According to Beating AI, Tencent Hunyuan and WorkBuddy have conducted a round of dedicated optimizations for Hy4 preview, which are now fully available on WorkBuddy. The official statement says that this optimization primarily addresses prolonged thinking and excessive self-validation in complex tasks, significantly reducing task rounds and input/output token consumption without sacrificing task effectiveness.

Hy4 preview is Tencent's flagship open-source MoE released at the end of August. It has a total parameter count of 770 bytes and an activation parameter count of 49 bytes, supports a 1M context, and is primarily designed for long-duration tasks such as coding, office work, and scientific research. When Tencent released it, it proactively listed "long thinking for complex tasks and excessive self-verification" as known issues.

According to BlockBeats, on September 7, Serenity stated that its previous revenue projections based on Sivers' (SIVE) annual production target of 100 million CW DFB lasers were merely illustrative models. The more important reason for its optimism about laser companies is that these companies are not limited to a single laser product and can further expand into other aspects of data center optical communication.

Serenity cited Lumentum (LITE) as an example, stating that its previous acquisition of Cloud Light (primarily involving pluggable optical modules) enabled it to expand the potential service market within data centers to more than five times its previous size. Lumentum's OFC demonstration materials also showed that the ELS business based on UHP laser chips could bring about twice the TAM expansion opportunities.

He also pointed out that the laser business of just one UHP laser wafer fab is expected to reach an annual revenue of approximately $5 billion after capacity ramp-up. Combined with the approximately 55%-65% gross margin of CPO lasers mentioned by AAOI, lasers themselves already possess high profitability. Serenity believes that even with continued industry expansion, a supply-demand gap may still exist in the laser market.

Furthermore, with the overlapping of multiple technology cycles such as NPO, CPO, and 1.6T pluggable optical modules, laser manufacturers are expected to continue entering new product markets. Therefore, compared to companies that remain at a single supply chain level for a long time, Serenity believes that the market should give laser companies a higher valuation premium.