Reviewed 20 September 2026 · → Watch Mixed. See the full assessment and evidence →
The role in the system
Demand originators and model ecosystems.
Demand growth creates an opportunity, but activity must become recurring paid consumption.
Companies in this layer
DeepSeek · Alibaba / Qwen · ByteDance / Doubao · Xiaomi
Names identify research roles, not a claim that every company has a partnership with every other company.
What would strengthen the thesis?
Evidence of paid adoption and customer diversity.
What would weaken it?
Technical progress that fails to improve usable output or economic returns; delays, costs or commercial friction that prevent the value test being met.