公众号记得加星标⭐️，第一时间看推送不会错过。 听 到 "25 年 前 " 这 个 词 很 容 易 忽 略 上 下 文 ， 所 以 我 们 来 谈 谈 GeForce 3 发 布 时 的 背 景 。 那 时 还 没 有 Steam，也没有iPhone，更没有YouTube。"GPU"的概念当时还很新颖，GeForce 256仅仅在15个月 前才正式发布。没错，我们从GeForce 256到GeForce 2再到GeForce 3，仅仅用了15个月的时间。那 时候科技发展速度更快；CPU从1GHz到2GHz的升级也差不多用了同样的时间。 GeForce 3 于 2001 年 2 月发布，是图形处理器发展史上的一个关键转折点。它是首款真正意义上具 备可编程性的 GPU，因为它支持DirectX 8.0 像素着色器和顶点着色器。这意味着图形程序员现在可 以编写在 GPU 上运行的程序。 你看，GeForce 3 拥有强大的 DirectX 8 图形功能，但它的原始光栅化性能（填充率）与 GeForce 2 Pro 完全相同。它在 DirectX 7 及更低版本游戏中的唯一真正优势在于其"光速内存架构"，这是一种 当 ...

Core Viewpoint - The article emphasizes that IPOs are not the end but a starting point for companies, serving as a gathering place for resources and strength to face greater challenges ahead [4][8]. Group 1: Recent IPOs and Market Context - In the first 40 days of 2026, five AI-related hard tech companies completed their IPOs through the Hong Kong Stock Exchange's "Special Line for Science and Technology Enterprises" [3]. - Qiming Venture Partners, a prominent investor in the AI sector, has invested in more than half of these IPO projects, highlighting its role in supporting these companies from early stages [3][5]. - The success of these IPOs is attributed to a combination of favorable policies, market conditions, and the growing interest in AI technology [5][6]. Group 2: Investment Philosophy and Strategy - Qiming Venture Partners adheres to the Power Law principle in venture capital, believing that a few high-quality projects can generate significant returns, which are essential for the fund's overall value [7]. - The firm focuses on investing in core sectors of the AI ecosystem, such as cloud GPUs, large models, and AI inference chips, which are characterized by substantial market demand and technological depth [7]. - The investment strategy includes early intervention and comprehensive support for companies, from technology development to commercialization and IPO [6][7]. Group 3: Future Outlook and Challenges - The article suggests that companies should focus on their core value creation capabilities to achieve sustainable growth and maintain a reasonable market valuation post-IPO [8]. - The IPO is viewed as a milestone rather than a celebration, with the real challenge being the journey towards long-term success and innovation after going public [4][8]. - Historical examples, such as NVIDIA's post-IPO innovations, are cited to illustrate the potential for companies to leverage IPOs for further growth and market leadership [9].