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A CITIC Securities research note says recent proposals by model makers such as Anthropic and OpenAI to slow frontier capability gains triggered sharp market swings and wide debate. The brokerage argues the move is less about founders' moral qualms than about shrewd business calculation and operating pressure at leading model makers, with rising regulatory costs actually favouring incumbents. It expects regulation to improve gradually and top firms to focus more on deployment to ease financial pressure, shifting the industry's centre of gravity toward inference and monetization, and remains bullish on CSPs, platform software vendors and selective hardware/semiconductor opportunities.

Why it matters: It offers an investment-house read on why frontier labs may be de-emphasising raw capability gains, framing the shift around monetization and deployment pressure.

CITIC Securities·Anthropic·OpenAI