线性资本王淮的逆时代选择丨入局

赛道特点?

1)劳动力替代/补强需求下的大市场(TAM),远期2C场景是万亿规模产业链;2)人工智能技术驱动下高进入壁垒(特别是偏具身模型的算法公司);3)存在规模效应带来头部集中(类比新能源车竞争格局);4)目前智能发展阶段仍然较早

Earlier this year we met with our Limited Partners. Their top question was “will the AI transition destroy your existing cloud companies?”

We began with a strong default of “no.” The classic battle between startups and incumbents is a horse race between startups building distribution and incumbents building product. Can the young companies with coo... See more

Wang’s story is about more than just the copycat who made good. His transformation charts the evolution of China’s technology ecosystem, and that ecosystem’s greatest asset: its tenacious entrepreneurs. Those entrepreneurs are beating Silicon Valley juggernauts at their own game and have learned how to survive in the single most competitive startup

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Ambitious startups will need a high value wedge and the product velocity to expand quickly, create innovative data loops, and establish themselves as a core user operating system or “system of intelligence”.

A New Cohort of Agentic Applications

With Generative AI’s budding reasoning capabilities, a new class of agentic applications is starting to emerge.

What shape do these application layer companies take? Interestingly, these companies look different than their cloud predecessors:

• Cloud companies targeted the software profit pool. AI companies target

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