# Anthropic 每 token 成本远低于 OpenAI

- 来源：Rohan Paul (@rohanpaul_ai)
- 发布时间：2026-09-18 14:02
- AIHOT 分数：40
- AIHOT 链接：https://aihot.news/items/cmu6ka7q808vqro0fvp8seaq7
- 原文链接：https://x.com/rohanpaul_ai/status/2100827888186773707

## AI 摘要

"从资本效率角度看，OpenAI 和 Anthropic 是截然不同的两种生物。

而且 Anthropic 的每 token 成本明显远低于 OpenAI。

他们的烧钱可能比 OpenAI 少约 80%。所以作为企业，两者的结构性 ROIC 显然非常不同。"

—— Gavin Baker（@GavinSBaker），美国对冲基金经理、Atreides Management 首席投资官。

--- 来自 "Invest Like The Best"（@InvestLikeBest）YouTube 频道，（链接见评论）

## 正文

"OpenAI and Anthropic are pretty different animals from a capital efficiency perspective.

And Anthropic clearly has a dramatically lower cost per token than OpenAI.

They burned maybe 80% less than OpenAI. So as businesses, they clearly have very different structural ROICs."

• Gavin Baker (@GavinSBaker ), U.S. hedge fund manager and Chief Investment Officer of Atreides Management.

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From "Invest Like The Best" ( @InvestLikeBest ) YouTube channel, (link in comment)