Robin Li talks about the controversy of the AI bubble: The industry structure of AI is transforming into a healthy "inverse pyramid" shape.

At the Baidu World Conference in 2025, Baidu founder Robin Li discussed the controversy over the AI bubble. He believes that the structure of the AI industry is shifting from an unhealthy "right-side-up pyramid" to a healthy "upside-down pyramid". Specifically, in the past, the AI industry structure was like a right-side-up pyramid, with the bottom layer of chips capturing the vast majority of value, and the economic benefits of models and applications above the chips decreasing in succession. However, this industry structure is very unhealthy and unsustainable, leading to market doubts about an AI bubble. Li Yan Hong said, "Upside-down pyramid" means that no matter how much money the chip manufacturer makes, the model above the chip should generate 10 times the value, and the application developed based on the model should create 100 times the value. This is a healthy industry ecosystem. He believes that in the past year, the capabilities of models have gradually moved beyond the realm of chatbots, with advancements in digital human technology, code-intelligent body technology, and even autonomous evolution in general scenarios to seek the "global optimal solution". Li Yan Hong believes that these technologies have made significant progress.