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超级AI突发利空！Anthropic旗下最强AI成长动能停滞_我的网站

明星大侦探

A | 　　这个时代，变数不断！　　今天，Anthropic最强AI曝出利空。

B |

Alibaba Cloud's Lingjun Zhenwu M890 supernode instance Photo: Courtesy of Alibaba Cloud

Lingjun Zhenwu M890 supernode instance Photo: Courtesy of Alibaba CloudAlibaba Cloud on Tuesday officially launched its Lingjun Zhenwu M890 supernode instance in Ulanqab, North China's Inner Mongolia Autonomous Region, with the first batch of instances now available for sale in the region.
The instance is designed to handle inference for mixture-of-experts models with up to 10 trillion parameters, the company said in a statement sent to the Global Times on Wednesday.
This marks the first supernode-form computing architecture in China to successfully run large language models exceeding 2 trillion parameters, according to the company.
Industry expert Tian Feng told the Global Times that the commercial rollout of supernode infrastructure could significantly reduce training cycles, lower costs, and speed up iteration for AI developers requiring massive computational resources.
The company said the new instance has already been used to power commercial services for large language models such as KimiK3 and Qwen3.8Max.
The Lingjun Zhenwu M890 supernode instance supports FP8/FP4 low-precision computing. Through the ICNSwitch 1.0 chip, its scale-up interconnect scale has been expanded from 16 cards to 64 cards, with inter-card interconnect bandwidth boosted to 800 GB/s. Enterprises can provision 64-card, high-speed-interconnect computing units through the cloud without building their own data centers, according to the company.
In training scenarios such as autonomous driving and embodied intelligence, the instance delivers three times the training performance compared with the previous-generation Zhenwu 810E, the company said.
Ulanqab, where the supernode instance debuted, is one of Alibaba Cloud's five super data centers. The facility sources approximately 90 percent of its electricity from green energy, providing a low-carbon operating environment for high-density computing power.
Leveraging its climate, energy and network advantages, Ulanqab has transformed from "China's potato hometown" into the "token factory" - a term increasingly used in the AI industry to describe infrastructure dedicated to producing the digital building blocks generated by large language models.
By the end of 2025, the city had attracted 84 data center projects, including 81 intelligent computing centers, with total investment exceeding 500 billion yuan ($74.1 billion) and operational computing power reaching approximately 172,000 petaflops, ranking it firmly in the nation's top tier, according to domestic media reports.
On August 6, China's largest AI computing industrial park was completed and put into operation in Ulanqab. The project highlights a broader race in China to build massive AI data centers capable of supporting the next generation of AI models while addressing soaring electricity demand, according to Chinese experts.
In recent years, Inner Mongolia has been rapidly positioning itself as a global-scale AI computing center cluster. Major technology companies, including Huawei, Tencent, ByteDance and Alibaba; telecom operators China Mobile, China Telecom and China Unicom; as well as cyberspace infrastructure service provider VNET, have established computing facilities in the region.
As the AI industry gradually transitions from the training era to the inference era and large model parameters continue to expand, supernodes have become a central battleground for AI infrastructure.
Chinese vendors are accelerating deployments in this space. Huawei has commercially deployed more than 750 sets of its Ascend 384 supernodes across industries including internet, telecom operators, finance, education, healthcare, transportation and manufacturing. It is also the only domestic supernode to have trained state-of-the-art (SOTA) models.
Baidu AI Cloud has also launched its Tianchi 256-card supernode based on Kunlun chips, with support for major models including Wenxin, DeepSeek, GLM, and MiniMax.
Meanwhile, supercomputer manufacturer Sugon has unveiled China's first fully domestic 100,000-card AI supercluster Sugon 8000 (Dengfeng), integrating supercomputing and AI computing on a unified architecture. It has now been connected to the national supercomputing internet to provide computing services to government, research, and enterprise clients nationwide.
Tian, former dean of SenseTime's Intelligence Industry Research Institute, told the Global Times that the flurry of domestic supernode launches reflects a broader inflection point as China's AI sector pivots from training capacity toward efficient, large-scale inference.
The expert further said that the commercial viability of these systems - evidenced by Huawei's extensive deployed base, Baidu's rapid model adaptation and Sugon's integration into the national computing network - suggests domestic vendors are moving beyond proof-of-concept to genuine production-grade infrastructure, a prerequisite for sustaining the next wave of trillion-parameter model proliferation, Tian noted.
The move also underscores China's push for self-reliance in AI infrastructure as US chip export restrictions continue to tighten, Tian said, noting that, in the supernode domain, Chinese companies are shifting from imported graphics processing units toward homegrown interconnect chips and domestic compute clusters, a transition that could reshape value allocation across the AI industry chain.
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C | Anthropic旗下最强、定价最高的Fable 5发布逾两个月，但买单者并不多。企业客户对Fable 5的消费支出仅占Anthropic旗下所有产品的11%，成长近乎停滞，甚至遭自家低价模型Opus 5超车。　　分析师与Anthropic投资人认为，关键原因在于Fable 5价格高昂，而旧版、较便宜的模型，实际上已足以处理多数企业工作。OpenAI的GPT5.6定价明显低于Fable 5。好模型的价格起不来，其商业价值、开发前景和大模型现金流预期亦会发生大变化。　　Fable 5 是由 Anthropic 于2026年6月发布的大型语言模型，代表了当时其产品线中能力最强、定位最高的旗舰级（Mythos级）AI。它在软件工程、科学研究及复杂推理等前沿基准测试中处于领先地位，但由于价格昂贵、性价比相对较低，在企业端的实际采用率表现平平。　　成长动能停滞　　据英国《金融时报》报道，支付机构Ramp追踪7万家企业支出数据发现，Fable 5自今年6月初发布以来，企业对其消费支出占Anthropic旗下全线产品的比例仅约11%，且近期成长动能明显停滞。反观Anthropic自家定价较低、规模较小的Opus 5，自7月底推出后，企业支出已超越Fable 5，显示企业选择AI模型时，正逐渐从单纯追求最强性能，转向衡量价格与实际需求。　　近期，大模型的价格战明显加剧。OpenAI的GPT5.6定价明显低于Fable5，其母公司本季迄今年化营收已成长35%，突破400亿美元；另一方面，价格更低的开源模型持续增加，也让企业客户拥有更多选择，进一步压缩美国顶尖AI实验室的定价空间。　　Fable5先前还受到政策因素干扰。特朗普政府6月初以国家安全为由，迫使Anthropic暂时撤回模型，冲击公司当月营收成长，直到7月1日获准重新上线。

