Jackson hole会议有关ai的摘录 1，AI的发展速度与经济增长潜力 Capital and labor have combined to create the large language models at the heart of AI. Users buy tokens to gain access to the models. Reports put annualized token sales for the two leading labs alone at more than $100 billion—an increase of 500-plus percent from a year ago. 资本和劳动力共同创造了处于AI核心地位的大语言模型。用户通过购买Token来使用这些模型。据报道，仅两家领先实验室的Token年化销售额就已超过1,000亿美元，同比增长逾500%。 2. AI可能成为新的生产要素 The Fed watches all of this attentively. We recognize that AI is a new variable—potentially a new factor of production—that will have consequences for both the economy and the conduct of monetary policy. It opens some major lines of inquiry:美联储正在密切关注这一切。我们认识到，AI是一个新的变量——甚至可能成为一种新的生产要素——它将同时影响经济运行和货币政策的实施。这带来了一些重要的研究问题： Will the application of AI cause a significant, sustained rise in productivity across the economy? And if so, when?AI的应用是否会推动整个经济体的生产率显著且持续提高？如果会，这种变化将在何时出现？ Will token usage be complementary or competitive to labor? Will the next generation of AI models demand even greater capital intensity, or will the models themselves help devise a capital-light solution? Token的使用与劳动力之间究竟是互补关系，还是竞争关系？下一代AI模型是否需要投入更多资本，抑或这些模型本身能够帮助开发出资本需求较低的解决方案？ 3. AI产业的收益将由谁获得 Among the other yet unknowns is the resulting market structure. It's not obvious where the returns on capital will land or on what timescale. Early on, how much of the surplus goes to owners of scarce assets—AI labs, chipmakers, energy producers, and cloud providers? Over time, how much of that value accrues to businesses and consumers? What are the broad implications for workers and for the employment side of the Fed's mandate?另一个尚未确定的问题，是AI最终会形成怎样的市场结构。资本收益最终将流向哪里、又将在多长时间内实现，目前并不明确。在发展初期，经济剩余中有多少会流向稀缺资产的所有者——包括AI实验室、芯片制造商、能源生产商和云服务提供商？随着时间推移，又有多少价值会由一般企业和消费者获得？AI将对劳动者以及美联储就业使命产生哪些广泛影响？ 4. Token价格与模型分层 Likewise, we don't yet know the equilibrium price of the tokens. Might there be a heterogeneity of tokens, such that growing sums will be paid for access to the best models at the frontier? Will token prices for older models fall to the level of their marginal cost?同样，我们尚不知道Token的均衡价格。未来是否会出现明显的Token分层，使用户愿意支付越来越高的费用来使用最先进的前沿模型？较旧模型的Token价格是否会下降至其边际成本水平？ 5 美联储将成立专项工作组 We will be thinking through these matters with the help of a task force on productivity and jobs. My early check-ins with the leaders of that task force, and the four others, have been encouraging.我们将借助一个专门研究生产率与就业问题的工作组，深入分析这些事项。我与该工作组以及另外四个工作组负责人的初步交流令人鼓舞。To be clear, though, their recommendations will come later and have no bearing on decisions we make in the current policy conjuncture. But I believe that for future policy challenges, this intellectual investment today will leave us far better prepared.不过需要明确的是，这些工作组的建议将在以后提出，不会影响我们在当前政策环境下所作的决定。但我相信，今天投入的这些研究工作，将使我们在应对未来政策挑战时准备得更加充分。 6. AI已经成为资本开支增长的重要动力 Business capital expenditures—the seed corn of future economic growth—are rising rapidly. The four-quarter change in investment in equipment and intangibles has been around 9 percent, its highest growth rate since 2021. More than half of the cap-ex growth this year can likely be ascribed to the buildout related to Expectations for growth in both cap-ex and corporate earnings are running quite high. I will continue to watch the change in their growth rates, the second derivative. The follow-on effects on asset prices, business confidence, consumer income, and spending are equally important to gauge.市场对资本支出和企业盈利增长的预期都相当高。我将继续观察其增长速度的变化，也就是所谓的“二阶导数”。AI投资对资产价格、企业信心、消费者收入和消费支出所产生的后续影响，同样值得密切评估。 我的看法：Warsh这篇演讲把AI视为一种可能出现的新生产要素，这是一个偏积极的看法。美联储最关心的并非单纯的技术进步，而是AI对生产率、就业、产业收益分配、Token定价以及货币政策的长期影响。Kevin同时认为，AI投资已经对现实经济产生显著作用——今年美国资本支出增长的一半以上可能来自AI建设。

