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AI large models have absolutely no moat.
Kimi dominates the rankings, and the market has only just realized—this industry’s barriers are far lower than expected.
Zhipu’s price has fallen by more than 40% in two days. Overseas is also not optimistic: the Pre-IPO valuations of Anthropic (Claude) and OpenAI (ChatGPT) have also been plunging.
The technology-leading window for large models is getting shorter and shorter. Today’s top spot could be overtaken tomorrow.
In an industry without a moat, valuations can only follow the rankings.