China's second DeepSeek moment—finally figured out why Anthropic has been so anxious. If they really get surpassed, it’s going to be a bit awkward. A single U.S. company’s capital expenditure is in the hundreds of billions of dollars, which is equivalent to the combined total of all Chinese large model companies. The computing power investments of kimi, Zhipu, and minimax are roughly only one-tenth of OpenAI and Anthropic, with a serious shortage in training compute. OpenAI and Anthropic are both valued at trillions of dollars, while the valuations of several large model companies are: Zhipu ($100 billion), kimi ($30 billion), minimax ($10 billion), and DeepSeek ($52 billion).