On November 10, Wu Minghui, founder, CEO, and CTO of MingLue Technology, gave a speech at the 2026 China Golden Forum. When discussing whether AI investment exists in a bubble, he focused the conversation on the cost-benefit for enterprises. In his view, the focus of AI investment in the first half was to create more capable models. In the second half, enterprises need to calculate how many tokens an Agent consumes to complete a business task and how much