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文 | 听筒Tech2026年的中国互联网，正在上演一场前所未有的集体转型。    Sputnik: How do you assess the results of the XIV BRICS Summit for Russia and India?,Denis Alipov: The XIV BRICS Summit held on 23 June this year was certainly another significant step in the development of the BRICS [Brazil, Russia, India, China and South Africa] grouping, which in essence reflects the formation of a new reality in international relations - the transition from a unipolar system to a polycentric world order.,The important thing is that, against the backdrop of geopolitical collisions, the five countries send a powerful message of common understanding of global processes - from reforming the multilateral system of economic governance to the situation in disarmament and non-proliferation, information security, counter-terrorism and other challenges. There was a clear consensus against arbitrary sanctions, which are the exclusive prerogative of the UN Security Council. We also shared a disapproval of the distorting effects of any discriminatory measures in international trade, which mainly affect developing countries.,Of course, our main target now is to build a smooth and reliable system of mutual settlements as an alternative to a compromised mechanism based on the dominance of the US dollar. We suggest developing a new international currency, to connect the banks of the BRICS countries to the Russian System for Transfer of Financial Messages, SPFS (a SWIFT analogue), to integrate national payment systems into a unified network for cross-border clearing settlements.,Clearly, no less importantly are steps to strengthen BRICS’ sectoral cooperation, which, according to the results of this year's work, continues to expand in the spheres of health, science and technology, space, etc. The New Development Bank, having a loan portfolio of $29Bln, stands out for its successful project activities.,The BRICS+ High-level Forum on Sustainable Development received a great response, which demonstrated the considerable interest developing countries have in cooperating with BRICS, and the positive global agenda that the grouping is building.,I believe that the BRICS, contrary to criticism, will have an increasing influence on world processes.,Sputnik: How does India and China's interaction within the BRICS framework unfold against the backdrop of the territorial dispute between the two countries in Ladakh? And how does this disagreement generally affect how the 'Five' interact and work with each other? Chinese Foreign Minister Wang Yi on Wednesday said that “common interests of India and China 'far outweigh' the differences” at a meeting with India’s ambassador to Beijing - is that really true?,Denis Alipov: Interaction within BRICS is mature and constructive. The active participation of India and China in all BRICS events this year clearly demonstrates this. The most important thing is that the member states use this platform not to antagonize each other but to promote mutually beneficial cooperation and synergy of interests.,The "Five" offer an extensive common agenda on these very foundations, that in one way or other will also contribute to overcoming bilateral disagreements.,Sputnik: Does BRICS plan to expand in the near future (according to media reports, China is in favor of this), and how do Russia and India view this?,Denis Alipov: The interest of like-minded countries in the "Five" is proof positive of how inclusive the association is, its openness to cooperation with all constructively minded partners, ready to seek answers to the challenges which are facing the international community at present.,Russian Foreign Minister Sergey Lavrov stressed that the discussion of BRICS expansion is justified and timely. The idea itself received principled support at the XIV BRICS Summit. Another thing to remember is that haste in this matter may be counterproductive. It is necessary to think in detail about the principles, standards and procedures of such a process, which should be developed through debate and by consensus. The main thing is that the accession of new members will help to increase the effectiveness and practical impact of the “Five's” activities.,Sputnik: How do you assess BRICS' role as a platform for building relations between the members of the association and enhancing relations between Russia and India in particular?,Denis Alipov: BRICS plays an important role in building relations between member countries. It has a great deal of institutional capacity and experience in practical cooperation. As I have already said, the “Five” share a common understanding of the need to build an equitable and fair polycentric model of the global system that corresponds with the political, economic and cultural diversity of today's world and meets the interests of all its states.,The decisions made at this platform undoubtedly also contribute to enhancing cooperation between India and Russia. It is