While foreign media were still discussing the panic over China's large models, the pricing logic of China's AI had already changed dramatically domestically.
After the launch of Qwen's first hardware product, the Kuaiku AI glasses, the related concept stocks quickly surged. Many people thought this was a炒作 by emotional funds. But if you carefully analyze it, you will find that the essence of this market trend is not a short-term concept.
When Wu Jia mentioned Qwen at the press conference, he was actually sending a very clear signal to the market: Alibaba not only wants to develop models but also to become a terminal access point; not only to develop technology but also to build an ecosystem closed loop.
This point has a much greater impact on the Sino-US AI competition framework than the glasses themselves.
In the overseas market, just like Gemini for Google, many large models choose to rely on the giant ecosystems. In China, Qwen has, for the first time, truly established a "model directly reaching users" path through its own hardware.
This step holds extremely significant meaning for the valuation system of the industrial chain. Because only large models with the ability to "land on terminals" are worthy of the ecological premium similar to Apple and Android.
You can understand it this way: if the valuation logic of Qwen was similar to "cloud-based SaaS service" in the past, then now it has entered the valuation logic of the "next generation operating system." Once an operating system is established, what surrounds it is not one or two products, but an entire industry cluster.
This is why, once the Kuaiku AI glasses were released, the optical module moved, the voice chip moved, the AI computing module moved, and the precision manufacturing chain was simultaneously lifted, because the market is expecting that this will not be the only hardware of Qwen.
This pair of glasses became Qwen's "first step" into the real world. And the capital market reacted earlier than public opinion in understanding this point.
Original article: www.toutiao.com/article/1850021388956808/
Statement: This article represents the views of the author himself.