黄仁勋把Token讲透了市场该重看AI应用钛动科技打开增长结果新叙事

智通财经06-03

“从产业的角度来看，Token就是资产，Token已经成为获利的营收单位。AI公司会想要建造更多Token，生成更多Token，生产更多的AI工厂。”智通财经APP获悉，6月1日，台北。黄仁勋回到家乡，在ComputeX期间发表了一场足以载入科技史的主题演讲。在这场将近2个小时、长达3万字篇幅的演讲中，黄仁勋给出的核心判断是：在AI工厂时代，每一个生成的Token，都是可计量的盈利单位。这句堪比...

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href=http://www.zhitongcaijing.com/content/detail/1449572.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>“从产业的角度来看，Token就是资产，Token已经成为获利的营收单位。AI公司会想要建造更多Token，生成更多Token，生产更多的AI工厂。”智通财经APP获悉，6月1日，台北。黄仁勋回到家乡，在ComputeX期间发表了一场足以载入科技史的主题演讲。在这场将近2个小时、长达3万字篇幅的演讲中，黄仁勋给出的核心判断是：在AI工厂时代，每一个生成的Token，都是可计量的盈利单位。这句堪比...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1449572.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0957791311.USD","symbol_name":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) 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ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC"},"translate_title":"Huang Renxun explained the Token thoroughly that the market should re-look at AI application Titanium Technology opens up a new narrative of growth results","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/287ac9ecc1097c49cc362ae62b2ef0f6","symbols_score_info":{"NVYY":0.6,"MDBX":0.6,"NVD":0.6,"2NVD.UK":0.6,"NVDS":0.6,"SNOY":0.6,"NVDX":0.6,"NVD2.UK":0.6,"07788":0.6,"SNVD.UK":0.6,"OKTG":0.6,"NVDA":1.71,"ANV":0.6,"NVDG":0.6,"OKTA":1.66,"SNOW":1.66,"NVDW":0.6,"NVII":0.6,"OKTX":0.6,"NVDB":0.6,"NVD3.UK":0.6,"SNOU":0.6,"DIPS":0.6,"NVDY":0.6,"NVIW.SI":0.6,"07388":0.6,"NVDU":0.6,"MDB":1.66,"NVDS.UK":0.6,"NVDO":0.6,"NVDQ":0.6,"3NVD.UK":0.6,"IGV":1.61,"NVDL":0.6,"NVDD":0.6},"content_text":"“从产业的角度来看，Token就是资产，Token已经成为获利的营收单位。AI公司会想要建造更多Token，生成更多Token，生产更多的AI工厂。”智通财经APP获悉，6月1日，台北。黄仁勋回到家乡，在ComputeX期间发表了一场足以载入科技史的主题演讲。在这场将近2个小时、长达3万字篇幅的演讲中，黄仁勋给出的核心判断是：在AI工厂时代，每一个生成的Token，都是可计量的盈利单位。这句堪比定义未来十年的精妙修辞，来源于过去一年，Token在行业里发生的剧烈变化。最初，它只是大模型时代的技术计量单位，用来衡量输入输出与调用成本。但随着生成式AI走向规模应用、Agent开始接管更长链路的任务，Token开始具备越来越鲜明的“经济属性”。这背后的逻辑转变在于，随着数据中心的职责从“存储与计算”转向“持续生产智能”，Token就像工厂流水线上产出的标准件，谁能以更高效率生产和使用Token，谁就更接近AI时代的核心利润池。与此同时，Token经济在中国市场也逐渐升温。公开信息显示，中国日均Token调用量已突破140万亿次，两年增长超千倍。三大运营商也在5月集体推出Token套餐，股价随之连续上涨。显然，Token经济不再停留在模型厂商内部，而开始外溢为一个更广泛的产业现象。但真正的问题随之而来：Token变得越来越重要之后，谁才是最有价值的Token承接者?Token的价值，不在消耗量，在转化率如果只看表面，Token经济似乎首先利好模型厂商、算力平台和API聚合服务商。但这只是产业链的上游视角。对于投资和产业判断而言，更值得关注的往往是另一端——Token最终流向了哪些高价值场景，并在那里实现了更高质量的商业转化。这是因为，并不是所有Token消耗都同样值钱。中泰证券认为，Token跨场景价值差可达十万倍，比如药物研发类Token均价达1000美元/百万Token，闲聊类仅0.01美元/百万Token。所以，Token价值不仅取决于生产成本，更取决于用途。更值得关注的宏观趋势，是全球AI产业已经进入一个新的超级周期。IDC强调，当前AI产业已从算力和基础模型的第一阶段，正式转向企业应用、Agentic AI和规模化智能服务的第二阶段。企业AI已经从“生成”迈入“执行”阶段，Tokens是成本核心，而Agent是价值核心。