sufficient to cite a few examples of the mechanisms that have been created: the New Development Bank, the Vaccine Research and Development Center, and the Joint Committee on Space Cooperation. Each of them provides a platform for experts to share experiences and find promising solutions in specific areas, and they can use this useful experience both at home and with regard to the interaction between our two countries.,BRICS May Defuse Frozen Border Issues Between India and China, Expert Says27 June, 10:14 GMT,Sputnik: India has recently come under pressure from the West because of its balanced stance on Russia's special military operation in Ukraine. Have the anti-Russian sanctions affected the cooperation between Moscow and New Delhi? And have you personally noticed any changes in the Indian position?,Denis Alipov: The partnership between Russia and India rests on a deep strategic foundation, drawing its strengths not only from strong historical roots, but also on a coinciding vision of the future world order. As you see, the external conjunction is incapable of affecting our relations in any meaningful way. We have regularly seen evidence of this in statements by the Indian leadership in recent months.,We are grateful to New Delhi for its objective assessment of the Ukrainian events. Clearly, they understand the background of the present geopolitical and geo-economic situation and the forced nature of Russia's actions in Ukraine. They see the destructive role of illegitimate restrictions in the genesis of the present global food and energy crisis, the responsibility for which the West seeks to place entirely on our country.,India does not support attempts to isolate Russia in multilateral forums and is critical of the West's wish to reduce the international agenda to the conflict in question, ignoring other key global and regional problems, which the West itself has exacerbated significantly. The pressure exerted by the West, aggressively imposing its conditions about who one can and cannot be friends with, causes the rejection of such diktat.,At the same time, we must be realistic about what is happening: India is interested in developing cooperation with the rest of the world, including the United States and Europe. National interests and the need to preserve strategic autonomy guide the Indians in their actions, rejecting the very idea of dividing lines and the paradigm of bloc confrontation.,As for the sanctions as such, they certainly throw up challenges, which will require a certain time to adapt and, I am sure, will be overcome in time. The main thing is that our cooperation actively continues because it is based on common interests and an understanding of each other's special place in mutual strategic arrangements.,Sputnik: In December 2021, Russia and India outlined many new goals for cooperation, including doubling mutual trade and investment. How realistic do these goals now seem?,Denis Alipov: First and foremost, it should be noted that the goals outlined in December 2021 at the annual bilateral summit in New Delhi are fully consistent with the enormous potential of our relations. The India-Russia partnership operates on all sorts of levels. We are expanding cooperation in communications, diamond processing, forestry, healthcare and pharmaceuticals, tourism, railroads, metallurgy, civil aviation, shipbuilding and oil refining. Our military and military-technical cooperation is being strengthened. We are progressively implementing the plans adopted at the 2019 Vladivostok Summit to work together in the Far Eastern and Arctic regions, and we are building up cooperation in the trade, economic, investment, banking and financial sectors.,The dynamics of bilateral trade speak for itself. According to India's statistics, from January to April 2022, it amounted to $6.4Bln. This is almost twice as much as for the same period last year. If we maintain these volumes throughout the year, we will have a turnover of more than $19Bln by the end of 2022. To put this in context, let me remind you that in the previous year we had an absolute record of $13.6Bln.,I expect that despite the West's sanctions against Russia, the positive dynamics of trade will continue. Unfortunately, in the first months after the launch of the special military operation in Ukraine there were certain difficulties with supplying Russian goods to India and vice versa. However, today we have successfully overcome most of these barriers. We are confident that Indian exports to Russia (including science-intensive ones) will gain momentum in the near future.,We see good prospects for Indian pharmaceutical products, leather and textiles, agricultural goods, components for machinery and equipment, telecommunications equipment, organic chemistry products. We expect growth in mutual turnover of services in such sectors as tourism, finance and insurance, telecommunications and information technology, transport and construction. We have