Li Kaifu has founded a new company called 01.AI, aimed at meeting the demand for large language models in the Chinese market. The company has released an open-source model, Yi-34B, with 34 billion parameters, ranking first on Hugging Face's leaderboard. 01.AI plans to establish a commercial model while continuing to open-source some models to meet the high costs of AI model development and to provide an easy-to-use platform for external developers through its application development ecosystem. The company's valuation has reached $1 billion, supported by funding from Innovation Works, Alibaba Cloud, and other investors. The ultimate goal of 01.AI is to build an ecosystem that allows external developers to easily build applications.