IDC报告进一步预测，2026年中国MaaS市场的Token调用量将达到约40,000万亿次，营收约186亿元人民币，2024至2030年年复合增长率约1154.9%，超过60%的中国头部企业已将生成式AI整合到核心业务流程中。国金证券也持有相近观点，将AI Infra软件基础设施视为获取“卖铲子”确定收益的关键方向，近期美股软件板块Snowflake、MongoDB、Okta等企业业绩超预期带动的IGV指数单月大涨超21%，也正在验证AI规模化部署正为软件服务层带来新一轮成长周期。如果说Token的生产端(算力和模型)是AI产业的“水厂”和“工厂”，那么谁在消费这些Token、如何消费、消费出什么样的价值结果，才是决定Token经济最终估值的关键。其中，AI营销尤其值得关注。它正同时受生成式AI与AI智能体两大技术曲线的催化，Token流转效率的持续提升，将从ToB/ToC两端对AI营销形成正向强化。中泰证券也判断，Token经济有望率先在AI漫剧、营销与电商三大领域实现规模化变现。它们共同的特征是：需求高频、链路完整、结果可量化，而且Token投入后往往能更快映射为点击率、转化率、GMV与客户增长。这也是为什么，出海营销赛道正在成为Token经济中一个容易被低估的位置。一个品牌从进入海外市场到跑通增长闭环，本身就是一条从洞察到转化再到品牌沉淀的长链条产业流程，背后往往要经历市场分析、受众识别、创意生成、素材制作、广告投放、效果优化、复盘归因等多个环节，而这些环节恰恰天然适合由生成式AI和Agent来重构。也就是说，这个赛道承接的不是零散Token调用，而是一个持续、高频、可放大的Token消耗体系。在这个体系里，Token的意义也发生了变化。它不再只是模型调用的成本项，而成为驱动客户增长的“智能燃料”。更值得关注的是场景化Token增值服务。不同于标准化的Token调用，这类服务针对特定业务场景——比如多语种广告文案的批量生成、本地化爆款素材的智能拆解、优质素材的批量派生——对Token消耗进行精细化编排和优化。这不再是按量计费的“卖Token”，而是提供“高ROI场景专用方案”：客户花的每一分Token，都能对应到更高的转化率(ROI)和收益表现(GMV)。在营销这类长链条、高复杂度的赛道中，这类AI场景化增值服务的溢价能力历来可观。今年2月递表港交所的AI营销科技公司钛动科技，凭借AI营销解决方案的高比重驱动，近年快速成长为业内龙头，公司2024年收入位列中国本土出海AI营销科技服务提供商第一，业务规模、客户体量等核心指标均居行业领先。模型或会过剩，但需求入口不会在今天的AI产业里，模型供给越来越丰富，顶尖能力的差距正在缩小，但真实且持续的大规模需求池，依然稀缺。这意味着，市场最终争夺的，不只是模型入口，更是需求入口。钛动科技正手握这样的关键资产。一方面，2025年，钛动科技服务了10万家广告主，覆盖电商、游戏、文娱、本地生活等热门赛道，Token需求持续高景气。另一方面，旗下营销多智能体Navos在5月先后宣布全量接入了字节跳动、阿里云、OpenAI 等顶级视频和生图模型，并以“钛极”多模态大模型作为专业底座，在营销场景中承接多模型、多任务、多阶段的智能调用。这让钛动形成了一个颇具想象力的位置：它既有规模化Token消耗的流量池，也有把Token转化为客户增长结果的产业级场景。这类公司最稀缺的地方在于，它们并不是单纯把Token“卖出去”，而是在持续提升Token的使用效率和变现效率。换句话说，钛动更像是Token经济中的“需求侧放大器”——通过真实业务场景，把上游模型能力放大成可持续的商业价值。而这也是Agent时代最值得重视的变量。黄仁勋在台北演讲中反复强调，实用的智能体时代已经到来。GitHub代码提交量在2026年头几个月翻了三倍，已经证明生产力已被大幅释放。与传统生成式AI相比，Agent最大的不同在于，它不只是生成内容，而是可以围绕目标完成“观察—推理—规划—调用工具—执行—优化”的完整循环。这意味着，未来Token的主要消耗场景，将不再只是单轮交互，而是越来越多地进入长链路、强目标、强结果导向的工作流中。营销，正是最典型的场景之一。对于出海品牌而言，一个真正有效的AI系统，不只是帮你写一句文案、画一张图，而是能理解不同国家市场、识别不同文化语境、协调多模态素材生产、动态优化广告投放，并持续围绕转化目标进行反馈和调整。这本质上就是一个Agent化的任务链，而钛动打造了属于自己的营销多智能体，正处在这条链路的核心位置。因此，市场对钛动的理解，也许需要从“AI营销工具提供方”进一步升级为：Agent时代连接模型能力、产业场景与客户增长结果的关键平台。卖流量会内卷，卖增长才有溢价在Token越来越像“新营收单位”的今天，产业最容易犯的误区，是把“消耗更多Token”误认为“创造更多价值”。但真正的商业竞争，从来不取决于消耗本身，而取决于消耗能否带来结果。这也是Token经济在下一阶段最核心的判断标准：不是谁调用得更多，而是谁调用得更值;不是谁离模型最近，而是谁离增长结果最近。如果沿着这条线索继续推演，那么像钛动这样既连接大规模客户、又具备专业模型底座和Agent承接能力的平台，确实值得被放到新的估值框架里重新观察。因为它所承接的，不只是Token流量，而是Token转化为真实商业增长的能力。黄仁勋在台北重新校准了Token在未来经济中的度量衡，市场真正该追问的问题或许是：谁能让这些Token，不只是被生成出来，而是被最有效地消耗掉、被最精准地配置出去，并最终变成客户增长、品牌增长和企业增长。如果答案是“高价值产业场景”，那么钛动显然已经站在了一个越来越重要的位置上。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"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":"CCBot/2.0 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黄仁勋把Token讲透了 市场该重看AI应用 钛动科技打开增长结果新叙事

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黄仁勋把Token讲透了市场该重看AI应用钛动科技打开增长结果新叙事