下游的优势在于市场想象空间巨大，估值弹性高，一旦实现技术突破，有望获得垄断性收益。但风险远高于上下游：盈利周期极长，预计要到2030年才能实现现金流转正；技术路线失败率高，类似Meta元宇宙投入效果不佳的案例并不少见；且资本依赖性极强，一旦融资环境恶化，将直接冲击企业生存。
The person added that while the team is excited to attend, it’s unclear if the entire 23-player roster will be on hand because of potential scheduling conflicts.
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3 Strictly speaking, the slope is continuous everywhere except for the data points themselves. ↑
USA GP — March 29，这一点在旺商聊官方下载中也有详细论述