Code runs in a completely separate, hardware-backed environment with its own guest kernel. It is important to separate the concepts here. The hypervisor is the capability built into the Linux kernel that manages the CPU’s hardware virtualization extensions. The Virtual Machine Monitor is a user-space process that configures the VM, allocates memory, and emulates minimal hardware devices. The microVM itself is a VM that has been stripped of legacy PC cruft so it boots in milliseconds and uses minimal memory.
然而，狂欢往往与恐慌相伴相生。短暂突破 3000 亿港元后，智谱和 MiniMax 的股价迎来了毫无征兆的暴跌。至 2 月 23 日收盘，智谱重挫 22.76%，MiniMax 跌去 13.35%，二者市值在短短几天内合计蒸发近千亿港元。这种剧烈的震荡表明：即便模型能力在稳步提升，即便 B 端营收初见成效，但资本对于“过热的 AI 经济”和“难以收回的沉没成本”的恐慌，依然无法消除。
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