Alice Han

There's incentive for these models to come out and say that we're exceeding the benchmarks of other rivals and competitors.

But again, you know, the cost is something that is directly comparable.

It's no surprise that the Chinese models are 10, 20 times cheaper.

And I think that that with cost deflation inertia will continue to favor the Chinese.

Yeah.

But I do think when we look at technology diffusion and value creation, the way that the software economy really came out of the U.S.

and U.S.

dominated that and the value created by software, it's really, I think, going to be the clods and the open A.I.

's.

that benefit from the enterprise part of the value chain.

The enterprise can pay for it, and they tend to be stickier in terms of the subscription.

So I think that we'll end up in a world in which maybe the majority of the value is captured by Anthropic, by OpenAI,

But that doesn't mean that there won't be anything left on the table for Alibaba, for ByteDance, for Kimmy.

It's just a different market that they're inhabiting.

And we haven't even talked about some of the other use cases.

There's now Chinese AI chatbot toys.

That is going to be a big market, I think.

And certainly it marries well with Chinese manufacturing and hardware capabilities.

You said toys?

Yeah.