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J.P. Morgan报告：中国AI模型成本仅为美国1/50
AI 推荐理由
揭示了中美AI模型成本差距的具体量化数据（50倍）以及中国模型流量占比的急剧增长（从2%到45%），对理解全球AI竞争格局有参考价值，值得阅读原文报告。核心解读
J.P. Morgan报告显示，中国AI模型每token成本比美国低50倍，Qwen、DeepSeek、Kimi等对OpenAI和Anthropic构成价格压力；截至2026年4月，中国模型占OpenRouter流量45%以上（2024年底不足2%）。报告还指出企业AI token可能商品化，AI驱动S&P 500大部分回报，NVIDIA主导但定制芯片削减成本30-40%，中国GPU自给率提升，台湾是美AI系统弱点。
全文
🇨🇳🇺🇸Chinese AI models are up to 50 times cheaper than their American counterparts on a per-token basis.
Especially Qwen, DeepSeek and Kimi, which pressures OpenAI and Anthropic pricing.
- From J.P. Morgan report titled "Semiquincententacles: the US grip on global markets at 250" found that
The report said Chinese firms accounted for over 45% of all traffic on the AI aggregation platform OpenRouter by April 2026, up from under 2%in late 2024.
Some other findings from the report.
- Enterprise AI tokens may become commoditized, because many business tasks do not need frontier models and can run on smaller open models.
- AI has driven 65%-80% of S&P 500 returns, profits and capex since ChatGPT, creating clear signs of investor overexcitement in semiconductors.
- NVIDIA still dominates AI accelerators, but custom chips from Google, Amazon, Microsoft and Meta are gaining because they can cut total cost by 30%-40%.
- China is catching up in AI, with better models, rising GPU self-sufficiency and possible chip-scaling workarounds despite export controls.
- Taiwan is the US AI system’s weak point, because TSMC supports much of the world’s advanced chip supply while Taiwan is highly exposed to energy and food blockades.
> **引用原帖 Rohan Paul (@rohanpaul_ai):**
> UBS says 60% of companies now watching AI budgets are moving to cheaper models and open-source Chinese models
> The pressure is coming from extreme bills, including users spending up to $35K/month, teams exceeding quotas by 200%, and companies cutting internal AI tools from 5 to 2.
> Companies are not abandoning AI, they are using model routing, which sends easy tasks to cheaper models and saves premium models for hard reasoning, code, and long-context work.
> Chinese open-source models such as Qwen, DeepSeek, MiniMax, GLM, and Kimi now fit the enterprise cost curve because they can be run locally or used through cloud catalogs.
> ---
> news .futunn.com/en/post/75068082/ubs-group-finds-60-have-already-started-curbing-ai-spending?level=2&data_ticket=1780870170397383
> https://x.com/rohanpaul_ai/status/2070358321232839073
Rohan Paul (@rohanpaul_ai): JPMorgan Asset Management strategist Michael Cembalest noted in the report that China is leveraging low-cost open-source strategies to accelerate AI adoption globally.
By late February 2026, Chinese models processed roughly 5.3 trillion out of 8.7 trillion tokens consumed by the top 10 models on OpenRouter, with MiniMax, Moonshot AI, and Zhipu AI holding the top 3 spots.