Leonis Capital partner Jenny Xiao: Truly resilient AI investments are not in the trend, but outside the trend.

Jenny Xiao, a partner at the risk investment company Leonis Capital, said at the 2025 Buffett shareholders meeting Sino-US investor cocktail party that valuation bubbles are rampant in the AI field. Companies that focus on vertical fields and move slowly but can last longer are the ones worth investing in. True AI investments that can withstand market cycles are not in the trend, but beyond the trend.