From a macro perspective, the trend is for the market to have more usable commercial large models available. The difference lies in how the market prices these different models. You have your own psychological price target; once it's reached, you buy or sell, and you pay for your own cognition.

TSLA launches Doubao LLM; JD ramps up AI robotics | Daily News Recap
0820 | Dolphin Research Focus: 🐬 Macro/Industry — 1) U.S. Treasury data show that as of Tue close, U.S. public debt outstanding reached $40.05TN, breaching $40TN for the first time. The structural expansion of Gov. debt implies a persistently rising UST supply.
Combined with the earlier move higher in long-end yields, this further pressures valuations across global risk assets. Markets will keep fretting about fiscal sustainability, pushing up term premia and favoring gold and other havens.Growth-stock multiples face headwinds. Watch the UST issuance calendar and shifts in demand from Intl long-only funds...



