The focus of competition in the AI industry has shifted from model parameters to delivery efficiency. The API price war reflects optimizations in cost structure, and the industry is accelerating its transition to flexible inference architectures to improve GPU utilization. The valuation logic of capital markets for AI companies has changed, with greater attention placed on indicators such as user payment conversion rates and gross profit margins per token. Valuation stratification of computing power assets has become evident, with infrastructure possessing power metrics and grid connection capabilities emerging as scarce resources. Power supply has become a new strategic resource in the AI industry, which is exploring diversified power portfolios. DeepSeek's potential listing may establish a new valuation system for the industry, which has entered the ultimate stage of competition between cost and efficiency, with the strategic value of stable power supply becoming increasingly prominent.