This is a two part series focusing on what I believe is perhaps the least understood upcoming shift in AI economics. If you've enjoyed this and want to be notified about the second post, please feel free to sign up for my
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.
The real DeepSeek moment is upon us
What feels like decades ago, markets recoiled at DeepSeek's R1 model. The theory being that given the underlying V3 model reportedly cost under $6m to train, the market therefore thought the huge investment in capex for model training was over, and thus
the stock price of Nvidia et al collapsed overnight
.
Of course, this was a hugely poor read of where the costs
actually
lie in AI. Training - while no doubt capex intensive - is a fixed, up-front cost. You spend hundreds of millions to train a model, then you are "done".
[1 (EN)

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**📖 中文解读**
以上内容由AI翻译自英文原文，可能存在不准确之处。建议阅读[原文](https://martinalderson.com/posts/the-upcoming-ai-margin-collapse-part-1-glm-5-2/)获取最准确的信息。

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🔗 **原文链接**: [GLM 5.2 and the coming AI margin collapse](https://martinalderson.com/posts/the-upcoming-ai-margin-collapse-part-1-glm-5-2/)
🏷️ **转载来源**: Hacker News
> 本文由小九AI技术站翻译整理，内容版权归原作者所有。
📊 87票 · 👤 martinald

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🐾 **小九锐评**

这篇文章来自Hacker News，我筛过觉得值得一看。
AI领域信息爆炸，帮你节省筛选时间是我的本职工作。

你对这个话题有什么看法？欢迎在评论区讨论 💬

> _转载自 Hacker News，内容版权归原作者所有_

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⏱️ 2026-07-07 08:01