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今 日 深 读

01

一家克隆了自己总编辑的网站

The website that created an AI clone of its editor in chief

Platformer · Casey Newton · 中英对照 · 约 13 分钟

Every 这家 30 人的公司,AI 写了几乎所有代码,人类还在写文章——但他们用总编辑凯特·李的 3 万条修改记录训练了一个「凯特式文字编辑」智能体。Dan Shipper 这场访谈里全是硬问题:一边给 Anthropic 的模型写差评一边依赖它、自动化了一切却把人从 15 个招到 30 个(他称之为 AI 悖论)、以及「几乎每个写作者都在用 AI,只是没人承认」。昨日 Thompson 说 AI 原生公司只会是创业公司,这就是一间活的样本。全文翻译。

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02

小鹏机器人到底值不值430亿元?头部的估值,三线的能力

潮涌AI(虎嗅转载) · 潮涌AI编辑部 · 中文 · 约 12 分钟

昨天快览里那条「小鹏机器人 9 亿美元融资、估值 63 亿美元创纪录」的新闻,这篇把它翻到了背面:融资前夜技术「一号位」米良川离职、AI Infra 架构师被曝跳槽 OpenAI、团队六年三次大重组——430 亿估值对应的硬件和「大脑」,目前都还没有可量化的成绩单。一篇「估值跑在能力前面」的解剖样本。

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03

缩量探底回升:沪指翻红微涨,超 4200 只个股上涨

8 月 25 日 A 股复盘综合述评

公开市场信息综合(央广网、东方财富等) · 本刊整理 · 中文 · 约 6 分钟

放量长阴的次日,剧本换成了缩量探底回升:沪指涨 0.19% 翻红,成交缩到 1.83 万亿,超 4200 只个股上涨——但领涨的换成了创新药、农业和液冷,前一天的避风港黄金、锂矿反手领跌。

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快 览

  1. 英伟达今晚发财报:市场预期营收同比近翻倍至约 920 亿美元(华尔街见闻早餐)—— 昨夜英伟达反弹 2.2% 终结七连跌,全球 AI 叙事的本周围标落地在即;同场关注周五美联储主席沃什的杰克逊霍尔讲话。
  2. 美伊停火谈判传重大进展,布伦特原油盘中跌超 6% 跌破 90 美元(华尔街见闻早餐)—— 双方据称就霍尔木兹海峡自由通航达成共识;油价暴跌是昨夜全球市场的主线。
  3. Anthropic 冲刺 IPO:拟向投资者描绘超 30 万亿美元市场,目标估值约 2 万亿美元(华尔街见闻早餐)—— 大模型公司的估值故事讲到这个量级,恰好配读昨日深读「看空却做多的时代」。
  4. 阿拉巴马州总检察长就 Hugging Face 事件传唤 OpenAI(The Verge)—— 调查其「无力或无意确保产品安全」是否危及公民——昨日 Stratechery 深读的那起事件,开始长出监管的下文。
  5. OpenAI 数据中心负责人 Chris Malone 离职(The Verge)—— 曾主导大规模建设计划、直接向布罗克曼汇报的关键高管出走,WSJ 与彭博均确认。
  6. OpenAI 自研芯片 Jalapeño 宣称推理基准击败英伟达 GB300(The Verge)—— 大客户变对手的故事又进一集;英伟达则以 Jetson Orin Nano 2 回应,推理性能翻倍、功耗降 40%。
  7. 苹果 Mac mini 上新,首发 2nm 制程 M6 芯片(华尔街见闻早餐)—— 2nm 时代从一台小主机开始。
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深读 · 01

