One compilation target.
When you try to figure out why the Ultra 3 costs so much more than the Neo, let alone its Watch siblings, things get trickier for Apple. Take a look at this official comparison page for the Apple Watch. If we allow ourselves to discount iterative improvements (brighter screen, better speakers, bigger battery, better GPS, etc) and concentrate on what you can only get on the Ultra and not on the Apple Watch 11 or Watch SE, we're left with just these: emergency SOS via satellite, scuba diving features, a siren, and a titanium build with sapphire crystal. Now consider the Series 11 starts at $399, and the SE at $249. All boast the same S10 chip, which in 2025 wasn't even updated over the Series 10. That's a mighty big premium on the Ultra.
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换言之，资本是在为未来的增长买单。这种估值逻辑并非孤例。在全球范围内，OpenAI估值一度逼近万亿美元，Anthropic也冲到3800亿美元的高位。在中国市场，纯大模型公司数量有限，具备上市身份的标的更为稀缺，稀缺性带来了溢价。
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