[SemiAnalysis: Is TTFT Overestimated? The Bottleneck of Large Model Inference Lies in Balancing Interactivity and Throughput] SemiAnalysis published an article pointing out that the commonly cited 'time-to-first-token' (TTFT) in large model inference might be overly emphasized by the market. The core dimension of inference systems is not simply 'the faster, the better,' but rather the trade-off between 'single-user interaction speed (tok/s/user)' and 'overall throughput efficiency (tok/s/GPU).' In most scenarios, TTFT has limited impact on user experience, whereas the token generation speed during the generation phase is the critical variable. SemiAnalysis concludes that only about 10%–20% of inference tasks are truly constrained by latency, while the majority of scenarios rely more on optimizing throughput and cost efficiency.