这种规模的投资远超经济产出——这不是普通的预算问题，而是结构性回报难题。这就是AI基础设施的“投资悖论”：超大规模云服务商们陷入了典型的“囚徒困境”——没有人敢停止投资，因为担心失去竞争优势；但持续加码投资，又在不断摧毁股东价值。
笔者注意到，公司业务具备较强的盈利能力，报告期内毛利率分别为47.92%、49.37%、48.1%、45.08%，而同行可比公司平均值分别为49.22%、44.75%、42.76%、42.69%，自2023年起，锐翔智能毛利率已反超并持续高于行业平均水平。
But Anthropic also imposed limits that Michael views as fundamentally incompatible with war-fighting. The company’s internal “Claude Constitution” and contract terms prohibit the model’s use in, for instance, mass surveillance of Americans or fully autonomous lethal systems—even for government customers. When Michael and other officials sought to renegotiate those terms as part of a roughly $200 million defense deal, they insisted Claude be available for “all lawful purposes.” Michael framed the demand bluntly: “You can’t have an AI company sell AI to the Department of War and [not] let it do Department of War things.”，详情可参考体育直播
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