一家克隆了自己总编辑的网站

The website that created an AI clone of its editor in chief

Platformer · Casey Newton · 2026-08-21 · 约 13 分钟 · 原文链接

导读与要点(建议先读原文)
  • 裁判的位置:模型公司不可能客观告诉你它排第几——「没人会相信模型公司」,所以评测者的角色不会被模型进步消灭;但实验室也可能随时把你做了一年的事变成它的新功能(「建在不断移动的地面上」)。
  • 烤箱与舒芙蕾:会造模型不等于会用模型。Every 把自己定位成拿烤箱做舒芙蕾的人——只是烤箱厂商有时也想自己下厨。
  • 克隆凯特:收集总编辑 3 万条历史修改做数据集、生成提示词、在旧稿上回测爬坡,内部智能体随叫随到做「凯特式编辑」,还能从她的二次修改中自动补课——但即便是文字编辑这种有章可循的工作,至今也无法完全自动化。
  • AI 悖论:一边自动化一切,一边员工翻倍。Shipper 的解释——AI 在「人类专业知识的残渣」上训练,只会解决已被解决过的问题;遍地「差不多对」的泔水被重新定价后,真正值钱的是能针对具体情境想透问题的专家。AI 抬高了地板,也抬高了天花板。
  • 写作的铅笔线:对外署名文章与信息型指南分开对待,后者他乐见 AI 合写——「反正很大一部分会被 AI 读」;他引用马克·吐温与打字机的故事:每代人都觉得新工具「没有人情味」。批判性阅读:Shipper 是被访者立场,「写作者都在用 AI」属个人观察,其公司产品亦建立在所评模型之上,存在利益相关性(作者已在文首披露其伴侣任职 Anthropic)。
My fiancé works at Anthropic, whose models Every reviews and builds on, and which comes up below.
(作者披露:我的未婚夫在 Anthropic 工作,Every 既评测 Anthropic 的模型、也基于其模型做开发,下文还会提到这家公司。)
Earlier in our miniseries on productivity in the AI era, Replit's Amjad Masad described a "self-driving company" where most engineers don't look at the code anymore. For our penultimate episode, I wanted to visit someone running a version of that experiment in a somewhat unexpected place: the media business. Dan Shipper runs a website that reviews new technology alongside a product lab that's building it — and for some time now I've wondered what it's like to work in a place like that.
在我们这个「AI 时代的生产力」迷你系列前面几期里,Replit 的阿姆贾德·马萨德(Amjad Masad)描述过一种「自动驾驶公司」——大多数工程师不再看代码。作为倒数第二期,我想去探访一个在意想不到的地方做着类似实验的人:媒体行业。丹·西珀(Dan Shipper)经营着一家评测新技术的网站,同时还有一个亲手打造技术的产品实验室——我一直很好奇,在这样的地方工作是什么体验。
Shipper is the co-founder and CEO of Every, which he launched in 2020 with Nathan Baschez as a bundle of business newsletters. Today Every is a publication about AI that draws attention across the industry — for Shipper's column Chain of Thought, his podcast AI & I, and especially for the "vibe checks" in which he and his coworkers get early access to new frontier models and put them through their paces before their general release.
西珀是 Every 的联合创始人兼 CEO。2020 年,他和内森·巴谢兹(Nathan Baschez)以一组商业通讯的形式创办了这家公司。如今,Every 是一家备受行业关注的 AI 媒体——有西珀的专栏《Chain of Thought》、他的播客《AI & I》,而最有名的当属他们的「vibe check」:他和同事们提前拿到新的前沿模型,在其正式发布前做足全方位的实测。
At the same time, Every is also a product studio. The roughly 30-person company offers Cora, an email assistant; Sparkle, a file organizer; Spiral, a writing tool; and Monologue, a dictation app — all of which are bundled with the journalism into a $20-a-month subscription. Shipper says AI now writes essentially all of the company's code, while humans still (mostly) write the essays.
与此同时,Every 还是一家产品工作室。这家约 30 人的公司拥有邮件助手 Cora、文件整理工具 Sparkle、写作工具 Spiral 和听写应用 Monologue——这些产品和内容一起打包进每月 20 美元的订阅里。西珀说,如今公司几乎所有代码都由 AI 编写,而文章仍(基本)由人类执笔。
But AI is changing the way that the company writes. Shipper told me Every has tried to clone the taste of its editor in chief, Kate Lee, by collecting a dataset of 30,000 of her historical edits, using it to build a copy-editing agent, and back-testing it against her past work. It's an effort to capture the expertise of a single employee and distribute it more broadly throughout the enterprise — a preview, I think, of how more businesses will think about the relationship between AI and employees in the years to come.
但 AI 正在改变这家公司的写作方式。西珀告诉我,Every 尝试「克隆」其总编辑凯特·李(Kate Lee)的品味:他们收集了她过去 3 万条修改记录作为数据集,用它构建了一个文字编辑智能体,并用她过往的工作做了回测。这是把一名员工的专业能力提取出来、分发到整个组织的尝试——在我看来,它预示了未来几年更多企业将如何思考 AI 与员工的关系。
Shipper was also candid about what it's like to publish a critical review of a frontier model from a lab the company depends on, arguing that Every's role as an arbiter may be one of its most durable assets. "No one trusts a model company to tell you where they objectively sit," he said.
西珀也坦率地谈到,对自己赖以生存的前沿实验室发表尖锐评测是什么滋味。他认为,Every 作为「裁判」的角色可能是公司最持久的资产之一。「没人会相信模型公司能客观告诉你它在行业里的位置,」他说。
More controversially, Shipper told me that far more writers are integrating AI into their workflows than will admit it publicly. "I think there is a real dirty secret right now, which is that almost every writer is using it," he said. "Just, most of them are not saying so."
更有争议的是,西珀告诉我,把 AI 纳入工作流程的写作者远比公开承认的多得多。「我认为现在有一个真正的、肮脏的秘密:几乎每个写作者都在用 AI,」他说,「只是大多数人不说。」
I also had to ask Shipper a question at the heart of our miniseries: if AI automates the work, why does Every keep hiring? The company doubled from about 15 people to around 30 over the past year while loudly automating everything it can. His explanation — that AI is "trained on the residue of human expertise," but can't see beyond it — may be good news for jobs in general, at least for as long as it holds true.
我还必须问西珀一个位于本系列核心的问题:如果 AI 把工作都自动化了,Every 为什么还在招人?这家公司一边高调地把一切能自动化的都自动化,一边在一年里从约 15 人扩张到约 30 人。他的解释是——AI「在人类专业知识的残渣上训练」,无法看到残渣之外的东西——这对整体就业或许是个好消息,至少在这个判断还成立的时期内。
An excerpt of our conversation is below, edited for clarity and length.
以下是我们对话的节选,为清晰和篇幅做了编辑。
Casey Newton: Every does "vibe checks" of new models. I found when I worked at a site that reviewed gadgets, there was sometimes a tension between what the companies want from early reviews and what you give them as a critic. You published what I would say was a fairly critical review of Sonnet 5 — "a model pitched for everyone impresses no one." How did that affect your relationship with Anthropic, and how much did you think about that before you hit publish?
凯西·牛顿(Casey Newton):Every 会做新模型的 vibe check。我曾在一家评测数码产品的网站工作,发现厂商对抢先评测的期待和批评者实际给出的评价之间,有时会存在张力。你们发了一篇我认为相当尖锐的 Sonnet 5 评测——「一个想取悦所有人的模型,谁也没打动」。这对你和 Anthropic 的关系有什么影响?按下发布键之前,你权衡了多久?
Dan Shipper: Obviously, we know a lot of people at OpenAI and Anthropic, and you never want to be totally mean to people you're friends with. But actually, even before we publish anything, they're asking, "What do you think?" Because they want to make the model better, and they know that if we don't like it, it means something — and they'd rather know beforehand, honestly, than find out from a ton of other people who use it. They would probably also prefer that we didn't publish a big thing saying this model sucks. But they know we're not trying to be mean. We just have to say what we think, and if we think that, it's pretty likely a lot of other people are going to feel that way. My goal is never to shit on them; it is to help make better AI happen, and I think we do that in partnership with them. Sometimes it can get a little bit heated every once in a while — they're like, "I don't see how you could feel that way." But that's the exception to the rule.
丹·西珀:显然,我们在 OpenAI 和 Anthropic 都认识很多人,你永远不会想对朋友太刻薄。但实际上,甚至在我们发表任何内容之前,他们就会来问:「你们觉得怎么样?」因为他们想把模型做得更好,而且他们知道,如果我们不喜欢,这说明了一些问题——说实话,他们宁愿提前知道,也不想等一大堆用户用过之后才发现。他们大概也希望我们不要发一篇大文章说这个模型很烂。但他们知道我们不是出于恶意。我们只是必须说出真实想法——如果我们是这么想的,很可能很多人也会有同感。我的目标从来不是羞辱他们,而是帮助更好的 AI 诞生,我认为我们和他们是合作关系。偶尔确实会有点火药味——他们会说「我不明白你怎么会有那种感觉」。但那是例外,不是常态。
Newton: The labs are enabling you to do these vibe checks, and you're using their models to build products. But it also seems like they are encroaching on your terrain, and everyone else's. Every ran a piece in June called "Built on Moving Ground," about the vertigo of building on models you don't control, where there's always a risk the labs will release as a feature something you spent the last year on. How do you think about that risk, and where do you see the durable value in a bundle like yours?
牛顿:实验室让你们能做这些 vibe check,你们也用他们的模型做产品。但他们似乎也在侵蚀你们的领地——以及所有人的领地。Every 今年 6 月发过一篇《Built on Moving Ground》(建在移动的地面上),讲的就是建立在自己无法掌控的模型之上的那种眩晕感:你花了一年做的东西,实验室随时可能作为一个新功能直接发布。你怎么看待这种风险?你认为你们这种订阅包的持久价值在哪里?
Shipper: It's a really good question, and I don't have an answer to it. There is just this dynamic where they're going to make their models better, and their models getting better does actually take a lot of the stuff that you build and make it less relevant. And they also have application layers, so there are different parts of the same company that are supporting you and also sort of competing with you. It's a messy dynamic.
西珀:这个问题问得真好,而我没有答案。就是这样一种态势:他们会让模型变得更好,而模型变好确实会让你做的很多东西变得不再重要。他们自己也有应用层,所以同一家公司的不同部门,一边在支持你,一边又在某种程度上与你竞争。这是一种很拧巴的关系。
I have a couple of feelings about this. One is that the thing we can do that no model company can do is tell you which models are good. No one trusts a model company to tell you where they objectively sit — how could they? So we have a good position as an arbiter between them, and that's not something that model progress will get rid of. And just because you make the model doesn't mean you know exactly how to use it well. I liken them a little bit to oven makers. You can make the oven, but it doesn't mean you know how to make a soufflé. Our job is to take an oven and say: what is the coolest thing that we could make that would be good? And they're like, "Cool, great, we'll make the oven better for that." But then sometimes they're like, "Well, maybe we'll make a soufflé, too."
