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研发仍是最大成本项。2025年研发投入2.53亿美元，同比增长33.8%，主要用于模型迭代、多模态能力建设及训练相关云服务费用。研发增速远低于收入增速，这意味着，单位收入所分摊的研发成本在下降。，更多细节参见safew官方下载
Intelligence is becoming a commodity. It is increasingly easier to get your hands into reasoning and intelligent models that are able to run complex logic for you on demand. When access to intelligence and the ability to solve complex tasks is a commodity, what really matters is to provide this intelligence with the optimal context and connections to their environment that allows them to solve that task. My thesis is this context is the product (and the moat) in the era of intelligence.