#密码资产动态追踪 Recently, I came across a quite interesting phenomenon—some leading AI companies are burning cash at an astonishing rate. According to internal documents, this company's losses in the third quarter have soared to $1.46 billion, surpassing the $1 billion loss in the first quarter. Since the beginning of the year (the first nine months), it's even more outrageous, with a direct burn of $7.8 billion in cash reserves.

Where is the money going? Mainly three areas: first, building data centers; second, aggressively hiring; third, software development. These software products are ultimately used to drive humanoid robots. In other words, huge investments are being made to seize the high ground in AI competition.

Interestingly, the statements from the company's executives during investor conference calls also reveal some clues—they focus on developing AI agents and other software products. These products are eventually integrated into a grand plan called "Pure AI Software Company," which ultimately provides technical support for the robot project. This approach is common among many rapidly expanding AI startups: they raise funds and immediately spend them, with cash burn rates far exceeding the growth of cash flow.

From an investment perspective, this reflects how fierce the current AI race is—whoever raises money must invest immediately, or they risk being outpaced. Data centers, talent, and computing power are all money-burning black holes. At this stage, companies often neglect short-term losses and focus solely on rapidly advancing technological productization and commercialization.

What does this imply for the entire industry? The AI arms race has entered a feverish stage, with the speed of cash burn and fundraising ability becoming critical factors for survival. Small startups simply can't play this game.