对此我有几点想法。第一,我们能做而任何模型公司都做不到的事,是告诉大家哪个模型好。没人会相信模型公司能客观告诉你它的位置——它怎么可能客观?所以我们在他们之间拥有一个很好的「裁判」位置,这是模型进步不会消灭的东西。而且,会造模型不等于知道怎么把它用好。我常把他们比作烤箱厂商:你会造烤箱,不代表你会做舒芙蕾。我们的工作就是拿着烤箱问自己:能用它做出的最酷、最好的东西是什么?他们会说:「酷,那我们把烤箱做得更适合做这个。」但有时他们也会说:「嗯,要不我们也来做舒芙蕾吧。」
The other part is that we live in this zone where things are moving really fast, and we can't rest in any one particular place. You have to both really want to make something awesome and high quality, and be willing to throw it out every three to six months as the capabilities change. That's a hard thing to do, but I think it's possible.
另一点是,我们活在一个变化极快的地带,无法在任何一处安营扎寨。你必须既真心想做出高品质的好东西,又愿意每三到六个月随着能力的变化把它推倒重来。这很难做到,但我认为并非不可能。
Newton: Where does AI make Every measurably more productive?
牛顿:AI 在哪些地方让 Every 的生产力有了可衡量的提升?
Shipper: We would never have been able to do almost all the things that we do without it. For a while we were maybe 12 or 15 people, and we were running six software products and a daily newsletter. That's insane. Even running a daily newsletter that grows, and that people like and read all the time, is hard. Then to add software products on top of that, without very much funding — we haven't raised very much money — it only became possible because we started to be able to get enough from a single engineer that you can have one person run an entire software product end to end. That was certainly not possible before at any real level of scale.
西珀:没有它,我们现在做的几乎所有事情都不可能做到。有一段时间我们只有 12 到 15 个人,却同时运营着六个软件产品和一份日更通讯。这很疯狂。光是把一份持续增长的日更通讯做好、让人愿意一直读,就已经很难了。再往上加软件产品,而我们又没融到多少钱——这之所以成为可能,是因为我们开始能从一名工程师身上榨出足够的产出:一个人就能端到端地运营一整个软件产品。这在以前,在任何像样的规模上都是不可能的。
Now that it is, once you have one person, you start to hire more people, so we have products with more than one person on them. But you can get signal, and really serve an actual customer base with a real product, with one person. In a lot of ways you can think of, there are a lot of structural overlaps between The New York Times and Every. But the Times was only able to do the games bundle and Cooking and The Athletic after 150 years and a lot of scale, and we can start to do that much earlier and more quickly, with less money.
既然这成为可能,有了一个人跑通之后,你就会开始加人,所以我们有些产品已经有不止一个人在做。但重点是:一个人,就能拿到市场信号,就能用一个真实的产品去服务真实的客户群。你可以想见,《纽约时报》和 Every 之间有很多结构上的相似性。但《纽约时报》是在 150 年积累和巨大规模之后,才做出游戏包、Cooking 和 The Athletic 的;而我们能早得多、快得多、用少得多的钱开始做同样的事。
Newton: On the flip side, I'm curious if there's something you keep throwing models at that they're just terrible at, or that feels like a stubbornly human job.
牛顿:反过来说,我很好奇有没有什么事是你不断丢给模型、它们却始终做不好的,或者说感觉上就是一份「顽固属于人类」的工作?
Dan Shipper: Yes, all the time. Let me start simple. One thing we have been throwing models at for a long time only just started to work. We have an editor in chief, Kate Lee, who's fantastic, who I've been trying to automate out of a job for years in an extremely benevolent way. She does a ton of copy editing for us — she has the best copy-editing taste of anyone at the company. As the company has grown, she's no longer just copy editing articles; she's doing launch emails and landing pages, and making sure they all adhere to a standard. But her time is limited. She's an editor in chief; she has many other responsibilities.
丹·西珀:有,一直有。先说个简单的。有一件事我们拿模型试了很久,直到最近才刚刚跑通。我们的总编辑凯特·李非常出色,多年来我一直在以一种极其善意的方式试图「把她自动化掉」。她为我们做大量的文字编辑工作——全公司没有人比她更有文字编辑的品味。随着公司长大,她不再只是改文章,还要把关发布邮件、落地页,确保它们都符合标准。但她的时间有限——她是总编辑,还有很多别的职责。
Since GPT-3, I've been saying, I think we can make this better. And the answer has been "no, you can't" for a really long time. And it just started to work. Part of that is the models are good enough at instruction following that you can make a good enough prompt that it actually knows what to do in any given situation. Another thing is they're good enough at browser use, or computer use, that they can actually go into a Google Doc and make suggested changes, which is wild when you see it.
从 GPT-3 时代起,我就一直在说:我觉得我们能用模型把这件事做得更好。但在很长一段时间里,答案都是「不行」。直到最近它才开始管用。部分原因是模型的指令遵循能力足够好了,你能写出一个足够好的提示词,让它在任何给定情境下都知道该做什么。另一个原因是它们的浏览器操作、电脑操作能力足够好了——它们真的能进入一份 Google 文档、以「建议修改」的方式提出修改意见,亲眼看到时会觉得不可思议。
Another thing is they're good enough now that I collected a dataset of 30,000 of her historical edits, used that to make a prompt, and then back-tested the prompt on all of the previous documents to hill-climb and make it better and better. Now we have an agent internally that we use, and anytime someone has a piece they're working on, or a landing page or whatever, they just @ the Every Agent — "do a Kate copy edit on it" — and it does it. It's not perfect, but it's much better than having her do everything. And it gets better automatically over time: as it makes edits, and then she goes in and makes more edits, it automatically learns "here are the things I missed." So that's one thing that just became — we call it "compounding" — compoundable. But even copy editing, which is rules-based, is super, super complicated and not fully automatable even now.
还有一点:模型现在已经好到让我可以收集她 3 万条历史修改记录做成数据集,用它生成提示词,然后在所有过往文档上回测、迭代爬坡,让效果越来越好。现在我们内部有一个智能体,任何人手头有稿件、落地页或别的什么,只要 @ 一下 Every Agent,说一句「给它做一次凯特式文字编辑」,它就做了。它不完美,但总比所有事都让凯特亲自做强。而且它还会自动越变越好:它先做修改,凯特再进去补充修改,它就自动学到「这些是我漏掉的」。所以这件事刚刚变得——我们称之为「可复利的」(compounding)。但即便是文字编辑这种有章可循的工作,也超级、超级复杂,至今也无法完全自动化。
I see what we do less as "we're going to automate all copy editors" and actually more as: Kate has a specific set of skills as an expert inside of Every that she can only apply right now by spending her time. What we do with compounding is allow her to get some of that taste and viewpoint and set of skills into a little tool that lets her spread it throughout more of the org, where she doesn't have to spend her time to do more work. When you start seeing it that way, you're like, of course I want that — a tool I can teach my taste, so I can spend my time on higher-level, more interesting things.
我越来越少把我们做的事理解为「我们要自动化掉所有文字编辑」,而更多是这样:凯特作为 Every 内部的专家,拥有一套特定的技能,而这套技能眼下只能靠她亲自花时间才能施展。「复利化」做的事,是让她把一部分品味、视角和技能装进一个小工具里,传播到组织的更多角落——她不必再花时间,却能做更多的「工作」。一旦你开始这样看问题,你就会觉得:我当然想要这个——一个我能教会它我的品味的工具,好让我把时间花在更高阶、更有趣的事情上。
Newton: My impression is that you aren't automating anyone out of a job. In fact, I think you went from about 15 people in the middle of last year to around 30 this spring. You've doubled while automating. I think you've called this the AI paradox, where the more things you automate, the more humans you need to do more things. Did you expect to double in size?
牛顿:我的印象是,你们并没有把任何人「自动化出局」。事实上,你们从年中的约 15 人增长到今年春天的约 30 人——一边自动化,一边翻倍。我记得你称之为「AI 悖论」:自动化的东西越多,你需要的人反而越多。你预料到会翻倍吗?
Shipper: As a company, we try to automate everything we possibly can. So why did we double in size in terms of human employees? My ideal world is not one where I only hire agents and we have no humans — I'm not weird like that — but we don't have a ton of funding, and you would expect a company like ours to try to be efficient and not hire people unless we have to. And we've had to hire people. Part of that is that we're growing, so we can and we should. But I think there are also deeper structural reasons why automation weirdly creates more work for humans, especially for human experts.
西珀:作为一家公司,我们努力把一切能自动化的都自动化。那为什么人类员工还翻倍了?我的理想世界并不是只雇智能体、一个人都不要——我没那么怪——但我们确实没融到多少钱,按理说,我们这样的公司应该追求效率,非必要不招人。可我们不得不招。一部分原因是业务在增长,该招也得招。但我认为还有更深层的结构性原因:自动化以一种奇怪的方式,为人类——尤其是人类专家——创造了更多工作。
The way that AI works is that it is trained on the residue of human expertise. It's trained on problems that have already been solved. One of the beauties of AI is that now you have this thing that knows how to solve every problem that's ever been solved, and you're trying to apply it to your problem. The interesting thing is that your problem is slightly different from any other problem that's ever been solved. What that creates is a situation where tons of people are just mashing on their keyboard — "solve my problem" — and it solves it, but only sort of. It's close, but not quite there. And that creates a ton of slop, and that's not really valuable. You have this glut of things that look impressive at first blush, but eventually you realize they're kind of worthless, and the market reprices. So what do you do now? You need an expert to come in and solve the problem for this particular situation — really think it through, and use AI to do that.
AI 的运作方式是:它在人类专业知识的残渣上训练,在已经被解决过的问题上训练。AI 的美妙之处在于,你手里有了一个知道如何解决「所有已被解决过的问题」的东西,然后你试着把它用到你的问题上。有趣的是,你的问题总跟任何已被解决过的问题略有不同。于是就形成了这样的局面:无数人在键盘上猛敲——「解决我的问题」——它确实解决了,但只是「差不多」。很接近,但没到位。这制造出大量的泔水(slop),而那并没有真正的价值。你会看到一堆乍看惊艳的东西过剩,但最终你会发现它们基本没价值,市场会重新给它们定价。那接下来怎么办?你需要一位专家进场,针对这个具体情境真正想透并解决问题——用 AI 去做,但由专家来做。