great hopes for the implementation of the International North–South Transport Corridor (INSTC) project.,The withdrawal of many western companies from the Russian market opens up many new opportunities for Indian businesses. The Russian business community is very serious about strengthening ties with India. Russia invites Indian companies in the aviation and metallurgical industries, in the wood-processing chain, and firms producing consumer goods for business cooperation.,Our main task today is to adjust our trade and economic relations to the new realities, to synchronize the payment systems of the two countries, giving priority to the increased use of national currencies.,Sputnik: US media giants, despite the diversity of the Indian media sphere, have been successful in infiltrating it. How far do you think has US propaganda penetrated local media? How do you view your interaction with the Indian media against this backdrop?,Denis Alipov: Indeed, western media has taken a very strong hold around the world and in India as well. These circumstances – and many local analysts point this out – limit the ability of national media outlets to offer their audiences an independent view of global processes. Much of the content published here is reprints from Reuters, the Associated Press, and AFP, all of which openly promote the interests of the so-called collective West, not shying away from fostering Russophobic sentiments and trafficking fake news.,India Discussing Rupee-Ruble Payment Mechanism With Russia24 June, 13:35 GMT,This is especially evident in the Indian media's coverage of events around Ukraine. Local newspapers sometimes publish absolute nonsense, exposing a basic ignorance of the region and history. There is no shortage of blatantly ordered articles aimed at denigrating the activities of Russian companies in India. This is nothing but an attempt at unfair competition.,Obviously, we respond appropriately. We publish our own material and rebuttals. We work with the press corps and explain all the nuances of the events from a historical and geopolitical point of view. We make active use of internet resources in this area.,It is noteworthy that local authorities have also intervened in the situation. In April this year, India's Ministry of Information and Broadcasting issued recommendations to satellite TV channels, indicating the unacceptability of spreading inaccurate and misleading information, including in the context of covering Russia's special military operation in Ukraine.,We know that the vast majority of our Indian friends, including in the journalistic community, do not share the one-sided view of the situation imposed on them. They prefer to trust facts, which, incidentally, are in the public domain - every day relevant materials are posted on the Russian Ministry of Foreign Affairs and the Ministry of Defense's websites. They can also be found on the embassy's website and its social media accounts.,Some Indian journalists visited the Donetsk and Lugansk People's Republics, wanting to see with their own eyes what was really going on. Their reports and interviews are now available to the public. I would like to take this opportunity to express my gratitude for their work.,Furthermore, I would like to thank our audience on social media. Thanks to their comments and support, we can see that attempts to tarnish Russia are doomed to failure.,Sputnik: You are an expert on India and speak Hindi. Please tell us, what made you fall in love with this country?,Denis Alipov: India for me is a life-long journey. I have spent more than 27 years here, studied its history in college, and been directly involved with the development of relations with it throughout my tenure.,As it did for my mentor and predecessor, the late Ambassador Alexander Kadakin [Russia's ambassador to India from 2009 to 2017], India became for me a 'Karmabhoomi' - a land of action.,India is an incredible country, an ancient civilization that combines centuries-old traditions and modern trends, the diversity of cultures, languages and beliefs. It is the brightest embodiment of the formula of unity in diversity. Rapid economic, scientific and technological development, the large young active population, the impressive growth of authority in the global arena have ensured its strong place among the world powers that will determine the future of our planet.。站在前沿的大厂，在AI这场军备赛中，各自极力彰显自己的实力，以证明自己对新技术革命的重视程度。尤其在每一季的财报上，AI领域的支出，大厂的投入没有最多，只有更多。最新的数据是，腾讯二季度资本开支飙到528亿元，同比暴增176%；阿里单季资本开支676.78亿元，同比增长75%；百度二季度资本开支114亿元，同比增长201%。字节跳动也被曝，2026年AI基础设施开支或达2000亿元。这些天文数字，都有一个共同的去处，那便是AI。当大厂不计代价地将资金不断砸向算力和基础模型时，一个问题便值得探讨，大厂的这些投入，值吗？这个问题，至少目前没有答案。全员“钞能力”砸向AI在AI的投入上，财大气粗的互联网大厂，都在不遗余力地彰显出各自的“钞能力”。财报数据显示，截至2026年6月30日止本季度（2026年4月至6月），阿里的资本性支出为676.78亿元，较2025年同期的386.76亿元增长75%。财报称，“源于持续投入AI基础设施，以满足强劲且不断增长的客户需求。”在最新一季财报电话会上，阿里CEO吴泳铭给出了一组数据，此前公布的三年3800亿元AI基建投资计划，到6月季度末已累计投入1900亿元。阿里的打法被称为“全栈AI”，从平头哥自研真武芯片到Qwen系列模型，再到千问办公、千问App等应用，全线布局。这注定了阿里的投入，在未来仍将持续。

