阿里冲锋，腾讯伏笔：AI明账与暗线下路径分野

华夏时报网05-14

截至5月14日港股收盘，腾讯和阿里巴巴分别以4.2万亿港元和2.65万亿港元的市值，稳坐港股科技公司前两把交椅。　　就在前一天，两家巨头同日交出2026年一季度成绩单，AI不约而同成为绝对主角。但面对Token经济爆发、算力价格高企的同一张考卷，它们写下的答案并不相同：阿里以“十倍算力扩张”的决绝姿态，打造AI基础设施“工厂”；腾讯则以相对克制的投入，将AI打磨成赋能生态的“利器”。　　中国互联网...

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Token Hub（ATH）事业群，加强模型、MaaS、AI应用等业务的战略协同，今年3月，百炼平台的客户数量同比增长8倍。　　对于阿里而言，AI是一场必须打赢的“生存之战”。除了基本盘承压的电商业务，内部唯一还在盈利的云智能集团是阿里寄予厚望的第二增长曲线。今年一季度，中国电商集团这个阿里巴巴的压舱石业务收入1222.2亿元，同比增长6%，但约240亿元的经调整EBITA同比下降40%。　　但腾讯的算力资源首先要供应庞大的内部生态。　　5月13日的财报会上，詹姆斯·米歇尔在谈及算力资源紧张时表示，腾讯的算力首先服务于微信、游戏、广告以及Work Buddy、Code Buddy等旗舰项目，一直没有在腾讯云上积极出租GPU容量，有意识地推迟了通过腾讯云从AI机会中变现。　　而腾讯总裁刘炽平今年3月在2025年及第四季度财报会上还曾表示，2025年腾讯的资本开支大幅低于目标，主要受到GPU供应限制，很长一段时间买不到卡，不得不通过租赁弥补、并减少对外租售规模以保障内部使用。　　事实上，目前占据腾讯收入和毛利半壁江山的依然是囊括游戏和社交网络收入的增值服务业务，当期该业务收入同比增长4%至961亿元，601亿元的毛利同比增长9%，对于该业务毛利增加，腾讯在财报中表示是受益于自研游戏的收入贡献增加，并没有提及AI的推动。　　而从AI的变现节奏看，腾讯显然准备打一场持久战。詹姆斯·米歇尔当天在回应投资人关于ARR目标的提问时还直言：“由于变化太快，我们今天设定了目标，12个月后可能已经相差一个数量级。我们更专注于拥有正确的产品。”据记者了解，一季度以来，腾讯旗下WorkBuddy、QClaw、ClawPro、Marvis等多款针对企业和不同用户群的Agent产品密集亮相。　　深度科技研究院院长张孝荣在跟《华夏时报》记者交流时认为，阿里AI较早地投入了芯片和算法模型，走的是“算力驱动”的“卖水人”路线，通过成为AI时代的“超级发电厂”，全面押注基础设施来获取未来回报。腾讯现在走的则是“业务驱动”的AI“应用平台”路线，聚焦于利用AI强化和丰富自己的产品与服务网络，为现有庞大生态提供更智能的体验。　　而这两条截然不同的AI路径，都指向同一个现实：AI竞赛的“肌肉秀”阶段已经结束，取而代之的是基于企业基因的战略分化。阿里把未来押注在规模制胜的算力基础设施上，腾讯则选择以应用为锚，把智能织入生态的每一根血管。这场巨头间的路线之争，不仅将重新定义它们自身的价值坐标，更将深刻塑造中国AI产业未来十年的生态格局。（文章来源：华夏时报网）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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