And who does that work? Because everybody can now do something that's sort of like what they do — everyone is a programmer, to some extent. But experts are involved in building systems to take the people who want to program and contribute, and make that actually productive. The same thing is true inside OpenAI: they have teams of people building infrastructure so that everyone can ask data-science questions and know that the answer is the approved thing that OpenAI would do — because if they just raw-Codexed or Clauded it, it would be something, but it wouldn't be right.
那谁来做这个工作呢?因为现在每个人都能做出「差不多像那么回事」的东西——某种程度上,人人都是程序员了。但专家们要做的,是搭建系统,把那些想编程、想贡献的人组织起来,让这一切真正产生生产力。OpenAI 内部也是一样:他们有专门的团队搭建基础设施,让任何人都能提出数据科学问题,并确保得到的答案就是 OpenAI 认可的标准答案——因为如果大家只是直接裸用 Codex 或 Claude,也能得到点什么,但那个东西不会是对的。
That's one thing experts do. The other thing they do is moonshot things that wouldn't have been possible previously. So it both raises the floor and it raises the ceiling, and there's much more to do than ever before. If you told me in 2020 that you could just send Fable off and vibe code an entire to-do app in a day, and asked what would happen to engineering, I'd have said, I don't know, that sounds nuts. And the reality is, we still have engineering. It's just moved up a level.
这是专家做的一件事。他们做的另一件事,是去做以前根本不可能的「登月」项目。所以 AI 既抬高了地板,也抬高了天花板——要做的事比以往任何时候都多。如果你在 2020 年告诉我,有一天你可以直接把 Fable 派出去,一天之内凭感觉 vibe code 出整个待办应用,然后问我会对工程行业有什么影响,我大概会说:不知道,听起来很疯狂。而现实是,工程还在,它只是整体上移了一层。
Newton: Let me ask about writing and AI. You're leaning very hard into having AI do as much as possible, but you're retaining some level of authorship. How do you think about how much of the writing — let's say of your vibe checks — should be a person typing words on a keyboard, and how much of it they can outsource?
牛顿:聊聊写作和 AI 吧。你非常激进地让 AI 做尽可能多的事,但你们仍保留了一定程度的「作者性」。你怎么把握这个分寸——比如你们的 vibe check,多少应该由人亲手敲键盘,多少可以外包出去?
Shipper: I will tell you, but first I want to ask: have you ever used an editor? Anyone that's going into your Google Doc and making suggested changes? Have you clicked accept on any of those changes? That is a similar dynamic — especially for public writing that has your name on it — to the appropriate use of AI. You want someone that understands what you think — and you have to know what you think, which sometimes you can get to with an AI — and is helping you create the best version of that. But it's yours, and whether or not you type the words does not really matter to me. But they have to be yours.
西珀:我会回答,但先让我反问一句:你用过编辑吗?就是进入你的 Google 文档、提出修改建议的那种人。你点过「接受」吗?这和「恰当地使用 AI」是同构的问题——对那些署着你名字的公开写作尤其如此。你需要的是一个理解你想法的人——而你自己得先知道自己在想什么,这一点有时也可以借助 AI 来抵达——他来帮你把想法打磨成最好的版本。但它是你的。字是不是你亲手敲的,对我来说并不重要;但它们必须是你的。
Newton: Well, how are they yours if you didn't type them?
牛顿:可如果字不是你敲的,它们怎么算是你的?
Shipper: How are they yours if you just pressed accept on a change that your editor made?
西珀:那如果你只是对编辑提出的修改点了「接受」,它们又怎么算是你的?
Newton: It's a fair question. But people do have really strong feelings about AI. I don't think most people would get mad about AI suggesting a different phrase — but if it wrote the first version of an entire chunk of your vibe check and you published it as is, people would have feelings about that. How much theorizing have you had to do about where the lines are — and are they drawn in pen or in pencil?
牛顿:这个问题问得公道。但人们对 AI 确实有非常强烈的情绪。我想大多数人不介意 AI 建议换个措辞——但如果它写了你 vibe check 里一整段的初稿、而你原样照发,人们是会有意见的。关于这条界线该划在哪,你做过多少推演?这条线是用钢笔画的,还是用铅笔画的?
Shipper: A lot of theorizing, a lot of trying different things. They're definitely in pencil, because things are changing. I also really want to separate out people's reactions from what I think the long-term norm is. There's a big difference between our audience and a mainstream audience, which would be much more sensitive to this. I'm thinking about what the right long-term norm is for people who are just used to this technology, for whom it feels like a part of everyday life, as opposed to this new big threatening thing.
西珀:大量推演,大量尝试。这条线肯定是用铅笔画的,因为一切都在变。我也很想把「人们当下的反应」和「我认为的长期常态」分开来看。我们的读者和主流大众之间差别很大——后者对这件事敏感得多。我思考的是:对于那些习惯了这项技术、觉得它就是日常生活的一部分、而不是什么来势汹汹的新威胁的人来说,长期常态应该是什么样。
There's a long history of this. When I started writing about writing and AI a couple of years ago, I researched the history of the typewriter. Mark Twain was the first American author who really loved the typewriter — he also, I think, spent a bunch of money and bankrupted himself trying to make typewriters a thing, so maybe not as good a businessman as he was a writer. At that time, it was a big deal for him to be into it, because people got offended if you sent them a typewritten letter. It wasn't your handwriting, so it looked like an advertisement. It looked impersonal. This is a very common thing in the history of technology. If I send my mom a text message, it doesn't feel as personal to her as a call — but a call didn't feel as personal to her mother as talking in person. So I'm trying to think about where the norm is going to go.
这种事由来已久。几年前我开始写「写作与 AI」这个题目时,研究过打字机的历史。马克·吐温(Mark Twain)是第一个真正爱上打字机的美国作家——我记得他还砸了一大笔钱想把打字机做成生意,结果把自己搞破产了,所以他做商人可能不如当作家。在那个年代,他迷上打字机是件大事,因为如果你给别人寄一封打字机打的信,对方会觉得被冒犯:那不是你的笔迹,看起来像广告,显得没有人情味。这在技术史上是再常见不过的模式。如果我给我妈发条短信,她觉得不如打电话亲;而打电话在她母亲那一代看来,又不如当面聊亲。所以我在思考的是:常态最终会走向哪里。
There's a whole range of different circumstances you have to consider, and we do different things in different circumstances. External writing that has your name on it and is from your perspective — that's different from, say, a long-form guide that is intended to be mostly informational rather than narrative-driven. There, we often include the AI as a co-writer, and I'm much more fine with having chunks of it be AI-written, because I think a lot of it's going to be AI-read. It's informational — the point is to put it in your agent and have it help you when you need it. For stuff that is from a person and feels like it's yours, that's different.
需要考虑的情境有一整个光谱,我们在不同情境下做法不同。署着你的名字、代表你个人观点的对外文章,和一篇主要提供信息、不以叙事驱动的长篇指南,是两回事。后者我们经常让 AI 作为共同作者参与,我也更不介意其中大段内容由 AI 撰写——因为我觉得它很大一部分本来就会被 AI 阅读。它是信息性的:意义在于把它丢进你的智能体,让它在你需要时帮到你。而那些来自一个具体的人、感觉上属于「你」的东西,是另一回事。
What is good writing, at its core? George Saunders says this, which I love: it is just applying your taste on every word, over and over and over again, until it is the most pure expression of what you've thought. I think you can use AI to help you with that — I do that all the time — but it requires a lot of your time. Writing — this is cliché to say — is about thinking. I often don't know what I think until I write something.
好的写作,本质是什么?乔治·桑德斯(George Saunders)有句话我特别喜欢:写作就是把你的品味施加在每一个词上,一遍又一遍,直到它成为你所想之物最纯粹的表达。我认为你可以用 AI 来帮你做这件事——我一直都在用——但它仍然需要你投入大量时间。写作——这话说滥了——关乎思考。我常常是写下一些东西之后,才知道自己在想什么。
Newton: On your show AI & I, you've interviewed lots of creatives about their creative process. This is a fraught topic in the creative community, but for those who are curious: what has separated the writers who get better with AI from the ones who lose themselves in it?
牛顿:在你的播客《AI & I》上,你采访过很多创作者,聊他们的创作过程。这个话题在创作圈很敏感,但对好奇的人来说:那些因为 AI 而变得更好的写作者,和在 AI 里迷失自我的写作者,区别到底在哪里?
Shipper: Here's the thing: I think there is a real dirty secret right now, which is that almost every writer is using it. Just, most of them are not saying so. I almost want to have a little writers-anonymous support group, to have people come and confess that they use AI. Some more than others — and some are truly still with pen and paper. George R.R. Martin still writes in DOS. Writers have very particular preferences for how they do their thing.
西珀:事情是这样的:我认为现在有一个真正的、肮脏的秘密——几乎每个写作者都在用 AI,只是大多数人不说。我简直想办一个「写作者匿名互助会」,让大家来坦白自己在用 AI。有人用得多些,有人用得少些,也有些人是真的还在用纸笔——乔治·R·R·马丁(George R.R. Martin)至今还在 DOS 里写作。写作者对创作方式都有非常独特的偏好。
Newton: But he hasn't finished a novel in like 15 years, so I'm not sure we want to be holding him up as a productivity model.
牛顿:可他差不多 15 年没写完一本小说了,所以我不太确定我们该拿他当生产力楷模。
Shipper: He's definitely not a productivity model. But the writers that do it well — it's the same thing as using AI well in general. It's like putty. You can do anything with it, and your goal is to find something that you're excited about, and then play around with it, and take risks: what if I did this? How would it work? Could it help me? As much as you can, allow yourself to get into it and take the risk, and allow it to change what it means to write for you a little bit, and know that you can go back. There's a whole new world of things that are possible that might be scary, but once you get into it, it's really awesome. It changes you, it changes the work that you do, and I think it's for the better.
西珀:他确实不是生产力楷模。但那些用得好的写作者,道理和「用好 AI」是相通的。AI 就像橡皮泥:你可以用它做任何东西,而你要做的是找到让自己兴奋的方向,然后去玩、去冒险:如果我这样做会怎样?能成吗?能帮到我吗?尽可能地允许自己沉浸进去、承担风险,允许它稍微改变「写作」对你的意义——同时心里清楚,你随时可以退回去。那边有一整个新世界的可能性,也许吓人,但一旦你进去了,它真的很棒。它会改变你,改变你做出的东西——而我认为,是往好的方向改变。

