VCs on the new AI playbook: buying hammers first, Token economics, and when to stop chasing deals
创业邦 · wechat · 2026-10-14
At DEMOCHINA 2026, investors from Yuanyuan Loop, Frescapital, BAIC and J.P. Morgan debated AI investing: connection to industrial players now matters more than raw tech leadership; the market buys hammers before nails (optical chip firms valued at RMB 20B pre-commercialization); token costs mean low-value AI use cases may never pay for themselves once base-model firms need profits; and top funds cap entries at round 2-3 amid pre-tapeout chip valuations exceeding RMB 5B.
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