🇭🇰 Great conversations at @Wikiexpo_global Hong Kong 2026. Last week, QSG was invited to participate in WikiEXPO Hong Kong 2026, where our Head of Business Development, Ariel Hsu, represented QSG as a panelist in the discussion: "AI Agents Are Coming for Wall Street: Hype or Reality?" One of our biggest takeaways from this event was how the industry is evolving. The audience has expanded well beyond traditional brokers, bringing together professionals from AI, Web3, fintech, and digital asset infrastructure. As the ecosystem becomes more diverse, the conversation is evolving as well. Rather than simply exploring ideas or future possibilities, discussions are increasingly focused on real-world applications, commercial collaboration, and production-ready infrastructure. It was great to see such strong engagement from the audience throughout the session. We truly appreciated the thoughtful questions, valuable conversations, and the opportunity to share QSG's perspective on AI agents and execution infrastructure. At QSG, we believe that as AI continues to lower the barriers to strategy creation, execution infrastructure will become an increasingly important foundation for AI-native trading. Thank you to everyone we met in Hong Kong. We look forward to continuing the conversation and collaborating with more industry partners to help shape the future of AI-native trading. -- 🇭🇰 很高兴参与 WikiEXPO Hong Kong 2026！ 上週，QSG 受邀参与 WikiEXPO Hong Kong 2026，由 Business Development Head Ariel Hsu 代表 QSG 担任 Panel 讲者，与多位产业专家共同探讨： 「AI Agents Are Coming for Wall Street: Hype or Reality?」 这次活动最深刻的感受，是整个产业正在快速演进。 与会者已不再侷限于传统 Broker，而是汇聚了来自 AI、Web3、金融科技，以及数位资产基础设施等不同领域的伙伴。随着生态系越来越多元，大家关注的议题也逐渐从概念与愿景，转向 如何真正落地、如何展开商业合作，以及如何打造支撑下一代交易的基础设施。 很高兴在 Panel 现场与来自不同领域的专家交流，也很感谢现场听众热烈参与讨论，提出许多精彩的问题与观点，让这场分享成为一次非常有价值的双向交流。 QSG 相信，随着 AI 持续降低策略开发的门槛，Execution Infrastructure（执行级基础设施）将成为 AI Native Trading 时代不可或缺的重要基石。 感谢所有在香港与我们交流的伙伴，期待未来与更多产业伙伴持续合作，共同推动 AI Native Trading 生态的发展。 #WikiEXPO# #HongKong# #AIAgents# #ExecutionInfrastructure# #AITrading# #DigitalAssets# #QSG#

Hey everyone! I'm Crypto Zeus (@zeusky9 ） A dedicated Bitcoin & Doge believer, honestly documenting my real 0 to 1 journey in crypto: Web3 project interactions AI tools & overseas practical experiences Survival stories through bull and bear markets Follow me and I’ll share more interesting stuff from China and global crypto opportunities! Let’s connect and grow together! Drop a or say “Hi” in the replies! 大家好，我是 Crypto 宙斯 (@zeusky9) 比特币 & Doge 铁粉，真实记录币圈 0→1 生存日记 + Web3 项目交互 + AI 出海实战。 关注我，我会分享更多来自中国的有趣内容～

What a great week at Bitcoin Asia! 🇭🇰 We had an amazing time in Hong Kong, connecting with the community and co-hosting our side event with @awscloud and @BSONetwork alongside Bitcoin Asia 2026. Together, we brought traders, builders, infrastructure providers, and industry partners into the same room to exchange perspectives on AI, low-latency infrastructure, and the future of trading. A big thank you to AWS, BSO, and everyone who joined us and made the evening such a great one. We truly enjoyed every conversation, new connection, and idea shared throughout the night. The event may be over, but the conversations are just getting started. See you again soon! 🚀 — Bitcoin Asia 香港之行圆满结束！🇭🇰 很开心这几天在 Bitcoin Asia 2026 与许多产业伙伴见面，也很高兴这次能与 @awscloud 、@BSONetwork 共同举办 Side Event，把来自交易、AI 与基础设施等不同领域的伙伴聚在一起。 从 AI、低延迟基础设施到下一代交易科技，现场有许多很棒的交流与观点碰撞，也让我们认识了不少新朋友与合作伙伴。 特别感谢 AWS、BSO 的共同参与，以及每一位来到现场与我们交流的朋友，让这个夜晚格外精彩。 活动告一段落，但许多对话与新的可能才正要开始。 期待很快再和大家见面！🚀 #BitcoinAsia# #AWS# #BSO# #AITrading# #TradingInfrastructure# #HongKong# #QSG#

Continuing to model the world through long-form podcasts! @CarinaLHong This episode is full of the "beauty of mathematics". She is also our youngest guest to date — Hong Letong, born in 2001, known online as the "Math Girl". This is her first-ever interview in Chinese. We talked about mathematics as invented versus discovered, proofs from the Book of Proofs, the entrepreneurial journey of the most unlikely founder, and of course, AI for Math. ✍🏻✍🏻 A 4-hour Interview with Carina Hong: AI for Math, Lean, Proofs from The ... 来自 @YouTube

Yes, our latest special guest is Fuli Luo @_LuoFuli . The second battle in the global large model arms race has begun: shifting from the Chat era dominated by pre-training to the Agent era driven by post-training. This marks Fuli Luo’s first-ever interview, as well as her first in-depth technical conversation. We talked systematically about the massive AI upheaval triggered by technological breakthroughs including Claude Opus 4.6 and OpenClaw in 2026, along with its subsequent structural impacts across the industry. Amid the fierce large-model arms race, the world around us is undergoing brutally rapid changes—even for researchers who train models firsthand. “I used to believe our work was highly creative, and could never be simplified into fixed skills or standardized workflows. But now I realize it can be automated after all. If that’s possible, can models train stronger models on their own? Can they achieve iterative improvement through self-evolution? This is exactly what will unfold in the next couple of years,” Fuli Luo says. As human knowledge and wisdom are internalized into model capabilities, what will humanity pursue in the future? Is our society truly ready for this tsunami-scale technological revolution? All in all, this is an information-dense dialogue. It reveals how an AI lab makes strategic technical bets, allocates resources, and adjusts organizational structure and team planning amid a major paradigm shift. At the core of its response to drastic change lies its established culture and core values. Though lengthy and technically intensive, we hope this conversation brings great insights to every viewer. Our podcast, video episode and article are released simultaneously across platforms, with English subtitles provided to assist non-Chinese-speaking audiences. Luo Fuli: OpenClaw, Agent Frameworks — The AI Paradigm Has Already Chang... 来自 @YouTube