To be honest, the productivity boost brought by AI is a certainty. Just like the internet wave back in the day, it is now rapidly penetrating every industry.

I’ve used quite a few AI tools myself and truly believe we need to clarify our stance. Discussing the benefits or risks of AI hinges on defining clear boundaries.

First and foremost, the key question: Are the macroeconomic benefits simply that every economic sector can reap the rewards? Clearly not. An AI bubble will definitely form; the question is, how far will the bubble inflate—will it be in certain industries? Or specific companies? How and when will these bubbles burst? No one can really say for sure.

Looking at recent hot topics, there are disagreements from the very definition of AGI, not to mention the recent buzz around embodied intelligence. After CES, this field has become even more crowded, but the core challenge remains—what are the truly practical application scenarios? How large is the market potential? That determines everything. For those working on embodied intelligence, what is their core competitive advantage? What is their financial situation? Is their valuation reasonable? These are all uncertain.

Finally, regarding leading companies in the model domain, how many can truly last until the end? Looking back at the last internet wave, only a handful of companies survived. Will this AI wave really follow the same script?