# 资本效率视角下 OpenAI 与 Anthropic 的差异

- 来源：Rohan Paul (@rohanpaul_ai)
- 发布时间：2026-08-07 08:34
- AIHOT 分数：45
- AIHOT 链接：https://aihot.virxact.com/items/cmsi7ytwe13moronkq8x9p67q
- 原文链接：https://x.com/rohanpaul_ai/status/2085524884462182426

## AI 摘要

美国对冲基金 Atreides Management 首席投资官 Gavin Baker 指出，从资本效率看，OpenAI 与 Anthropic 是截然不同的公司。Anthropic 每 token 成本显著低于 OpenAI，烧钱量约为其 80% 以下，因此两者作为企业拥有截然不同的结构性资本回报率（ROIC）。

## 正文

"OpenAI and Anthropic are pretty different animals from a capital efficiency perspective.

And Anthropic clearly has a dramatically lower cost per token than OpenAI.

They burned maybe 80% less than OpenAI. So as businesses, they clearly have very different structural ROICs."

• A solid, insightful interview featuring Gavin Baker (@GavinSBaker ), U.S. hedge fund manager and Chief Investment Officer of Atreides Management.

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From "Invest Like The Best" (@patrick_oshag ) YouTube channel, (link in comment)