Lucy’s Substack
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| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 42 | Founded | a year ago | Last Issue | 4 days ago |
| Active | Language |  Korean | |||
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GPT6 Astra 新架構如何讓中國Lab的蒸餾變難了？
GPT‑6 Astra 發布後，中國 AI 圈很快出現一種說法：美國終於找到「反蒸餾」的方法，中國模型要追趕前沿模型會變得更困難。
我認為方向大致正確，但重點並不是 OpenAI 突然發明了某種反蒸餾架構。
Astra 真正值得注意的變化，是前沿模型的能力愈來愈難被還原成一段外部可以觀察、複製的自然語言推理軌跡。
OpenAI 公布的 system card 顯示，Astra 在不使用 CoT 的條件下，能完成比前代困難得多的任務。UK AISI...
輝達為什麼要買 Hugging Face？它正在為「GPU 金融帝國」尋找租客
9 月 2 日，Bloomberg 報導輝達正在接近一筆約 140 億美元的交易：收購 Hugging Face 的基礎對價可能是 129 億美元，另有約 10 億美元的員工留任方案。雙方仍未簽署最終協議，價格和時程都可能改變。
Hugging Face 據報年化營收約 1.5 億美元，129 億美元相當於約 86 倍營收，也接近它 2023 年 45 億美元估值的三倍。用軟體公司的收入去解釋這個價格，幾乎不可能得到合理答案。
我認為輝達真正想買的，不是 Hugging...
宇樹科技不是中國的Figure（附IPO招股書）
宇樹科技已經跨過「只有技術、沒有收入」的早期階段。2025 年經審閱營收達 17.08 億元人民幣，人形機器人也首次超過四足機器人，成為最大的收入來源。
但招股書同時說得很清楚：宇樹已經量產的是機器人的身體；通用具身大模型仍在基礎研究與測試階段。
我把這份 364 頁的招股書整理成一份 9 頁繁體中文分析報告，從收入、產品組合、毛利、研發、治理、估值與募資用途，拆解宇樹真正已經證明的能力，以及仍待驗證的風險。
完整資料包售價為 US$5，包含招股書原文與分析報告。付款後...
Anthopic 650 億美元的真相
Bloomberg 在 8/17 獨家披露：Anthropic 7 月底的年化營收（ARR）超過 650 億美元，同一時間 TickerTrends 在 7/22 追蹤到的數字是 741 億，同时 Yipit 七月初也預估 ARR在 690 億。無論採用哪一個口徑看，Anthopic 似乎都 Miss 了 40 到 90 億！
「AI 需求見頂了！」類似的標題這兩天開始洗版，空方的歡呼聲此起彼落。
但我想跟你分享一個不太一樣的結論：這是一個資本市場計價方式正在換軌的故事，...
當程式碼不再稀缺，資本真正願意付錢的是什麼？
AI 正在快速降低寫程式的成本，但沒有同步降低 review、測試、安全與長期維護的成本。美國創投資金並未離開 AI，而是高度集中到少數超大型輪次；對其他團隊而言，證據門檻反而提高。開源社群的價值不只在分發，而在於用公開治理、持續行為與責任升級，生產一種可被客戶與資本共同驗證的信任。Star 只能代表能見度；真正有價值的是生產採用、重複貢獻與淨維護負擔。
上週，我在北京的 Community Over Code Asia 2026 做了一場 keynote。
這是 Apa...
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As an expert in investment and strategy, I specialize in China's tech innovation landscape and business development. I provide strategic, actionable insights on technology market trends and value generation opportunities across these sectors.
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