模型变聪明，谁在赚钱：发票追踪地图
芯片、电力、代币、包装商——利润只在这其中之一。
Vincent Jiang · 4 min read
客户为更智能模型花费的每一美元，都会流经四个环节：芯片制造商、电力公司、模型实验室，以及销售结果的包装商。1 英伟达占据第一环，OpenAI或Anthropic在第三环，Perplexity在第四环。追踪发票流经这四环，一个令人不安的模式浮现：利润并不在注意力所在之处。
包装商：风险最高，保障最少
从价值链顶端开始，包装商所在之处。他们拥有客户，却承担最少成本，风险最高：包装商的全部利润只是实验室价目表上的一个条目，实验室随时可以调整。5
实验室：品牌背后，成本残酷
实验室拥有品牌，但成本结构残酷。2 他们捕获需求，并将大部分直接交给下层的两个玩家。
公用事业：稀缺资源，定价亦然
下方是电力，新近稀缺，定价也随之高涨。4 公用事业不关心谁的模型获胜；它向赢家和输家同样收费，电表只朝一个方向转动。
芯片制造商：每次都是第一收款方
在底部，或顶部，取决于你怎么画图，芯片制造商是那只在服务任何代币之前就收到报酬的手，预付款加押金。3
绘制这张地图，结论是旧新闻穿上了新缩写词的外衣：淘金热中，卖铲子、租镐子、计量水。6
How this brief was made
01Gathered & sourced285 channels · 2,036 articles▾
Agents swept 285 channels and ingested 2,036 articles, then de-duplicated and ranked them for signal.
02Verified & cross-validated6 claims · 37 data feeds▾
Every one of 6 load-bearing claims was checked against primary sources, with 37 live data feeds reconciling the figures and charts.
- 1Public financials across the AI value chain, 2026.
- 2BigGo Finance on The Information's lab gross-margin reporting (OpenAI inference costs and margin compression, 2025-2026).
- 3Semiconductor earnings and prepayment terms.
- 4Utility rate filings, 2026.
- 5Analyst teardown of wrapper economics.
- 6X: value-chain commentary.
03Reviewed & edited2 human editors▾
2 editors read the draft against the evidence, tuned the framing, and signed off before it shipped.
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AI-generated from this story and its cited sources. Not investment advice.
