1) Cutting-edge models are released here every day, with daily free credits, just like the new energy vehicle launches + new retail subsidy wars; 2) The competition in frontier models is too fierce, the total market size will grow, but how the endgame profits will be distributed is highly uncertain. 3) The current investment in cloud computing here is too large, and it's hard to say how much of the long-term profit share and voice will be taken by the model manufacturers. 4) Hardware truly makes money in the current period. The cost is valuation and discipline.$Taiwan Semiconductor(TSM.US)
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