三点下班
Market and investing observations, concrete scenarios
Deep reads here2 / 129 episodes
Cadence~1 every 21.0 days
Latest2026-10-14
TopicsInvesting & Business
PriorityT2
51:40三点下班
1014
In a decade of economic transition, elite art held steady—cutting-edge collectibles crashed 90%
Over the past decade China's elite assets went nowhere—yet Yangzhou Eight Eccentrics masterpieces rose from 23 million to over 60 million. But collectibles with expandable supply left buyers down 90%. Only genuine scarcity weathers economic transition.
8 Points
7 Quotes
consumer polarizationservice consumption
1:20:27三点下班
0727
Closed-source LLM profits peak as margins flow to open-source models and applications
Last phase: nearly all profits went to Anthropic and OpenAI. Now domestic models have crossed the usability threshold, open-source models are eroding closed-source margins, and profits are flowing to open-source and application layers.
8 Points
8 Quotes
Domestic computeOpen-source models