 MIN
Token大贬值！大模型还能赚钱吗？
from 深度
OpenAI降价80%，开源模型掀桌，大模型行业迎来生死考验。从摩根士丹利46%的ROIC到国内创业者12%的回报率，差距背后是吞吐量、利用率、价格和折旧年限的博弈。开源模型缩小性能差距，订阅制面临困局，行业正走向低成本生产与高溢价服务的制造业逻辑。
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Token大贬值！大模型还能赚钱吗？
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