Li Jiaqi's livestream sells nearly 100,000 Qwen Office memberships in half an hour, corresponding to about 2 trillion Tokens

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This Double 11, Tokens were listed as an independent category on multiple e-commerce platforms, and related services from large-model vendors have also entered recharge centers and brand stores. From e-commerce promotions to the commodification of computing power, AI is accelerating its entry into the consumer end.

Tokens placed on the Double 11 shelves for the first time

Last night, Li Jiaqi's livestream sold AI computing power products for the first time. Chen Yusen, Vice President of Alibaba and CEO of Qwen Office, appeared in the livestream to showcase Qwen Office's application scenarios together with Li Jiaqi.

The specific product sold in the livestream was the Qwen Office Personal Basic Edition monthly membership card, listed at a promotional price of 0.01 yuan (original price 28 yuan). Nearly 100,000 copies were sold within half an hour of going on sale, corresponding to a total AI computing power quota of about 2 trillion Tokens, and a total of 20 trillion Tokens were distributed throughout the livestream.

In fact, Tokens being listed on e-commerce platforms had long been in the works. On September 3, Tmall launched the "AI Space Station" Token recharge center, with large-model vendors such as Qwen, Zhipu, MiniMax, Alibaba Cloud, DeepSeek, and Kimi successively joining; JD.com launched the "AI Software Recharge Hall" in September, gathering large-model and agent products such as Zhipu GLM, DeepSeek, Doubao, and Tencent Cloud.

Zhang Yi, CEO and Chief Analyst of iiMedia Research Group, said that the intent expressed by Li Jiaqi selling Tokens may be more important than how many Tokens were sold. "This is more like a C-end market enlightenment movement under the Token economy, dragging AI commercialization and B-end technology narratives into the context of mass consumption."

In addition, the explosion in Token demand itself is more intuitive. OpenRouter data shows that the combined weekly Token usage of the world's top models has risen from 6.42 trillion at the beginning of the year to 194 trillion by the end of October. Among them, the weekly call volume of Chinese models has surpassed that of the United States for 27 consecutive weeks.

The Token economy opens new space for computing power commercialization

Token is the smallest unit of measurement for large models to process and generate information. Every character entered by users and every passage generated by models consumes Tokens, and paying for Tokens is essentially paying for the computing power behind them. As Tokens change from a technical term into an orderable commodity, the business model of the computing power industry chain is being restructured.

Shanxi Securities pointed out in a special report on computing power leasing that the computing power leasing business model is undergoing a transition from leasing computing power resources to Token revenue sharing; according to IDC forecasts, from 2026 to 2031, the annual Token consumption of domestic enterprise agents is expected to achieve an exponential leap of more than 30 times per year on average. The institution estimates that under neutral assumptions, by 2028, Token revenue-sharing income for computing power leasing vendors is expected to reach 59.2 billion yuan.

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Guolian Minsheng Securities stated in an in-depth report on Token factories that as Agents move from model invocation to complex task execution, Token demand is expected to continue growing, driven jointly by the expansion of invocation scale and the increase in Token density per task, and the industry chain's focus will further extend from computing power supply to Token production, distribution and operations, efficiency optimization, and enterprise task monetization.

Net profits of multiple concept stocks doubled in the third quarter

According to East Money's "hot topics" compilation, there are currently 45 stocks in the A-share market involved in the Token concept, with a total market value of nearly 1 trillion yuan. ZTE, Runze Technology, Inspur Information, and Xiechuang Data rank among the largest.

Since the beginning of the year, the Token concept sector has shown divergent trends, with shares of Xingyun Technology, Litong Electronics, and Hongjing Technology surging; 10 stocks including Gaoweida, Hongbo Co., and Paratera fell by more than 30%.

Over the past month, the sector's performance has been relatively weak, with only 5 stocks rising, including Runjian Co., Shunwang Technology, Nanwei Software, Zhejiang Digital Culture, and Wangsu Science & Technology, while many stocks such as Xiechuang Data, Xingyun Technology, and Gaole Co. have clearly pulled back.

However, East Money Choice data shows that over the past month, 5 Token concept stocks still received contrarian bets from margin traders: Xingyun Technology received 163 million yuan in additional leverage funds, while Runjian Co., Zhiwei Intelligent, and Aoruide attracted 104 million, 52 million, and 33 million yuan respectively.

In terms of performance, among the 45 Token concept stocks, 12 saw their net profit attributable to parent companies more than double year-on-year in the first three quarters.

Among them, Paratera led with net profit surging more than 8 times year-on-year, while Runjian Co. and Xingyun Technology saw net profit growth of 604% and 472% respectively, and many stocks such as Zhiwei Intelligent, Litong Electronics, and Xiechuang Data saw net profit increases of more than 3 times.

In terms of profit scale, ZTE ranked first with net profit attributable to parent companies of 4.060 billion yuan in the first three quarters, while Inspur Information and Xiechuang Data reached 3.932 billion yuan and 3.062 billion yuan respectively.

(Source: East Money Research Center) Middle of the article Embedded advertisement