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深读 · 02

小鹏机器人到底值不值430亿元?头部的估值,三线的能力

潮涌AI(虎嗅转载) · 潮涌AI编辑部 · 2026-08-26 · 约 12 分钟 · 原文链接

导读与要点(建议先读原文)
  • 融资结构:9 亿美元中外部投资者认购 6 亿 A 系列优先股,小鹏集团自掏 2 亿,何小鹏等高管再出 1 亿;IDG 领投,腾讯阿里战略入局——两大巨头同时下注的是「车厂跨界具身智能」叙事。
  • 团队动荡史:2020 年收购 Dogotix 起家,赵同阳出走创立众擎并带走骨干(陈相羽、孙兆治等各自创业);团队从 300 余人缩至约 70 人;2026 年 5 月演示事故后何小鹏决意重建,施晓鑫(履职 1675 天)、米良川接连离职,陆思渊被曝跳槽 OpenAI Robotics,何小鹏 6 月起兼任机器人业务 CEO。
  • 能力对账单:IRON 全身 76 个自由度、3 颗图灵芯片 2250 TOPS,7 月广州工厂小批量试产做分拣搬运质检——但这类任务传统工业机器人即可胜任;小鹏未公布出货数据,对照智元 2025 年出货 5168 台、宇树自报超 5500 台、智元累计下线破 1.5 万台。
  • 路线风险:押注的 VLA 架构 2026 年已显疲态,长程任务存在局限,行业转向「大脑+小脑」分层或「VLA+强化学习」;自动驾驶道路数据对机器人的直接价值,行业共识是「有限」——老司机上高速十年,进厂拧螺丝还得从头学。
  • 主业的寒冬:Q2 净亏 13.4 亿元(接近去年同期三倍)、整车毛利率 14.3% 降至 12.1%、三季度营收指引中值低于预期约 17%,1-7 月交付 20.4 万辆同比降 12.8%——430 亿估值背后不只是资本看好物理 AI,更是「主业撑不起未来、新故事必须立住」的生存焦虑。批判性阅读:文内多引用二手报道与匿名信源,演示事故、陆思渊跳槽等细节小鹏官方未证实。

