Core Viewpoint - The article emphasizes the importance of focusing on commercial viability and sustainable business models in investment decisions, particularly in the AI application sector, while maintaining a rational and data-driven approach to investment strategies [4][9][10]. Group 1: Investment Philosophy - The investment philosophy centers on identifying projects with clear commercialization potential, rather than following trends or hype [9][10]. - The focus is on practical applications of AI that can generate revenue, rather than abstract concepts or high-profile technologies [4][25]. - The company has consistently avoided investing in foundational models, opting instead for applications that demonstrate clear paths to profitability [9][10]. Group 2: Market Trends and Opportunities - Recent months have shown a significant increase in revenue for AI application companies, with some reporting month-on-month growth of over 20% [24][26]. - The current investment climate is seen as favorable for AI applications and consumer-focused projects, with a shift in consensus towards these areas [16][25]. - The company is optimistic about the potential for AI applications to achieve rapid growth similar to past trends seen in the group-buying sector [24][29]. Group 3: Challenges and Risks - There is skepticism regarding the commercialization of certain high-profile technologies, such as humanoid robots, which may not have sustainable business models [4][19][20]. - The company is cautious about investing in areas where market consensus is overly concentrated without clear commercialization paths, as this has historically led to poor investment outcomes [62][64]. - The potential for a market correction is acknowledged, particularly in sectors where valuations have risen rapidly without corresponding revenue growth [22][23]. Group 4: Future Outlook - The company anticipates that the current momentum in AI applications will continue, with plans to increase investment activity in both the Chinese and U.S. markets [24][34]. - There is a belief that the landscape for AI applications will evolve, with opportunities for companies that can effectively address specific market needs and demonstrate value to customers [28][29]. - The company is also exploring the implications of AI on employment and the broader economy, recognizing the transformative potential of these technologies [43][44].

以下文章来源于投中网 ，作者刘燕秋 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有权 威影响力。官网：www.chinaventure.com.cn 谈火热的具身智能，他毫不留情地泼了盆冷水：" 我们天使基金在过去几年投过一些早期的具身智能项目，最近几个月都在退出……我问这几个 CEO，你们商业化可能的客户在哪里？我感觉他们说的都是自己想象出来的客户，谁会花十几万买一个机器人去干这些活？ " 谈风口浪尖上的宇树，他的口也没松："考虑到现在这个环境，宇树还是有可能会上科创板，而且表现非常好，但是我们把这种叫投动能的投 资，我们还是喜欢投基本面。" 此处稍作停顿，该怎么评价朱啸虎的评价？首先，这是标准的朱啸虎式"反共识"，所谓"买在分歧，卖在一致"。过往最典型的例子是ofo小黄 车，早早入局，当估值飞涨，其他投资人追加筹码时，朱啸虎却开始转让股份搞退出了。另外，不看好具身智能，特别是人形机器人这类概念， 也不意味着是在全盘否定机器人赛道。王兴兴谈过对人形机器人终局的看法，大意是说，机器人是什么形态，他其实无所谓，之 ...

朱啸虎的新办公室依旧藏得很深。穿过长长的走廊，尽头是一扇紧闭的木质门。偏偏这扇门上连个把手都没有，只镶着银色门牌，"金沙江创业投资 （GSR Ventures）"，便是全部的提示词。单从这一点来揣测，老板大概率是个恨不得掘地三尺把自己藏起来的隐士，但偏偏，那个人是朱啸虎。移动 互联网的硝烟里，他热衷于为项目摇旗呐喊。AI新浪潮汹涌而来，他仍然不吝分享观点——来来回回，高频主题和词汇离不开"商业化"。 谈投AI应用的思路，他说："有些人还是喜欢那种高大上的概念，比如说AI Agent特别火，AI Coding看上去也很高大上。我们看的是更接地气的项目， 关注的是你能不能商业化，谁来付钱？销售周期多长？是不是见面就能签单？商业化是不是可持续？是不是有高留存？还是比较俗一点。" 谈火热的具身智能，他毫不留情地泼了盆冷水：" 我们天使基金在过去几年投过一些早期的具身智能项目，最近几个月都在退出……我问这几个CEO， 你们商业化可能的客户在哪里？我感觉他们说的都是自己想象出来的客户，谁会花十几万买一个机器人去干这些活？ " 谈风口浪尖上的宇树，他的口也没松："考虑到现在这个环境，宇树还是有可能会上科创板，而且表现非常好 ...