二 | 不过，阿里开始收获AI的果实。

三 | 这一季度，阿里云外部商业化收入同比增长了45%，确实创下了22个季度以来最高。

四 | AI相关产品收入123.76亿元，连续第12个季度实现三位数同比增长。

五 | 原本在AI领域慢半拍的腾讯，也在2026年明显加快了投入。2026年二季度，腾讯的资本开支膨胀到了528亿元，整个上半年，合计847.2亿元。

六 | 仅仅半年，腾讯的资本开支，便已经超过了2025年全年的792亿元资本开支。值得注意的是，腾讯管理层直言，下半年，随着国产AI芯片供应放量，资本开支还将显著抬升。在AI领域动作较早的百度，投入的资金同样不少。

七 | 8月18日，百度二季度财报显示，百度资本开支也飙到114亿元，同比增长201%。没有上市的字节，也是火力全开。6月底，CEO梁汝波在一场活动上发声，要求公司“全力深耕AI”，收缩业务宽度，把精力重点聚焦到AI。此前，多家媒体报道称，2026年，字节计划AI资本开支约2000亿元。

八 | 相比上述四家，美团和京东是在“场景+数据+履约”的生态中，投入物理AI。数据显示，美团2026年第二季度研发费用为70亿元人民币，同比增长22%。王兴在业绩电话会上表示，70亿元的研发投入约占其同期收入的7.7%，重点用于推动AI在实际场景中的落地。京东2026年全年AI专项研发投入同比增长将超过200%，重点倾斜具身智能、大模型算力与产业场景落地。京东物流智狼仓等仓储自动化项目，也是AI落地载体。旧护城河正在失效一个问题是，大厂为什么要如此激进地重构？答案或许很简单，因为旧的护城河正在失效。过去，互联网公司之所以能跑出极高的资本回报率，靠的是一套特殊的网络效应，边际成本接近于零，规模效应近乎无限，最终走向赢家通吃。大厂精准地体现了单边网络效应。比如，腾讯有微信，阿里有电商，字节则以算法打造出铜墙铁壁。而各家大厂，则在自己的护城河里，构建起坚不可摧的生态。但AI时代，这套法则却失效了。互联网观察人士力哥坦言，“每一次推理都要烧Token、占GPU、调度内存；每多服务一个用户、每多完成一次任务，都意味着实打实的算力成本。当边际成本不再趋近于零，赢家通吃就变得越来越难。”腾讯总裁刘炽平在今年5月的财报业绩会上也表示，当一项服务必须靠付费才能支撑，它大概率就不会是赢家通吃的生意。更深刻的冲击，来自技术底层逻辑的迁移。一个现状是，AI时代，软件本身不再是价值的源头，而沦为调用模型能力的交互界面。力哥硕士攻读的就是硬件方向，他表示，“软件本身正在降级。以前，硬件工程师对比软件工程师，是很绝望的，工资不高，能就业的企业就那几个。

九 | 现在，却反过来，包括CPU调试、算法在内的工程师，越来越处于市场主导地位。”力哥直言，过去二十年，几乎所有互联网巨头本质上都是软件公司。它们的核心资产是代码构建的应用程序，无论是电商、社交，还是搜索，这些应用定义用户体验、分配流量、完成交易闭环。但AI时代，价值创造的节点发生了物理性的迁移，“入口”也在被重新定义。在力哥看来，Agent时代，入口的位置正在从前台界面移到后台调用链，用户不再亲自点开每一个App，而是把需求交给Agent，由Agent在后台调用多个产品能力。换言之，过去，市场争夺的是用户打开谁，现在争夺的是Agent调用谁，这是完全不同的游戏。

