On January 27th, in an exclusive interview with TIME magazine, Li Yanhong, the CEO of Baidu, voiced his skepticism regarding the existence of Artificial General Intelligence (AGI). He contended that no model, not even those developed by OpenAI and Google, could possess truly "all-encompassing capabilities." He highlighted that, when it comes to model development, China is not lagging far behind. Li Yanhong underscored that the most significant potential for AI lies in the application layer, rather than in the model or chip layer. Baidu follows an "application-driven" approach, concentrating on refining the capabilities of models in particular application domains, like search and digital humans. He is of the opinion that the competition for foundational models will become increasingly centralized in the future, whereas the application layer will witness the rise of numerous successful players.