By the first half of 2026, the total financing in the AI sector exceeded 300 billion yuan, accounting for approximately 48.6% of the market size. Many investors believe that the current high enthusiasm is a sign of industry activity; the investment logic remains unchanged, but the decision-making cycle has significantly shortened. Areas such as large models, AI applications, and embodied intelligence have received the most attention, with leading companies like DeepSeek, Step星辰, and Kimi Moon’s Dark Side focusing on financing. Song Anlan from SoftBank China Capital pointed out that due to the high demand for projects, failing to make a decision quickly will mean missing opportunities; teams adhere to value investing, focusing on whether the product is essential and its technological lead (within 1-3 years). In the face of uncertainty, the ability of the founder’s team becomes a key consideration. Some failures occur because founders leave or cannot promptly switch to other areas of interest. Cong Yonggang emphasized that early investments are generally aimed at exit; as the difficulty of listing increases, it is necessary to clearly define potential buyers and exit methods (such as IPO, selling existing shares, etc.) to ensure DPI and capital return speed.
In the first half of 2026, the total financing in the AI sector exceeded 300 billion yuan, accounting for approximately 48.6% of the market. Many investors believe that the current bubble is a sign of industry activity; the investment logic remains unchanged, but the decision-making process has accelerated significantly. Areas such as large models, AI applications, and embodied intelligence received the most attention, with leading companies like DeepSeek, StepStone, and Kimi focusing on financing. Song Anlan from SoftBank China Capital said that due to high demand, failing to make a quick decision will mean missing opportunities; the team adheres to value investing, focusing on whether the product is essential and its technological leadership (within 1-3 years). Investors agree that startups need to create value and maintain technological leadership. In the face of uncertainty, the team’s capabilities become a key consideration; some failures occur due to founders leaving or being unable to pivot in time. Cong Yonggang pointed out that early investments are typically aimed at exit, and since listing is difficult, potential buyers must be clearly identified during evaluation; Song Anlan emphasized that measuring exit methods (IPO, sale of existing shares, etc.) is crucial for ensuring DPI and capital return speed.