Model Context Protocol
MCP
Model Context Protocol (MCP) is an open-source protocol developed by Anthropic that lets AI models call external tools via API interfaces . In ZhenFund partner Yusen Dai's framing, it represents one of two main routes for AI to use human tools—the other being visual simulation of software operation—and by mid-2025 its ecosystem was already established enough that "more and more tools built for AI" were becoming available . The protocol sits at the application layer: what specific MCP tools a product offers, and what environments the AI can deploy to, shape what the model can actually accomplish for users . Elsewhere's corpus does not cover when Anthropic first released MCP or its technical architecture beyond these functional descriptions.
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Coverage
Are Models and "Shells" Both Undervalued? ZhenFund's Yusen Dai's Mid-2025 AI Review --- The past six months have been a turbulent period for AI. On one hand, DeepSeek's breakthrough has reignited global enthusiasm for Chinese AI; on the other, the commercialization path for large models remains unclear, and the market is growing increasingly anxious about when AI will generate real returns. Against this backdrop, I believe it's necessary to take stock of where we stand at this mid-point in 2025. **The Core Question: Are Models and "Shells" Both Undervalued?** Over the past two years, the AI industry has cycled through several narratives: from the initial frenzy over foundation models, to the subsequent boom in AI applications ("shells"), then a period of disillusionment as applications failed to deliver, and now a renewed focus on models following DeepSeek's success. But I want to propose a contrarian view: **both models and "shells" may be simultaneously undervalued by the market right now.** This might sound paradoxical. Let me explain. **Why Models Are Undervalued** The market's current skepticism toward model companies stems largely from two concerns: the commoditization of models (will they all become undifferent
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