# “AI空头”思考：云大厂“ROIC下滑”、大模型“难有护城河”、OpenAI是“AI时代WeWork”、Muse背后“人肉电池” - 36kr.com

*Источник: 36kr.com*
*Дата: 2026-09-28*
*Язык: zh*

<a href="https://news.google.com/rss/articles/CBMiTkFVX3lxTE42UHgyMWdXZUlLQkEyS0NzQUc5S0VYMzBaWmU0SmFjQWQ2Vy05dDEtWEFQNjZXYVN4UVVaMTJWakhVX3I1TGZHUW44dWsxZw?oc=5" target="_blank">“AI空头”思考：云大厂“ROIC下滑”、大模型“难有护城河”、OpenAI是“AI时代WeWork”、Muse背后“人肉电池”</a>&nbsp;&nbsp;<font color="#6f6f6f">36kr.com</font>

[Оригинал](https://36kr.com/p/4004219936723078)