Core Insights - The 2025 Sustainable Global Leaders Conference was held from October 16 to 18 in Shanghai, where Liu Erhai, founder and managing partner of Joy Capital, discussed the evolution of technology revolutions, particularly in AI [1] Group 1: Technology Evolution - Liu Erhai compared the development of AI to the internet, highlighting two phases: the investment phase and the penetration phase, where foundational technologies lead to widespread applications [1] - He noted that AI currently has typical applications in areas like intelligent Q&A (e.g., ChatGPT), programming assistance, and image generation, with smart driving seen as a key foundational application [1] - Liu emphasized that for AI to become a true infrastructure and penetrate various industries deeply, it will require considerable time [1] Group 2: Investment Strategy - Joy Capital's investment strategy in the AI sector focuses on foundational technologies such as chips, computing power, models, and data management [1] - The firm is also interested in applications that significantly enhance productivity, particularly those that combine software and hardware [1] Group 3: Market Perspective - Liu pointed out the essential difference between the smart economy and the internet economy, emphasizing the leap in productivity and the reconstruction of both user and product sides in the smart economy [2] - While acknowledging concerns about an AI bubble, he stated that there are no signs of a bubble burst similar to that of 2000, although adjustments may occur [2] - Joy Capital will continue to focus on companies that achieve "bilateral reconstruction" through AI, particularly in sectors like smart manufacturing and autonomous driving, where efficiency breakthroughs are evident [2]