来源:微信公众号 潮涌AI,作者:潮涌AI编辑部

具身智能行业单轮私募股权融资纪录又被刷新了。

2026年8月24日,小鹏集团宣布,旗下人形机器人业务鹏行已签署首轮股权融资协议,规模超9亿美元,投后估值超63亿美元(约合人民币430亿元)。IDG资本领投,高榕创投参投,腾讯、阿里巴巴作为战略投资者入局。根据港交所公告,这9亿美元中,外部投资者认购6亿美元A系列优先股,小鹏集团自身认购2亿美元,何小鹏等高管认购方另出资1亿美元。

四个月前,它石智航4.55亿美元的Pre-A轮还被视为行业高点,小鹏机器人一轮便把纪录翻倍。

作为对比,宇树科技科创板IPO最终发行价150.80元/股,对应发行市值约610亿元,8月19日上市首日开盘市值一度冲上4449亿元;根据《财经》报道,智元机器人基石投资人给出的目标估值在400亿—500亿港元。

小鹏机器人用一笔融资,直接站到了与行业头部玩家同一量级。

给430亿,大家在小鹏身上赌什么?

先看投资人怎么说。

IDG资本在小鹏官方新闻稿中表示,具身智能正处于从技术突破迈向量产落地的关键拐点,小鹏人形机器人“具备与海外龙头企业在全球市场竞争的实力”。IDG看好的,是小鹏在端侧AI芯片、物理AI大模型、整机硬件的全栈自研布局,以及与智能汽车和自动驾驶业务的“战略协同效应”。

腾讯和阿里巴巴的入局更值得玩味。

这两家互联网巨头此前已在具身智能赛道广泛布局:腾讯2025年3月领投过智元机器人B轮,阿里巴巴集团与蚂蚁集团参与过宇树科技融资。它们同时出现在小鹏机器人的股东名单里,说明一个判断——在物理AI这条赛道上,小鹏有可能是“车厂跨界”中最有希望跑出来的玩家。

这个判断的底层逻辑不难理解。小鹏在自动驾驶领域深耕12年,自研了图灵AI芯片、物理世界基座模型、AI Infra体系。如果自动驾驶的数据、算法、芯片能复用到机器人上,那确实是一笔划算的买卖。

何小鹏在2026年开工信《稳进破局,2026共赴物理AI新十年》里把这个逻辑说得很直接:“2026,物理AI+全球化必须打透”,小鹏要“率先在中国抓住属于自动驾驶的‘DeepSeek’时刻”。

投资人看到的是小鹏在自动驾驶领域12年的技术积累、图灵AI芯片、物理世界基座模型,以及“车厂跨界具身智能”的叙事想象力。

但在这笔交易的对价背后,有一个被刻意淡化的细节——小鹏机器人的团队,从2020年至今已经经历了三次大规模重组,核心负责人从赵同阳到米良川接连出走,小鹏机器人团队从组建开始就一直处于动荡中,路线摇摆,技术积累断层。

钱进来了,人走了。这个问题,小鹏机器人目前没有给出答案。

小鹏机器人团队的三次重组

小鹏机器人的团队史,是一部反复分崩离析的折腾史。

从2020年起步至今,这个团队经历了三次大规模重组——每一次核心人物出走,都意味着技术路线、组织文化和人才积累的断层。

故事的起点颇具戏剧性。

据智能车参考报道,2020年,何小鹏开着他新发布的P7,从广州专程跑到深圳西乡的一个工业园区,对多够机器人(Dogotix)创始人赵同阳说了一句话:“你现在只是小作坊,能赚点钱,但干不大。要不要考虑放弃小作坊、搞大事?”

随后,小鹏以约1亿美元收购Dogotix,双方合资成立鹏行智能。赵同阳成为小鹏第一代机器人负责人,创立时持股15%。

此后一年多,鹏行智能团队迅速扩张到300余人,但问题从一开始就埋下了。

根据财中社梳理,这支队伍是三股力量的混合体——小鹏汽车的智驾人才、何小鹏互联网创业的旧部、从优必选等公司挖来的机器人人才。一位接近当时的业内人士回忆,“小鹏汽车过万的员工管理体系对于初创的鹏行智能团队来说,流程繁琐、效率不佳”。

更大的裂痕在技术路线。

2022年10月特斯拉Optimus亮相后,赵同阳力荐何小鹏转向人形机器人,但鹏行内部分析认为时机未到。

转机在2023年3月——OpenAI发布GPT-4,何小鹏意识到“技术奇点”可能提前到来,赵同阳趁机重提人形机器人,带领精锐团队力攻PX5。

2023年10月,小鹏PX5在科技日亮相,“直腿步态”引发业界关注,次年3月还登上了英伟达GTC大会。

但庆功宴还没吃完,两个人就掰了。

赵同阳认为机器人应该像创业公司一样快速试错迭代;何小鹏觉得应该依托汽车供应链的规模效应快速量产。“汽车和机器人所处赛道不同,方法论不同,节奏不同。”

2023年9月,小鹏汽车以9896万美元收购鹏行智能剩余股份,将其收编为内部事业部。

同年10月7日,赵同阳注册成立众擎机器人,随后放弃股权、换取竞业自由,正式离开小鹏体系。

赵同阳带走的不只是他自己。

据雷峰网报道,此后几年,从原鹏行智能离开的核心成员陆续创立出众擎机器人(赵同阳)、艾欧智能(前鹏行机械臂中心负责人陈相羽)、珞博智能(前鹏行产品设计负责人孙兆治)等多家公司。

小鹏机器人的第一批骨干,就这样流散了。

赵同阳的离开只是开始。此后两年,鹏行智能经历了架构变动、裁员、核心成员和高管陆续离职,团队规模从300余人一度缩减至约70人。

进入2026年,震荡没有停止,反而加速了。

潮涌AI从内部了解到,今年5月,何小鹏本人亲自从深圳飞往北京观看小鹏机器人团队结果演示时,出现了让人尴尬的机器人演示事故,这直接导致了何小鹏下决心完全重建整个小鹏机器人团队。

6月初,小鹏机器人产品规划高级总监施晓鑫正式离职——从入职到离场,他在小鹏完整履职1675天,可以说他参与了小鹏机器人IRON研发的全周期。6月底,小鹏机器人业务负责人米良川离职,米良川曾在英伟达工作长达约15年,2023年9月升任小鹏机器人业务负责人,全面统筹产品研发,是团队当之无愧的“一号位”。7月有媒体爆料,小鹏AI Infra一号位陆思渊被曝跳槽OpenAI Robotics——这不再是机器人业务线的人才流失,而是小鹏底层AI基础设施的核心架构师被全球顶级AI公司挖走,截至发稿,小鹏官方对此既未承认也未否认。

团队再次重组之下,何小鹏不得不亲自下场。6月10日,他发布全员内部信,宣布兼任机器人业务CEO。

半年之内,从施晓鑫离职、米良川出走到陆思渊被曝跳槽,小鹏机器人的技术团队经历了一轮接一轮的剧烈震荡。

6月下旬,据21汽车报道,何小鹏推动组织架构调整,机器人中心新设立九个二级部门,试图用组织重构来填补人才真空。

但一个问题无法回避:当核心创始人赵同阳带着团队出走创立众擎机器人,当米良川这样的技术“一号位”在融资前夜离开,当AI Infra的底层架构师被OpenAI挖走,小鹏机器人的技术传承还剩多少?

