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英矽智能与“AI 制药溢价”：一场 SMAF 压力测试

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China’s Embodied AI Playbook: Cost Shock, Narrative Maturity, and the Workflow Test

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SpaceX 2.2万亿估值背后：马斯克的“成熟度捆绑”阳谋，与中国硬科技的“两条生死线”

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SpaceX IPO and the Scenario Premium

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Insilico Medicine and the AI-Drug Premium: A SMAF Stress Test

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约束如何重塑 AI 护城河：华为与 DeepSeek 的破局真相

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Oura 冲刺 IPO 背后：智能戒指不仅是硬件，更是一场 SMAF 框架的“压力测试”

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场景智能 (Scenario Intelligence)：AI 时代创始人真正的护城河

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April 29, 2026

Why Formation Bio Succeeds Where Most AI Health Startups Fail

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The Founder’s Trap: Why Brilliant Technology Fails Without Scenario Maturity

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