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On September 11, 2025, at the opening main forum of the 2025 Bund Summit, Zhang Hongjiang, Investment Partner at Source Code Capital, pointed out that the 'scaling law' for large models remains valid. Although the industry believes that the scaling law for pre-trained models is gradually slowing down, the development of reasoning models has given rise to a new 'reasoning scaling law,' where computational demands at the levels of context, memory, and other aspects will continue to drive model expansion. In terms of AI industrialization, the large-scale construction of IDC (Internet Data Center) industry is driving the development of the power ecosystem and economic growth, becoming the core manifestation of 'AI industrial scaling.' Zhang Hongjiang also stated that models and GPU computing power will become the core assets of future organizations.
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