① The 2 million word context supported by Kimi after this update means that the model's text understanding capacity has fundamentally changed; ② Kimi may become a popular domestic C-side AI application with excellent performance in a very short period of time; ③ AI applications and computing power are the two main lines highly recognized by the agency.
“Science and Technology Innovation Board Daily”, March 22 (Editor Song Ziqiao) Kimi, a large domestic model application, has recently gone viral. According to Similarweb data, Kimi's smart assistant's weekly visits increased from 150,000 in early December 23 to more than 2 million recently (3.10-3.16), and the number of app downloads also increased rapidly, from 119 in the free efficiency app list in early February to 10th place on March 20, second only to Doubao and Wenxin.
The surge in traffic even caused Kimi to go down for a while yesterday. On March 21, Dark Side of the Moon released an information note: Starting at 2024.3. 209:30:00, it was observed that Kimi's system traffic continued to increase abnormally, and the trend of traffic increase far exceeded the expected resource plan. This has caused many SaaS customers to continue to experience the 429:engine is overloaded abnormal issue starting at 2024.3. 2010:00:00, and we apologize for this.
Product strength is the key for Kimi's smart assistant to stand out.
Kimi is an intelligent text assistant. Its entrance includes websites, apps, and WeChat applets. Importantly, it is free and open to the whole community. On March 18, the app development company Dark Side of the Moon announced that Kimi Smart Assistant has launched a 2 million word non-destructive contextual closed test, stating that “in the past, it took 10,000 hours to become an expert in a field, but now it only takes 10 minutes, and Kimi can approach the level of a junior expert in any new field.”
Tentatively, one Chinese language is about 2 tokens, which means KIMI already supports contextual input of 4 million tokens, compared to the current mainstream model: 1) Gemini 1.5 Pro recently released by Google supports 1 million token inputs; 2) Claude3 supports 200,000 token inputs; 4) GPT-4 Turbo supports 128,000 token inputs.
China Galaxy Securities believes that the speed of iteration of Kimi's smart assistant has exceeded expectations. The Kimi smart assistant is another “milestone” in the AGI process, announcing that the big model has officially entered the “long text era”, and continues to stand firm that 2024 is the first year of AI applications, and the application-side commercialization process continues to accelerate; Cathay Pacific Junan said that the 2 million word context supported by Kimi after this update means that the model's text understanding capacity has essentially changed, and application implementation scenarios are also expected to expand.
As the product achieved breakthroughs, Kimi's user indicators continued to improve, and market attention increased, and more investors became Kimi users in order to test the product firsthand.
This wind quickly swept through the capital market. On March 21, the AI application sector represented by Kimi Concept Stock rose strongly, while many stocks such as Huace Film and Television, Reader Culture, City Media, Zhongguang Tianze, Annuoqi, Zhongke Jincai, and Zhejiang Internet rose and stopped.
According to CITIC Construction Investment, Kimi may become a popular domestic C-side AI application with excellent performance in a very short period of time. As closed testing progresses gradually, more and more complex application scenarios are expected to be implemented, and AI applications will welcome good development opportunities. As the number of Kimi users continues to increase, there has been a brief lack of computing power support. Considering subsequent model training and inference requirements, it is expected that the computing power demand will increase further, driving the computing power demand to be implemented.
From an investment perspective, AI applications and computing power are the two main lines highly recognized by institutions.
CITIC Construction Investment suggests focusing on: 1) the AI application sector, focusing on applications involving long text processing, such as legal texts, contract texts, knowledge base learning, reading, customer service, etc.; 2) The computing power industry chain. It is expected that with the development of the AI industry, demand for computing power will still exceed supply in the short term.
Guotai Junan suggests focusing on: 1) publishing companies that actively develop various types of IP; 2) professional content publishing.
China Galaxy Securities suggests focusing on domestic listed companies: 1) multi-modal large models: iFLYTEK, Torus, Dahua, Hikvision, Voice Technology, Suzhou Keda, Yunding Technology; 2) Training data processing: Haitian Ruisheng, Baoland; 3) AI healthcare: Langma Information, Jiahe Meikang, Weining Health; 4) AI Office: Jinshan Office, Foxit Software, Caixun; 5) AI Education: Ocode Software, Jiafa Education, Topway AI Information; 6) Law: Tongdahai, Jinqiao Information, Huayu Software; 7) AI Finance: Hang Seng Electronics, Wealth Trends, Flush etc.; 8) AI energy: Langxin Group, Guoneng Nissin, etc.