三次重组之后,小鹏机器人团队目前仍处于重建期。

新招入的人才能否在短时间内弥补多次断层造成的损失,是一个巨大的未知数。

顶级的估值,三线的能力

现在回到那个核心问题:小鹏机器人的能力,配不配得上430亿元的估值?

小鹏机器人并非没有高光时刻。

2025年11月5日小鹏科技日,IRON踏着“猫步”登场,扭髋摆臂、踮脚平衡的姿态极为拟人,相关视频发布后引爆全网——但引爆的原因不是赞叹,而是质疑。大量网友认为IRON“里面藏了真人”,“100%真人套壳”。

为了自证清白,小鹏在次日的小鹏X9超级增程发布会上安排工作人员在IRON通电运行状态下,直接剪开其腿部的柔性“皮肤”与“肌肉”层,露出金属机械骨骼。何小鹏在现场一度哽咽,说“希望这是最后一次证明机器人是它自己”。据媒体报道,这个画面单条播放量破千万,成了小鹏机器人最出圈的传播事件。

但出道即巅峰。

自那以后,IRON在公众视野中的存在感,与其430亿元的估值严重不成比例。

先看硬件。

小鹏IRON人形机器人定位“高阶通用人形机器人”,按2026年量产版的官方口径,全身76个自由度,单手21个自由度,搭载3颗自研图灵AI芯片,有效算力2250TOPS。2026年7月24日,IRON在广州工厂开启小批量试生产,参与分拣、搬运、质检等产线任务。

但分拣、搬运和质检,是机器人领域最基础的应用场景。“这些任务甚至不需要具身智能机器人,传统工业机器人就能取得成熟运营效果”。一位行业内人士如此评论。

再看出货量。

小鹏并未公布IRON的具体出货数据。作为对比,按第三方机构Omdia口径,2025年智元机器人出货5168台、居全球第一;宇树则自报纯双足人形机器人出货超5500台(不含轮式产品)——两家统计口径不同,曾各自宣称“全球第一”。

众擎机器人虽然出货量远低于前两者,但其全尺寸人形机器人T800定价18万元起,据钛媒体报道,截至2026年1月其年度框架订单金额已超过5亿元(注:框架订单不等于确认收入)。

小鹏的工业化进展,尚未拿出可量化的对标数据。

更关键的是,小鹏机器人的“身体”和“大脑”是两条不同起跑线的赛道。

在“身体”(本体硬件)层面,小鹏并不具备先发优势。据36氪报道,宇树科技95%以上核心硬件自研,涵盖电机、减速器、传感器、编码器、电池,自研关节电机成本仅为进口电机的50%。智元机器人的累计量产下线则在6月底突破1.5万台。小鹏的IRON在硬件层面并没有展现出超越同行的代差能力。

在“大脑”(具身智能算法)层面,小鹏押注的是VLA(Vision-Language-Action)架构,宣称其物理AI大模型已在端侧部署,无需遥操即可自主完成复杂工作任务。

这个路线与智元的GO-1(严格说是ViLLA,VLA的扩展架构)、银河通用的端到端VLA大模型同源;理想汽车发布的MindVLA-o1、小米开源的Xiaomi OneVL虽是自动驾驶模型,走的也是同一技术范式——本质上都想通过“通用大脑”实现泛化能力。

但VLA路线在2026年已经显出疲态。2025年它还被视为具身智能大模型的核心范式,到了2026年,世界模型快速升温,NVIDIA在GTC 2026上力推Cosmos世界模型和Physical AI Data Factory,行业里“VLA是否过时”的争论此起彼伏。根本问题在于,端到端VLA虽然理论上具备一定泛化能力,但主要适用于短程任务,在复杂长程任务上存在明显局限——缺乏长期记忆和规划机制,容易出现遗漏步骤或逻辑混乱,最终陷入行为停滞。

更棘手的是数据瓶颈。

《具身数据行业研究白皮书2026》称,实现具身智能的涌现至少需要百万小时真实世界的物理互动数据,目前积累的数量不到5%——尽管业内对所需数据量级尚有从百万小时到上亿小时的不同估计,数据稀缺是共识。

相比之下,分层架构(大脑+小脑)正成为更务实的主流选择:以多模态大模型作为“大脑”负责高层决策和任务规划,配合专门的“小脑”模型处理运动控制和执行,稳定性更强。地平线的HSD V2.0采用“端到端+世界模型+强化学习”路线,千里科技走“VLA大模型+强化学习”路线,头部厂商已不再押注单纯的VLA单一路线。

银河通用虽然技术愿景受到资本追捧,但其轮式双臂机器人定价近70万元,尚未规模化出货。智元虽已携精灵G2进入龙旗科技等工业产线并获得付费客户,但距离数百台以上的大规模工业部署仍有距离。小鹏宣称的“无需遥操自主完成复杂任务”,在工业场景中的实际表现,同样还没有经过大规模验证。

所以,一个更准确的描述可能是:小鹏机器人拿到了一线物理AI公司的估值,但其本体硬件能力处于行业二线甚至更后,具身大脑的能力尚处于验证期。这是一个典型的“估值跑在能力前面”的案例。

自动驾驶的数据,能喂饱机器人吗?

何小鹏对外的叙事核心,是“自动驾驶与机器人的战略协同”。

他在与张小珺的商业访谈中承认,物理AI比数字AI“可能难100倍”,但也预测2027、2028年开始,“大家会看到物理AI的效果”。

然而,当被问及“物理AI到底应该怎么做”时,何小鹏的回答很坦诚:“我觉得我说不出来,因为我也在探索中。”他明确表示,把数字AI的方法论复制到物理AI,“有很多的地方是不够适合的”。

这个叙事有其合理性。

自动驾驶和具身智能在底层技术上确实存在共通之处:都需要感知环境、理解物理世界、做出实时决策。小鹏在自动驾驶领域积累的VLA模型、图灵芯片、云端AI基础设施,理论上可以复用到机器人上。

但“理论上”和“实际上”之间,隔着一个巨大的鸿沟。

问题在于:从自动驾驶到具身智能,这条复用路径,真的能走通吗?