D | 不过分析师与投资人指出，随着限制解除，政治不确定性对企业选择模型的影响已降低，价格与性能重新成为主要考量。　　Accel合伙人Miles Clements表示，大多数企业其实并不需要在最前沿的模型水准上运行，企业客户一味选择最强模型的时代，“并非一个可持续的阶段”。这项转变对Anthropic尤其敏感，因为前沿AI实验室长期投入数十亿美元研发资金，训练规模更大、更复杂的模型，并期待透过顶级模型的高定价收回成本。若企业客户持续转向价格较低、性能“够用”的产品，这套“以最强模型驱动营收”的逻辑可能面临根本挑战。

E | 　　Anthropic 7月年化营收达650亿美元，高于5月的470亿美元，但低于部分投资人原先预期的800亿美元以上。在Anthropic筹备IPO、外界预期估值可能达2万亿美元以上之际，Fable5的企业采用情况也成为市场观察焦点。　　芯片仍在“吸金”　　近期，虽然AI利空不断，产业链亦持续调整，但仍有大额资金涌入。半导体股就是AI投资热潮的核心受益者。　　根据晨星数据，追踪芯片股的最大杠杆ETF Direxion Daily Semiconductor Bull 3X Shares，在7月及8月前两周吸引近70亿美元资金净流入。该ETF提供纽约证券交易所半导体指数3倍杠杆曝险，涵盖30家美国芯片公司；其间标的指数从高点回落仅20%出头，该基金跌幅却高达70%。　　南方东英旗下两倍做多SK海力士一度出现高达86%的回撤，过去六周却仍吸引逾10亿美元资金流入。