Core Insights - The integration of AI with Excel is emerging as a popular entrepreneurial direction, with several products recently securing significant funding [1][2] - Endex.ai, an AI financial ERP, raised $100 million led by OpenAI, positioning itself as an AI agent to enhance financial modeling and data analysis within Excel [1] - Another AI Excel product has raised $10 million, offering an AI-native solution that combines elements of Excel, Python, and ChatGPT [2] Funding and Product Development - Endex.ai has raised a total of $14 million, targeting the B2B enterprise market with an Excel plugin that enhances existing capabilities [2] - A new product, Paradigm, has secured $5 million in seed funding, bringing its total to $7 million, featuring over 5,000 AI agents for data processing [3][4] - Paradigm aims to redefine spreadsheet functionality by allowing users to assign different prompts to individual cells, enhancing data collection and processing accuracy [4] Market Positioning and User Adoption - Paradigm's approach combines features from previous products, focusing on AI agents to handle data with human-level precision [4] - Early adopters of Paradigm include consulting firms and AI startups, with a subscription model based on usage [5] - The product is positioned as a new AI-driven workflow, potentially evolving beyond traditional spreadsheet formats [7] Competitive Landscape - Microsoft has announced plans to integrate more AI capabilities into Excel, indicating a competitive landscape for AI-enhanced spreadsheet tools [8] - Other players in the AI Excel space include Quadratic, which has raised $6 million, and Equals, which secured $16 million from investors [7]

"Buybacks" are not new. We've seen it for so long.I think the point AJ is making here is around choosing to reinvest capital into 'growth' into the business rather than just buying and burning tokens (which is especially silly imo).Hyperliquid has one-shotted everyone's perspective on a sustainable token design but the key notion to take away from their success is that the product was undeniably profitable & beyond the 'early stage' before they launched the token.The issue with early stage companies focusin ...

Lord give me the confidence of a VC who's never done a transaction onchain and posts about what PMF is with crypto apps... ...

Core Insights - The Chinese venture capital market is at a turning point, characterized by a structural transformation and a focus on capturing opportunities amidst uncertainty [1] - The "WAVES New Era 2025" conference gathered top investors and innovators to discuss AI technology, globalization, and value reassessment [1] Investment Trends - Investors are increasingly focusing on early-stage investments in AI, with many firms actively participating in seed and angel rounds [4][5][6] - The emergence of younger founders and the rapid pace of technological change in AI are reshaping the investment landscape [9][10] Market Dynamics - The current AI startup environment is perceived as less crowded compared to previous tech waves, indicating potential for growth and innovation [33][35] - High valuations for AI startups are driven by competitive dynamics and the need for firms to position themselves within hot sectors [26][28] Investment Strategies - Investors emphasize the importance of understanding the unique backgrounds and capabilities of founders, particularly in the context of rapidly evolving technologies [14][16] - The traditional metrics for assessing product-market fit (PMF) are being reevaluated, with a shift towards more dynamic indicators that reflect the fast-paced nature of AI development [22][23] Future Outlook - The consensus among investors is that AI will continue to be a major driver of economic growth, suggesting that opportunities for startups will persist in the coming years [35] - Founders are encouraged to focus on practical execution and iterative development rather than getting caught up in long-term uncertainties [32][34]

Core Insights - Kunlun Wanwei has made significant progress in commercializing its AI products, particularly in AGI and AIGC, with notable revenue achievements in AI social and music sectors [1][3][7] - The company has faced challenges in maintaining a stable narrative and profitability amidst fluctuating stock performance and market skepticism [2][16] - Kunlun Wanwei's strategy focuses on optimizing model costs and leveraging AI applications to drive revenue, while also navigating a competitive landscape dominated by larger firms [10][11][12] Financial Performance - In 2024, Kunlun Wanwei reported a net loss of 1.6 billion yuan, a significant decline from a profit of 660 million yuan in 2023, marking a new low in its ten-year history [16] - The company’s annual recurring revenue (ARR) for AI social reached approximately 12 million USD, with a peak monthly revenue of over 1 million USD [1][7] - R&D expenses reached 1.54 billion yuan, reflecting the company's commitment to maintaining its competitive edge in AI [16] Product Development - The company has developed various AI models, including the TianGong AI assistant, which has achieved a peak monthly active user count of over 10 million [4][11] - Kunlun Wanwei's music generation model, Mureka, has been recognized for its competitive edge in the AI music space, outperforming notable competitors [15] - The launch of the SkyReels platform integrates video and 3D models for automated content creation, showcasing the company's innovation in AI applications [5] Market Positioning - Kunlun Wanwei positions itself uniquely in the AI landscape, focusing on product development rather than competing directly with larger firms that have more resources [9][12] - The company aims to capture opportunities in the AI sector, which is viewed as a blue ocean market with potential for disruption across various industries [12][17] - Despite the challenges, Kunlun Wanwei remains optimistic about achieving profitability in its AI model business by 2027 [17]

「东升西落」的叙事 曲凯： 最近我又来美国了，发现市场真是变化太快，这边突然有人开始提到一个所谓「东升西 落」的叙事。 莫傑麟： 对，二级市场今年 1 月以来一直在演绎这个剧本，但其实 24 年就已经在为这个叙事做 铺垫了。 24 年美国的宏观环境和各项经济数据都比较好。他们一方面非常重视 AI，在所有前沿创新上也一 直绝对领先，另一方面又凭借美元的强势吸引着全球的投资。 但今年 Trump 上台之后，情况发生了变化。 Trump 在关税、财政支出上都做了很多调整，一套大刀阔斧去杠杆的动作下来，大家关注的重点 从 AI 转向了宏观问题，也对未来多了很多不确定性。 又因为过去几年，美国股市一直走高，投资人的预期已经被拉得很满。所以大家现在极度厌恶风 险，股市就会出现剧烈的震荡。 而今年的中国刚好是美国的镜像。 其实国内的股价从 24 年开始就有回升，但并不明显，直到今年 DeepSeek 的发酵才彻底引爆。 归根结底，还是因为大家之前对于中国科技行业和宏观环境的预期都太低了。 曲凯： 对，我觉得「东升西落」本质上是一种价值评判的回归，之前大家确实过于低估国内 AI 了，而 DeepSeek 就是一个典型代表。 ...