模型将吞噬一切，国内技术入口开放excel后，又看到一帮不久之后的AI应用受损票 $卓易信息(SH688258)$ $金山软件(03888)$ $福昕软件(SH688095)$
编程领域以成为迄今为止最强大的 AI 应用垂直领域之一，在市场上取得了令人瞩目的成绩。
It combines three rare attributes: a massive TAM, a natural wedge into adjacent use cases, and a product-led GTM that largely eliminates the need for traditional sales and marketing. Very few verticals share that profile.
它结合了三种罕见属性：巨大的 TAM（潜在市场总额）、自然切入相邻用例的潜力，以及以产品为导向的 GTM（市场进入策略），这大大减少了对传统销售和营销的需求。很少有垂直领域具备这样的特征。
Excel is one of them.
Excel 就是其中之一。
The TAM is even larger. Much of the software industry can be viewed as layered “Excel wrappers,” and adoption is largely self-serve. This likely explains why both $OpenAI and $Anthropic have been aggressively expanding into spreadsheets and productivity workflows (per public reporting).
TAM 甚至更大。软件行业的很大一部分可以被视为层叠的“Excel 包装器”，采用方式主要是自助服务。这很可能解释了为什么 $OpenAI 和 $Anthropic 都在积极扩展到电子表格和生产力工作流程（根据公开报告）。
It has an enormous TAM, serves as a gateway into many adjacent use cases, and supports self-serve adoption with limited GTM. The ~$500B application software industry is arguably one giant Excel abstraction layer - spanning CRM, Airtable, Smartsheet, and large parts of finance, ops, analytics, and internal tooling.
它拥有庞大的 TAM，是许多相邻用例的入口，并支持有限的 GTM 的自服务采用。价值约 5000 亿美元的应用软件行业可以说是 Excel 的一个巨大抽象层——涵盖 CRM、Airtable、Smartsheet 以及财务、运营、分析和内部工具的大部分领域。
TAM:
Even accounting for overlap across Microsoft Office, Google Workspace, and WPS, a ~1.5–1.6B global monthly active spreadsheet user base is a reasonable estimate.
即使考虑到微软办公套件、谷歌工作空间和 WPS 之间的重叠，全球每月约有 1.5-1.6 亿的活跃电子表格用户基数是一个合理的估计。
Excel is also more than Excel:
Excel 不仅仅是 Excel：
Software is a ~$1T industry, with application software likely representing ~50%. If an AI-native Excel becomes programmable, the opportunity expands well beyond spreadsheets into application creation itself.
软件产业规模约为 1 万亿美元，其中应用软件可能占约 50%。如果原生 AI Excel 变得可编程，其机会将远远超出电子表格本身，扩展到应用软件的创建。
GTM:
GTM：
Finance is the natural initial wedge. It has high profit per capita, strong willingness to pay for productivity tools, direct budget authority at the analyst level, and clear ROI that makes products largely self-selling. Roughly ~10% of global spreadsheet users work in finance-related roles, representing a very large and highly monetizable starting point.
金融是自然的初始切入点。它具有高人均利润，对生产力工具的支付意愿强，分析师层级拥有直接预算授权，以及清晰的 ROI，这使得产品在很大程度上可以自我销售。大约 10%的全球电子表格用户从事与金融相关的工作，这代表了一个非常庞大且高度可货币化的起点。
Coding showed how fast a self-serve, workflow-native tool with massive surface area can scale. Excel may be the next version of that playbook - at even larger scale.
编程展示了具有巨大表面面积的自我服务、工作流原生工具如何快速扩展。Excel 可能是下一个版本的那个剧本——规模更大。
