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增长放缓的主要原因是 AI 产品收入放缓较快。在年报运营数据全不披露的情况下，海豚君推测 AI 原生 to C 产品如 Talkie 等，在降营销预算的情况下，本质是靠模型的大迭代和出圈来实现用户的大规模扩张的。但四季度实际并没有基座模型级别的大迭代，用户付费率并没有大幅拉升。
Since the initial release, community contributions have pushed data efficiency from ~2.4x to 5.5x against modded-nanogpt, more than doubling in a few days. The key changes are: shuffling at the start of each epoch, which had outsized impact on multi-epoch training; learned projections for value embeddings instead of separate embedding tables; swapping squared ReLU for SwiGLU activation; and ensembling multiple models. 10x data efficiency seems reachable in the short term. 100x might be feasible by the end of the year, given how many directions remain unexplored, but it will require serious exploration on the algorithms side.，推荐阅读下载安装汽水音乐获取更多信息