Now thinking about Zhipu AI, it is also a non consensus investment opportunity that has almost doubled in just one week, with a market value of less than 100 billion yuan. When it went public, everyone thought its business model was to G (Government), and a large part of the company's operating profits came from making AI all-in-one machines (private deployment) for enterprises and governments. As a result, many salespeople were hired, which were usually one-time consumption. But what the market ignores is that GLM4.7 is really strong. In fact, as early as two weeks ago, Zhipu's computing power tightened due to selling too much, and it had to limit purchases every day thereafter. Until today's release of GLM5, the overall price increase of the product has almost doubled compared to before. The only criterion for evaluating a company is whether it has the ability to raise prices, but AI is changing too quickly. Today's leading models are overtaken every few months, and DeepSeek has only been a year since then. In fact, the current market value of AI is quite expensive, which reminds me of the previous trend of new energy vehicle listings. Now, there are three companies, NIO and Xiaoli, with the highest ideal market value of only 150 billion yuan. It is difficult for Xiaopeng and NIO to return to the high point of listing. In the end, the competition between AI may also be similar to the competition of new energy vehicles before. The entire market track has become larger, profits have increased, and business models have run smoothly, but the stock price is not as high as before when it was not profitable. However, optimistically speaking, there is still a chance for the market value of AI companies to reach 10% of Tencent's market value, and Tencent and Alibaba may not seem as popular as these trendy AI companies, but in fact they have already invested in them. Alibaba holds over 30% of the shares in the dark side of the Moon, Minimax over 10%, and Zhipu over 5%, while Tencent also holds approximately 2.5% to 5% of the shares in these companies.