Computing Power Leasing Industry Revolution: Token Factory Profit-Sharing Transformation, DeepSeek Implements Dynamic Peak Regulation

The global wave of building intelligent computing infrastructure is undergoing a profound transformation—from an "asset-liability expansion-driven hardware arms race" to a "refined operational paradigm centered on return on investment (ROI) and per-watt Token generation efficiency." Over the past three years, the global capital markets have anchored their valuation logic for computing power rental and Artificial Intelligent Data Center (AIDC) highly to the scarcity of upstream chip supply and the absolute GPU holdings on corporate balance sheets. However, as the hardware supply chain becomes more diversified, the depreciation pressure of existing computing assets is diluted, and downstream application scenarios demand extreme sensitivity to inference costs, the extensive business model that relies purely on hardware stacking is now being severely restricted by diminishing marginal returns.

Nvidia’s Jensen Huang introduced the concept of the Token Factory at GTC 2026, and this idea is moving from theory to practice. iSoftStone’s "Beijing No.1 Ciyuan Factory" has already been powered up and has signed intelligent computing service agreements with leading large language models, enabling the Token revenue-sharing model to begin implementation. DeepSeek V4 official version will launch in mid-July, introducing a new peak-valley pricing mechanism, where API prices will double during peak periods. The computing power leasing market is expected to exceed 260 billion yuan in 2026, with the industry shifting from "certification-driven" to "supply-driven" dynamics.