Glacier Capital · 庚辛资本

Glacier Institute

The industry research of Glacier Capital. 庚辛研究院

FIRST PAPER
ENERGY OF INTELLIGENCE

模型在明处,电在暗处。算力的账算到最后,都是能源的账。

The first paper is published in Chinese. There is no English edition at this time.

The line above is the paper's own thesis, quoted in the original and left untranslated. The section titles below are the English ones used in the paper itself.

01THE QUEUE
02TWO DINNERS
03TWO RUNNERS
04THE MAP
05WORDS FOR AUTUMN
06I BELIEVE
Read the full paper (in Chinese)

Gla · Glacier Capital on WeChat · September 2026