AAlora
ST/HK/100 rose by seven points, while ST/HK/2513 fell by nearly five points; the two Hong Kong-listed large model companies have taken completely opposite directions.
The divergence lies in open-source strategies. After ST/HK/100 open-sourced H3, Citigroup's assessment highlighted significant cost advantages and maintained a 'Buy' rating. At the same time window, Alibaba launched its new model, causing the market to immediately reinterpret ST/HK/2513 as facing intensified competition and pressure on market share.
In the same model iteration cycle, the open-source player secured a premium, while the closed-source one faced a discount. Can the ecosystem and reputation gained from open sourcing truly offset the cost of abandoning licensing revenue? Or is the market simply voting on 'who has the lower inference cost'? 🤔
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