十 | 这也意味着，互联网公司正在经历“换挡”。Capex、ARR、Token调用量，这些过去更多出现在制造业和云厂商语境里的用词，正在替代DAU、时长、GMV，成为互联网科技公司对外新的叙事“主语”。“当大模型可以瞬间替代一个软件的功能时，只有那些沉在物理世界深处的东西，才不会被算法轻易穿透。这就是重资产在AI时代真正的价值，它对抗的不再只是竞争对手，而是算法本身。”力哥坦言。

十一 | 当然，还有一个更基础的现实，那就是传统互联网的流量红利已经见顶。比如，阿里和百度，归母净利润都出现了下滑。京东二季度收入同比下降2.9%；美团外卖收入同比下降6%。

十二 | 即使是增长不错的腾讯，9%的收入增速在它的历史序列里也只能算“平稳”。流量不再自动增长，广告收入承压，用户增长放缓，旧护城河的基石在松动。而AI，是这些公司找到的、可能的唯一出路。他们希望通过新的技术介入，去盘活老旧的存量业务，并找到新的增量。新的压力测试方向明确了，钱也砸下去了，但新护城河的构建并非易事。压力正在各个层面累积。众所周知的，是大厂的财务问题。2026年第二季度，阿里自由现金流骤降至净流出446.7亿元，经调整EBITA下降30%至273.29亿元，Non-GAAP净利润下降38%至207.15亿元。腾讯剔除AI成本后，经营利润增速虽然依然达到19%，但资本支出达528亿元。到了二季度，腾讯自由现金流直接转负138亿元。

十三 | 字节的状况同样。此前，多家媒体引用数据报道称，豆包每天收入不足百万元，但每天的推理算力成本可能达数千万元。长期巨额算力消耗，直接导致字节跳动2025年净利润在国际准则下同比下滑超70%（美国准则下仍保持增长）。

十四 | 有分析将这种现象总结为AI财报悖论，大厂越赚越亏，新贵越亏越贵。

十五 | 这似乎也印证了一个残酷的现实，AI并不是一门低成本、高毛利的生意。

十六 | 财务压力的背后，更严重的挑战则来自竞争格局的不确定性。最根本的问题是，AI正在变成一种“大路货”。到了2026年夏天，各家大模型之间的能力差距正在以肉眼可见的速度缩小。更棘手的是，当前国内大模型Token市场价格竞争激烈，C端用户付费习惯仍在培育。不可否认的是，国内市场看，文心一言、豆包、元宝、千问上线至今，尚未出现依靠会员付费支撑起规模化营收的样本。即使是行业领先的ChatGPT，付费转化率也仅在5%左右。尤其是，旧护城河与新护城河之间的“断桥”，新旧之间并非平滑过渡，也在撕裂大厂。诸如，腾讯财报显示，AI新产品对二季度经营利润形成约105亿元的拖累。AI业务的高额投入，直接稀释了腾讯的整体盈利增速。阿里新组建的AI实验室与应用分部，二季度收入有33.38亿元，却产生了138.61亿元的经调整EBITA亏损，比去年同期32.24亿元的亏损扩大了超过100亿元。阿里的解释同样直接，主要来自AI能力投入，以及千问App相关的推理成本增加。对于大厂们的大手笔投入，市场在反复权衡，究竟是转型阵痛，还是收获前夜。诸多的分析指出，从资本市场的表现来看，投资者对互联网大厂的担忧日渐明显，而这些担忧，本质上是对投入产出周期的不确定，并非单纯是AI投入对短期利润的压制。“现在大厂都在做一件事，就是用资产的厚度，去换取不被替代的确定性。

十七 | 但这不是在旧城墙外加一道新工事，而是再造新的地基。”力哥便坦言。在力哥看来，“旧船票能否登上新时代的客船，答案还在风中飘。怎样让别人进不来，让自己又出得去，可以说，现在还没有一个大厂能做到。”不过，唯一能确定的是，护城河正在被重划，而重划的权力，不是旁观者，是前行人和市场共同的选择。