And the fear factor is real in assessing the risk scenario and the debt the companies are taking on in issuing bonds. There’s economic debt versus balance-sheet debt to contend with, the shift from an asset-light model to an asset-heavy model, and the risk that this surge in spending won’t translate into revenues—or they won’t translate into revenues fast enough. The stock market appears to be moving on a hair-trigger any time there’s a spark of AI-related news, which means every quarter is a bit of a guessing game in terms of how stocks will respond.
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首要挑战在于，当前国产大模型正面临架构革新与智能代理爆发的双重压力。一方面，模型架构正从传统Transformer向混合专家系统转型，引入了稀疏激活、多任务处理及超长上下文等复杂特性；另一方面，智能代理技术的普及对计算基础设施提出了更高的实时调度与指令响应要求。