According to CoinMeta, ① OpenAI is focusing on the endpoint side AI and plans to release its first device within 2026; there is room for improvement in the valuation of the industry chain. ② The transition of endpoint models from 1B to 30B level represents a "capability singularity," which may require a rewrite of the demand curve for endpoint SoC; domestic chip companies have different focuses. ③ The endpoint AI serves as the neural endings of physical AI, while physical AI acts as a value amplifier for endpoint AI; thus, the value per unit of computing power on the robot endpoint has significantly increased.