Since the start of this year, there has been a price hike across all model manufacturers. Huang Zhenxin, the head of Kimi's backend division at Moonshot AI, highlighted at a media briefing that the root cause lies in the escalating global costs of computing power. Whether it's overseas or domestic chips, they are unable to keep pace with the rapidly surging demand for tokens. Downstream companies have witnessed a significant uptick in the demand for AI applications, while the supply of upstream computing power continues to be tight due to limitations in chip production capacity. Faced with this dual pressure from supply and demand, the increase in API prices has become an unavoidable outcome. Huang also addressed queries regarding industry bubbles. He conceded that bubbles do exist but underscored that Anthropic has managed to achieve quarterly profitability through genuine earnings. He posits that when productivity undergoes a qualitative transformation, companies that can rationalize the costs will persist in their investments, signaling a healthy trajectory for industry development.