首先是数据问题。

自动驾驶的数据主要来自道路场景——摄像头捕捉的路面、交通标识、行人车辆。机器人的数据则来自工厂、仓库、家庭等室内场景,涉及物体抓取、地形适应、人机交互等完全不同的任务维度。道路数据对机器人操作的直接帮助,行业内普遍认为“有限”。

一位自动驾驶领域的工程师打了个比方:“让一个在高速公路开了十年车的老司机去工厂里拧螺丝,他得从头学。数据也是一样,场景迁移不是简单的复制粘贴。”

其次是方法论差异。自动驾驶追求的是“安全第一”,对错误的容忍度极低,算法设计偏向保守。机器人则需要在不确定的物理环境中持续试错、迭代,对错误的容忍度更高。两种工程文化在同一家公司内部如何融合,是一个组织层面的难题。

小鹏也不是没有意识到这一点。

2026年2月的开工信中,何小鹏提出2026年要成为全球首家在同一年实现“人形机器人、分体式飞行汽车、Robotaxi三大前沿AI载体全面量产”的科技企业(其中Robotaxi的口径为车型量产加试点运营)。这个目标足够宏大,但三个业务线同时推进,对一家2025年销量42.9万辆、仍在追求盈利的车企来说,资源分配的压力是真实的。

何小鹏本人曾说,小鹏汽车在人形机器人产业“未来可能还要做20年,再花500亿,甚至投入上千亿”。

但投入意愿和投入结果之间,还需要时间验证。

潮涌AI观点

430亿元估值,9亿美元首轮融资,腾讯阿里同时下注——这组数字说明资本市场对“车厂跨界具身智能”这个叙事买账。

但叙事和事实之间的距离,往往比想象中更远。

小鹏机器人的故事,本质上是一场关于“复用”的豪赌:赌自动驾驶的技术积累能复用到机器人,赌车规级供应链能复用到人形本体,赌何小鹏的个人号召力能弥补团队流失的缺口。

这些赌注中,有些是有胜算的。小鹏在芯片、模型、数据基础设施上的自研能力,确实是国内车企中少有的完整栈。但也有一些赌注,胜算并不明朗。团队半年内持续震荡,自动驾驶数据对机器人的直接价值尚未被验证,VLA架构在工业场景中的泛化能力仍处于早期。

更关键的是,具身智能赛道正在快速分化。宇树科技靠硬件自研和量产能力已经盈利,智元机器人靠出货量建立了规模化壁垒,众擎机器人靠创始团队的行业积累拿下大额订单。小鹏机器人在这三个维度上,都还没有拿出可以与之对标的成绩单。

而比机器人故事更紧迫的,是小鹏汽车主业正在经历的寒冬。新能源汽车行业已完全进入内卷时代,价格战常年不断,利润被压至极低水平,资本市场对整车厂的估值也持续走低。

小鹏8月24日发布的最新财报更是雪上加霜:二季度净亏损13.4亿元,接近去年同期4.8亿元的三倍;整车毛利率从14.3%下滑至12.1%;三季度营收指引217亿至234亿元,中值比市场预期的约272.6亿元低了约17%。1至7月,小鹏累计交付20.4万辆,同比下滑12.8%;据36氪报道,公司内部全年目标为55万至60万辆,按下限算也仅完成37.1%,8至12月月均需交付近7万台才能达标——这比小鹏的历史最高月销(2025年10月的4.2万辆)还要高出超六成。

换言之,小鹏的主业已撑不起一个让资本市场兴奋的未来。

430亿估值背后,不仅是投资人看好物理AI,更是小鹏必须讲出一个新故事的生存焦虑。

何小鹏兼任机器人业务CEO,不只是“御驾亲征”的信号,更是一种“别无选择”的紧迫感——主业财报不好看,新故事必须尽快立住。

*参考文章:

财经杂志《智元机器人启动港股上市,投资人称目标估值400亿至500亿港元》

智能车参考《小鹏汽车离职高管,扎堆去往同一家机器人公司》

财中社《小鹏再无赵同阳》

雷峰网《鹏行往事:一个智驾巨人的机器人反思录》

一见Auto《21独家|小鹏机器人大调整:新设部门,何小鹏兼任产品部负责人》

张小珺商业访谈录《对话何小鹏:造车像在血海里游泳》

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缩量探底回升:沪指翻红微涨,超 4200 只个股上涨

8 月 25 日 A 股复盘综合述评

公开市场信息综合(央广网、东方财富等) · 本刊整理 · 2026-08-25 · 约 6 分钟 · 原文链接

导读与要点(建议先读原文)
  • 指数:沪指探底回升收涨 0.19%;深成指 -0.35%、创业板指 -1.00% 仍弱;分时黄线显著强于白线,小微盘股领涨,超 4200 只个股上涨。
  • 量能:两市成交 1.83 万亿元,较前一日缩量 1756 亿——前一日是放量换手,这一日是缩量修复,观望情绪浓。
  • 结构切换:创新药/CRO 回暖(凯莱英、汉森制药 5 连板)、农业延续强势(登海种业、金健米业 7 天 5 板)、液冷服务器反弹(英维克等涨停)、消费走强(新华百货、华天酒店);前一天领涨的贵金属、锂矿反手大幅回调。
  • 涨停全景:全天 65-70 只个股涨停,封板率约七成,短线情绪从冰点修复但主线未明,资金在低位方向快速轮动。
  • 后市:缩量翻红只能算止跌信号的一半,另一半要看成交能否重新放大、AI 硬件能否企稳;周三夜间英伟达财报是外生变量。本期 02 的小鹏解剖,则是「高位叙事股」风险的微观样本。

指数:探底回升,缩量翻红。 8 月 25 日(周二),沪指早盘下探后回升,收涨 0.19%;深成指跌 0.35%,创业板指跌 1.00%。分时黄线显著强于白线,小微盘股领涨,全市场超 4200 只个股上涨——指数温和,个股普涨,与前一日「指数小跌、个股普跌」恰好镜像。

量能:成交缩至 1.83 万亿。 两市成交较前一交易日缩量 1756 亿元。前一日是 2 万亿级别的放量换手,这一日是缩量修复——抛压减轻,但增量资金同样没有进场,多空都在等新的信号。

盘面:主线未明,低位轮动。 创新药与 CRO 回暖,凯莱英、汉森制药(5 连板)、华森制药涨停;农业延续强势,登海种业、万向德农、金健米业(7 天 5 板)涨停;液冷服务器反弹,康盛股份、英维克、金富科技涨停;消费走强,新华百货、凯撒旅业、华天酒店涨停。前一日领涨的避险方向反手领跌:贵金属、锂矿大幅回调,盛达资源、国城矿业、西部黄金等跌幅居前。全天 65-70 只个股涨停,封板率约七成。

性质:冰点后的技术修复。 综合市场观点,本轮属于急跌后的缩量企稳,短线情绪修复但风格并未重新回到 AI 硬件主线;资金在创新药、农业、消费等低位方向快速轮动,说明风险偏好仍谨慎。防御与成长一天一切换的「跷跷板」,本身就说明市场还没有找到新共识。

本周看什么: 缩量翻红只完成止跌信号的一半,另一半看成交能否重新放大、AI 硬件龙头能否企稳;周三夜间(美东盘后)英伟达财报是最大的外生变量,周五美联储主席沃什在杰克逊霍尔的讲话紧随其后。对照本期深读:01 里 Shipper 说 AI 抬高了地板也抬高了天花板,02 里 430 亿估值与「三线能力」的落差——一个是技术叙事最好时的样子,一个是叙事定价过快时的样子。

(本文基于公开市场信息综合整理,具体数据以交易所及终端为准;仅为信息转述与复盘,不构成任何投资建议。)

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