Many investors are saying that the pyramid of value accrual from the Cloud, where SaaS applications were capturing orders of magnitude more value than the lower layers of the stack, has been inverted in the Gen AI stack. Lower layers of the stack (i.e. hardware providers and hyperscalers) will be the ones capturing the most value as the opportunity to capture value in the application layer will be limited and saturated by a small number of players (i.e. AI Labs).
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GPT-5.4 Thinking 在 ChatGPT 中新增了一项「中途打断」功能：在处理复杂任务之前，模型会先呈现工作计划概要，再开始执行。用户可以在执行过程中随时介入调整方向，不必等到结果出来再从头重来。
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音頻加註文字，2026中國兩會：北京如何定義未來五年？