Seasoned investors believe that the investment logic in the field of AI is returning to the essence of business.

"In 2025, the concept of AI is in the stage of 'narrative valuation', and in 2026 it will shift to 'fundamental valuation', investors will start to focus on measurable results such as ROI." Zhu Xiaohu, Managing Director and Partner of Jinsha River Venture Capital, recently stated at a high net worth research institute course. Several senior investors unanimously believe that the investment logic in the AI field is returning to its commercial essence. At the same time, AI start-up teams have characteristics such as small scale and high flexibility, which also drive the investment stage further forward, focusing on early-stage start-up teams with clear commercial potential. From a cross-industry perspective, AI will also deeply integrate with industries such as life sciences, new energy, etc., giving rise to a new wave of technological development and driving deeper societal changes.