The article on the capital expenditure war two days ago reflects on the future massive capital expenditure: 1) The changes in business models of big tech companies: Previously, it was characterized by rapid growth, light assets, and low capital expenditures; The future is characterized by rapid growth, heavy assets, and high capital expenditures. The change in business model also means a change in valuation methods, which may lead to a long-term downward shift in the valuation center; 2) The key links in the computing power industry chain can still capture the maximum value: Chips, packaging testing, storage, optical modules, etc., which production capacity is not easy to expand rapidly and which have extremely high moats, will enjoy the dividends of huge capital expenditures; 3) There is still a lot of room for efficiency optimization: Distillation and quantification at the inference end MoE、 Specialized chips, liquid cooling, and nuclear fusion (in the long term) may further reduce the energy consumption and cost per unit of computing power by 10-100 times. Find opportunities in these areas; 4) For the underlying computing power foundation of big technology, whoever masters the integration of computing power and electricity will grasp the commanding heights of the next stage of AI competition; 5) Looking downstream, the more you go towards the user end, the more intense the competition becomes, and of course, it is also the key to AI's future victory. It can be said that big models, agents or applications targeting B-end or C-end are the crown of AI, but in the short term, it is difficult to see who will become the true winner at this level, and in many cases, there are alternating leads; 6) In the mobile Internet era, in addition to Mag7, there are a large number of waist companies that live well. However, in the era of AI, the concentration will become increasingly high, and the winner takes all effect will become stronger. The era of differentiation has officially arrived, and the identification of winners is crucial. https://(x.com)/qinbafrank/status/1950809665794986321? s=46&t=k6rimWsEbo2D2tXolYcM-A